An Empirical Study On The Influence Of Governmental Integrity On Enterprise Investment Efficiency

For China in the period of economic transformation,the government occupies an important position in economic development.Policies are open and transparent,fair treatment to different enterprises,fairness in the process of administrative law enforcement,and no local protection,which is conducive to fair access to the market and improvement of enterprises.Entrepreneurs invest confidence to establish a long-term investment mechanism.Government behavior will affect the business environment and investment decisions of enterprises.With the decentralization of power and the promotion of social credit system construction,the government's regulatory model is gradually “direct intervention”.To the "regulation" change,government integrity plays an important role in building a fair external market environment.The nature of corporate property rights is different,and the government's control and access to government resources are not the same.What kind of impact?This paper aims to study the impact of government integrity on the investment efficiency of enterprises.Taking the data of Shanghai-Shenzhen A-share listed companies in 2011-2016 as a research sample,the paper examines the integrity of government from the two aspects of fairness and fairness of policy,administrative intervention and government cleanliness efficiency.According to the impact of investment efficiency,the sample is classified according to the nature of ownership and overcapacity industries,and the impact of government integrity on the investment efficiency of enterprises and the way of non-efficiency investment are tested separately.The empirical part of the study takes three hypotheses as the starting point.First,the impact of government integrity on the efficiency of corporate investment;secondly,whether the integrity of government affairs has the heterogeneity of property rights in the investment efficiency of enterprises;then,in the context of de-leverage of production capacity,The company is divided into overcapacity industries and non-capacity industries,and studies the differences in the impact of government integrity on the investment efficiency of enterprises in different capacity industries.In order to study the impact of government integrity on the business environment and the impact of government integrity and business environment on corporate investment efficiency,Further research on the business environment path in which government credit has an impact on corporate investment efficiency.The main results of this paper are as follows:(1)The empirical results of the whole sample show that improving government policy is fair and fair,reducing unnecessary administrative intervention,government officials are clean,and improving work efficiency will help improve the investment efficiency of listed companies.(2)Government integrity has a tendency to alleviate excessive investment,and the impact on corporate investment is not significant;(3)Government integrity has a non-conformity on the impact of different property rights,and has a greater impact on non-state-owned enterprises;(4)Compared with non-capacity industries,government integrity has a greater impact on enterprises with overcapacity;(5)Further research,government integrity will affect the business environment of enterprises,in areas with rapid marketization The investment efficiency of enterprises is relatively high.Possible innovations:(1)New research perspectives.The current theoretical circles always take a certain aspect of government integrity,such as government intervention,government corruption as a research perspective,or consider government behavior as an exogenous factor and institutional factor.This article is a comprehensive indicator of government integrity-open and fair policy Research on corporate investment efficiency in terms of administrative intervention and government cleanliness efficiency;(2)Further research on the causes of overcapacity.The root cause of overcapacity is excessive government intervention.To solve the problem of overcapacity,firstly reduce the unnecessary intervention of the government and improve the efficiency of work.Considering the integrity of government affairs in the process of de-capacity,it is conducive to solving the problem of excessive investment in enterprises,thus achieving the purpose of de-capacity.It is also conducive to the construction of government integrity.