Anti-corruption And Enterprises Debt Financing

In China,local government and officials dominate the regional economic growth and credit environment,as well as affect the development of local enterprises.Debt financing is one of the most important way to raise fund for enterprises in China.Throughout domestic and foreign literature,many scholars have done research in debt financing from different angles.Based on the social background in which anti-corruption work has been being carried out vigorously in recent years,we innovatively choose the angle of political uncertainty caused by anti-corruption to study the influence of the anti-corruption on debt financing,which enriches the research on the influence local government and the political environment make on enterprises behavior.We collected disciplinary information of government officials released by the ministry of central and regional supervision after 18~thh Party,and selected listed enterprises in corresponding cities.Then we constructed the control sample to establish multiple linear regression model for the empirical test,using anti-corruption virtual variables as independent variable,bank loans and commercial credit financing as dependent variables.Meanwhile,we used political association,marketization degree and the official position to divide the whole sample and did regression test separately.In the end,after robustness test,we got the following conclusions.Firstly,anti-corruption will significantly reduce the business loan financing level,but make no significant influence on the commercial credit financing.Secondly,this effect is mainly caused by political uncertainty due to anti-corruption,and the existence of political association will weaken this effect.In addition,the higher the degree of regional marketization and the higher officials authority,the greater the influence that anti-corruption makes on bank-loan financing for enterprises.