Anti-corruption And Enterprises Over-investment

China’s economy has developed fast during the last decade,but meanwhile,many repeated and low-level constructions have emerged.The over-production of industries and the over-investment of companies,has become the urgent reality which needs to be changed.Researches have shown that over-investment is closely related to political environment.Therefore,based on the campaigns against corruption and for a clean government,this article aims to reveal the mechanism between such political environment and over-investment.The result shows that the political uncertainty caused by anti-corruption campaigns will reduce over-investment,and the higher the profile of the politician is,the more evidently it reduces.However,political connection will mitigate such effect by alleviating the political uncertainty enterprise faces.The innovation of this article lies in two aspects.First,few articles directly research on anti-corruption campaign,which is actually one of the most powerful symbol of political uncertainty and also of China’s current political environment.Second,this article examines the relationship from two aspects,political uncertainty and political connection.It considers not only the macro-environment,but also the micro-difference;not only the generality,but also the personality.This article will contribute to the study field of enterprise investment and political factors.