摘要
利用2004～2008年民营上市公司样本匹配省级腐败数据，文章实证检验了腐败对民营企业投资的影响，并讨论了政治关联的作用。研究发现，腐败会刺激民营企业投资支出，且这种效应主要发生在政治关联企业中，表现为腐败程度越高时，政治关联企业投资支出扩张得越明显。进一步的研究表明，腐败影响政治关联企业的信贷资源优势及其投资决策，是导致关联企业在腐败严重时依然保持较高投资支出水平的重要原因。
Adopting the sample of private listed companies matching the data of political corruption from 2004 to 2008, this paper examines the effects of corruption on investment of private enterprises, and discusses the role of political connections. The results suggest that political corruption would stimulate the investment of private enterprises, and this effect mainly happens in politically connected enterprises, which means investment of po- litical connected enterprises increases substantially and significantly. Moreover, political corruption affects the loan advantages and the investment of politically connected enterprises, which is the main reason why politically connected enterprises keep a high level of investment when they face more severe political corruption.
出处
《经济社会体制比较》
CSSCI
北大核心
2016年第2期75-88,共14页
Comparative Economic & Social Systems
基金
国家自然科学基金重点项目"现代社会治理的组织与模式研究"(项目编号:71533002)
辽宁省社会科学规划基金青年项目"辽宁国有企业混合所有制改革研究"(项目编号:L14CGL034)
关键词
腐败
政治关联
民营企业
投资
Corruption
Political Connection
Private Enterprises
Investment
