基于官员腐败的视角探究外部腐败环境对企业投资效率的影响。利用2007-2013年我国各省份地方官员腐败立案数据发现,地区腐败越严重,所在地区的企业投资效率越低,地区腐败对企业投资效率的影响是:致使企业投资不足,并没有导致企业投资过度。进一步研究发现,相比于国有企业,地区腐败会导致更严重的非国有企业投资不足,这一结论拓展了地区腐败影响企业微观层面的研究视野,同时为上市公司权衡外部腐败环境与企业投资提供有了意义的参考。
Corruption and anti - corruption are always been the focus of the society. This paper investigates the influence of regional corruption on corporate investment efficiency. Relying on provincial- level corruption data in mainland China from 2007 to 2013, we find regional corruption has a significantly positive relationship with corporate underinvestment, and the positive relationship is stronger in non - SOEs, but regional corruption has not significantly relationship with corporate overinvestment. To some extent, listed companies' activities are influenced by the regional corruption level, especially for non -SOEs.