反腐败对投资效率的影响:基于可持续发展视角

The Impact of Anti-corruption on Investment Efficiency:From the Perspective of Sustainable Development

文章探讨高管腐败行为对投资效率的影响,并检验企业社会责任的调节作用,进一步探究政府反腐败的治理效应。研究结果表明:高管腐败与企业过度投资正相关,高管腐败对企业增长起到“沙子”作用;企业社会责任与过度投资负相关,对企业成长起到“润滑剂”的作用;企业社会责任负向调节高管腐败和过度投资之间的正相关关系,可以有效缓解企业因高管腐败造成的过度投资现象,产生“声誉调节效应”;进一步用中央反腐败政策实施阶段和企业所在地区反腐败力度分组验证了上述结论;并且得出,企业社会责任对高管腐败和过度投资的负向调节作用在政府反腐败之后、以及地区反腐力度低的公司中更加显著,政府反腐败对企业成长起到“润滑剂”的作用。结果也表明,在当前反腐败的背景下,中央反腐败运动对于改善企业投资效率具有治理作用。

This study explores the impact of executive corruption on investment efficiency,examines the regulatory role of corporate social responsibility,and further explores the governance effect of government anti-corruption.The results show that executive corruption is positively correlated with overinvestment,and executive corruption plays a "sand" role in enterprise growth.Corporate social responsibility is negatively correlated with over-investment and plays a "lubricant" role in the growth of enterprises.Corporate social responsibility can regulate the positive correlation between executive corruption and over-investment,which can effectively alleviate the phenomenon of over-investment caused by executive corruption and produce "reputation regulation effect".The above conclusions are further validated by grouping anti-corruption efforts at the implementation stage of the central anti-corruption policy and in the areas where the enterprises are located.It is concluded that the negative moderating effect of corporate social responsibility on executive corruption and overinvestment is more significant after the government’s anti-corruption and among the companies with low anti-corruption intensity in the region.Government’s anticorruption plays a "lubricant" role in the growth of enterprises.The results also show that under the current anti-corruption background,the central anti-corruption campaign has a governance role in improving the efficiency of enterprise investment.