Research On The Effect Of Corruption Of Eating And Drinking On Corporate Debt Financing

As an important means of financing,debt financing has a direct impact on the operation and development of enterprises.In the field of debt financing,corruption cases frequently occur,which worsen the financial ecological environment and plant hidden danger of financial risks.Among different types of corruption,corruption of eating and drinking is most easily observed,while it has not been proved by empirical research whether the corruption of eating and drinking has an effect on the allocation of financial resources.In the meantime,after the "Eighteenth National Congress of the CPC",the anticorruption campaign changed the social atmosphere.It needs further empirical study whether anti-corruption adjusts the effect of corruption of eating and drinking on debt financing.Based on the vacancy of an empirical study and historical background,the thesis studies the effect of corruption of eating and drinking on corporate debt financing,and the impact of the vigorous anti-corruption campaign on the effect of corruption of eating and drinking on corporate debt financing after the Congress and this paper shows the different effect on companies of different nature of property rights combined with the actual situation in China.Based on the previous research and normative analysis,the thesis preliminary analyses the effect of corruption of eating and drinking on corporate debt financing,and add two variables which are the nature of property rights factor and anti-corruption factor to further examine this effect.Then the thesis selects the related variables and sets up two regression models: one model studies the effect of corruption of eating and drinking on corporate debt financing,and this effect on companies of different natures of the property rights,and the other studies the impact of the impact of the vigorous anti-corruption campaign on the effect of corruption of eating and drinking on corporate debt financing,and impact of companies of different natures of the property rights.Based on the analyses above,the thesis selects fixed effect model by using Chinese A-stock data from 2010 to 2015 and draws conclusions: There is positive correlation between the cost of corruption of eating and drinking and debt financing and the effect of corruption of eating and drinking on corporate debt financing in state-owned enterprises is bigger than that in nonstate-owned enterprises.The vigorous anti-corruption campaign can reduce the effect of corruption of eating and drinking on corporate debt financing,and the impact is more effective in non-state-owned enterprises.