Influence Mechanism Of Anti-corruption On Enterprise Risk-taking

China's manufacturing industry is experiencing high-end stem,rapidly developing countries in the developed countries pursued squeezed,to realize to the manufacturing powerhouse across is in the transformation and upgrading of the manufacturing enterprise and manufacturing towards high-end the important topics on the road.This paper focuses on whether China's strict anti-corruption governance can correct the improper political and business relations in the market and strengthen the risk-taking of manufacturing enterprises.The anti-corruption risk bearing relations with the Chinese manufacturing enterprises and mechanism research,not only can find the microeconomic effect of the anti-corruption in China,the deep reason of the low level of enterprise risk bearing,can fundamentally solve the current transformation and upgrading of manufacturing enterprises,cultivating new international competitive advantage problem of ideas and constructive Suggestions,this article studies is.Based on combing the anti-corruption and enterprise risk bearing the association studies of literature,on the basis of preliminary constructed the anti-corruption risk bearing relations with the Chinese manufacturing enterprises theoretical analysis framework,reveals the anti-corruption through political associated risks of direct and indirect effect to enterprises,and found that the political association and enterprise risk bearing substitution effect between the obvious,anti-corruption effect to the enterprise risk is different because of different ownership of enterprises and market level.Based on the panel data of China's a-share listed manufacturing enterprises from 2009 to 2015,the influence mechanism of anti-corruption on China's manufacturing enterprises' risk bearing was empirically tested by using the double difference method and two-way fixed effect model.(2)anti-corruption enhances the opportunity cost of political association of enterprises,weakens the substitution effect of political association on enterprise risk bearing,and promotes the improvement of enterprise risk bearing level;(3)anti-corruption significantly increases the political risk and cost of state-owned enterprises,reduces the resource dependence between state-owned enterprises and the government,and is conducive to improving the risk level of state-owned enterprises;(4)anti-corruption significantly improves the political risk and cost of manufacturing enterprises in regions with low marketization level,and significantly improves the risk level of manufacturing enterprises in regions with low marketization level.In addition,this paper also found that the enterprise technology innovation,research and development investment intensity,growth,enterprise size and enterprise risk are significantly correlated.According to the theoretical analysis framework and research results at home and abroad,combined with China's anti-corruption and the development of manufacturing enterprises,the corresponding policy Suggestions are given from the three dimensions of establishing good government-enterprise relations,optimizing the governance of state-owned enterprises and improving the level of marketization.