The Political Background Of The Executives,the Corruption Of The Executives And Enterprise Investment Efficiency

After the party's eighteen Congress,the central government in the country set off an unprecedented anti-corruption storm,the central government reorganized the central inspection teams to investigate and deal with government departments and state-owned enterprises corruption issues.Along with a number of government officials sacked,the work of the central inspection teams to achieve significant results.Sacked officials who corrupt the amount of corruption,involving a number of corrupt personnel,all shocking.In the anti-corruption action,in addition to the exposure of the Corruption cases of government officials,the corruption problem of state-owned enterprises is also accompanied by the frequent exposure of SOE executives sacked,and has been widely concerned.But the existing literature on corruption is also focused on the corruption of government officials,there is little research on the economic consequences of corporate executives corruption.In addition,enterprise investment activities as a sustainable economic activities for enterprises to create value,related to the survival of enterprises and the prosperity of a country's economy.At the same time,Chinese economic growth continued to decline in recent years,economic growth is facing a transition,in this period,to ensure that the investment efficiency of enterprises to reduce its adverse impact is essential.Based on this,this paper takes the enterprise investment efficiency as the breakthrough point to explore the influence of corporate executives corruption on the enterprise.In addition,in the Chinese economic system is not perfect under the background of corporate political association is still widespread,and at the same time this article introduces political background of this variable,explore the executives different political background,the difference of investment efficiency influence on enterprise executives corruption.This paper first reviews the research literature on the corporate investment efficiency,the corruption of the top executives and the political background of the executives.Based on the manual collection of 2013-2015 problem is the presence of managerial corruption of media exposure in the A shares listed on the 124 listed companies as samples and selects the 1-2 family of corruption,corruption and sample the same industry,similar size did not appear the problem of corruption of the enterprise as a comparison of corporate executives,to finalize the 351 samples study.Get the efficiency of these enterprises to invest in the 2012-2014 through the Richardson investment efficiency model,and then empirically tests the impact of managerial corruption on the efficiency of investment,and corporate executives have political background,the difference of corruption on investment efficiency influence on.And empirical analysis of the state-owned enterprises and non state-owned enterprises,the impact of corporate executives on corporate investment efficiency is different.Through the research,we found that:the corruption of corporate executives and inefficient investment is positively related,in the context of different property rights,the impact of the corruption of state-owned enterprises on the efficiency of corporate investment is more significant.If the corporate executives have political background,when corporate executives corruption,the impact of the behavior of the enterprise's inefficient investment behavior is greater.This conclusion has important significance theoretical and significance practical,the first is to enrich the research on the economic consequences of managerial corruption,and provides the executive corruption a new starting point to study the political background of the economic consequences of executives.Second,it is the research results directly support the anti-corruption theory,for the government to promote anti-corruption work provides a theoretical support,and how to prevent and control the corruption of corporate executives to provide guidance.This article contains a total of seven parts,the specific arrangements as follows:The first part,introduction.This part will introduce the background,significance,research content,research ideas and innovation points and deficiencies of this paper.The second part,literature review.This part mainly through the definition of combing investment efficiency and managerial corruption and executive political background,measure method and influence factors of the existing literature research,summarizes the previous research results and research deficiencies,as the theoretical hypothesis to pave the way for.The third part,theoretical analysis.In this part,based on the results of literature research,this paper puts forward the hypothesis of this paper through theoretical reasoning.The fourth part,research and design.This part first explains the process of sample selection and the source of the related data.Secondly,the definition of the political background,the corruption of top management and the efficiency of corporate investment and other control variables are defined.On this basis,the model of this paper is established by referring to the relevant literature.The fifth part,research results and analysis.In this part,the 2013-2015 of A shares in the total corruption problems of enterprise corruption samples,confirmed after matching business on the total sample regression analysis,and the corresponding descriptive statistics,correlation analysis,results analysis and robustness test.The sixth part,conclusion and policy suggestion.The content of this part is summary of this research,and on this basis put forward policy and suggestions to improve the relevant problems,and points out the deficiencies of this study and put forward the research direction of future research.The main innovations of this paper are as follows:l.In the literature,there is no research on the relationship between top management and corporate investment efficiency.The research of this paper enriches the research of the economic consequences of top management corruption.2.The previous studies of political association,with the economic consequences of political connection,the political connection as a moderator,to explore the political connection has no effect on executive corruption and corporate investment efficiency,the mechanism for the influence of political association of enterprises provides a new perspective.