中文摘要：

目前,关于企业创新投资决策的研究对正式制度关注较多,对非正式制度研究较少。检验了作为非正式制度的重商文化如何影响企业创新投入水平,以及重商文化与地区腐败在影响企业创新投入方面的相互关系。研究发现：相对于受重商文化影响较弱地区的上市公司,受重商文化影响较强地区的上市公司创新投入水平更高,且这一影响主要发生在非国有企业。同时,受腐败挤出效应和替代效应的影响,重商文化对企业创新投入的促进作用在腐败程度较低的地区更显著。

英文摘要：

Since the lack of research on the informal system and enterpr ise innovation investment decision, our paper studies how mercantile culture affects enterprise innovation investment decision, and how corruption affects the influence of mer-cantile culture on enterprise innovation investment decision. We find that, the listed companies affected stronger by the mercantilist culture has a higher innovation investment level, and this influence occurred mainly in the non state owned en-terprises. At the same time, affected by the extrusion effect and the substitution effect of corruption, promotion effect of mercantile culture on enterprise innovation investment is more significant in the region with low levels of corruption.