The Effect Of Anti-Corruption On Enterprise Investment Behavior

According to Corruption Perceptions' Index(CPI),w.hich is yearly announced by Transparency International,China has long been at a "high corruption,high-growth"paradox.Corruption "lubricant" theory,put forward by Leff(1964),provides a theoretical support for this reality.In areas where the system is relatively backward,enterprises can obtain property rights protection,fighting for scarce resources and entering the regulated industry by bribing local officials.At the same time,the official would get the gray income from the bribery activities,which will be an incentive for them to improve the administrative efficiency.But in the long run,corruption would impedes economic development.Even worse,corruption often leads to social injustice and political unsteadiness.With the development of our country into the "new normal",the corruption's role as an informal institutional is reduced gradually.Anti-corruption storm has formed great deterrent to civil servant class since 2012,make them try to make less mistakes by do less work,and it result in lazy administration to arm,and poor administrative efficiency.Academics have found that anti-corruption can inhibit economic development in the short term,the society also pay attention to the long-term consequences of high-pressure anti-corruption question.This paper collect five years state from 2012 to 2016 for anti-corruption as the research object,and study its effect on the jurisdiction of the listed company investment decision,and discuss in which political relation and marketization adjustment.The theoretical basis of this study is political uncertainty and government intervention,and the hypotheses are proposed from these two perspectives.The study found that compared with the normal turnover of officials,anti-corruption can significantly inhibit the investment level of the enterprises in the jurisdiction,which will not spread to the next year.In terms of the nature of the enterprise,both the state-owned and private enterprises' political connection can offset the influence of the uncertainty of the anti-corruption to its investment.Further studies have found that there is heterogeneity among officials,and the improvement of marketization level can enhance the ability of enterprises to deal with political uncertainty.According to these conclusions,this paper puts forward the following Suggestions:strengthen the system construction,the system improvement should be carried out with the anti-corruption campaign,and give the market a clear expectation;Government agencies should be timely disclosure of information,under the existing pattern,commission for discipline inspection report after investigating the disciplinary officials related information in a very long period of time is not clear,careful entrepreneurs tend to overreact,until a clear policy expectations is back to normal business activity,information disclosure has great value in time.