中文摘要：

本文从理论和实证两个方面探讨了反腐败对固定资产投资产生的影响及机制。我们基于中国地方高级官员被查落马的事件冲击，全面考察反腐败对固定资产投资总量、结构及其效率的影响。基于t998—2013年的省区面板数据及1998—2007年的工业企业数据库数据实证发现，高官落马产生震慑效应，进而显著地抑制了固定资产投资规模。这种遏制效应主要体现于国有企业固定资产投资，特别是那些属于管制程度较强的领域的国有工业企业投资，非国有企业投资活动并未受到负面影响。从效率角度来看，高官落马促进了高效率的工业企业的投资活动，改善了投资资源的配置效率。本文发现对于理解国有企业投资行为与政府廉政建设具有启示意义，提升政府组织的清廉度、大力推进简政放权，是提升投资动能和效率的有效保障。

英文摘要：

This paper explores the effects of anti - corruption on fixed asset investment and mechanism. Specifically, this paper studies how anti - corruption affects the scale, structure and efficiency of investment exploiting the shocks of senior official sacked. Using the panel data of Chinese provinces from 1998 to 2013 and the Annual Survey of Industrial Firms （ASIF） from 1998 to 2007, we find that the shocks of senior official sacked suppress growth of investment, and mainly suppress SOEs＇ investment which is subjected to greater regulation, but not the other types of investment. We confirm our primary finding in the micro level using industrial enterprises data, and find that the shocks of senior official sacked improve investment of high - efficient enterprises. It＇s helpful to promote investment efficiency. Our findings are meaningful to understand the investment behavior of SOE and the construction of a clean government. Enhancing the cleanliness of government organizations, and vigorously promoting the decentralization of government power, is the effective measures to promote investment.