Research On The Relationship Between Anti-corruption Information Disclosure、Media Attention And Inefficient Investment

In Transparency International’s 2009 international corruption perception index,China ranked 79 th out of 180 countries.China ranked 72 th in 2019 corruption perception index.This progress owed to China’s vigorous advocacy against corruption in recent years.Along with our economy has found a "new normal",a variety of improving system construction,unprecedented efforts to fight corruption in our country since the "18th Congress of the Communist Party of China",grasping the system cage,committed to the government officials to "dare not rot,can not rot,don’t want to rot" state,our government has zero tolerance for corruption of tough attitude to the society.The attitude is a wake-up call for all sectors of society,and also achieved great results.Existing research on anti-corruption mainly focused on anti-corruption ways and how to improve the effect of the anti-corruption macro research,research mainly for anti-corruption and the enterprise microscopic behavior is level on firm’s performance against corruption,anti-corruption information disclosure study is less,the efficiency of investment implies the corruption.Media always plays an important role in anti-corruption information dissemination.This article will examine the relationship between anti-corruption disclosure and inefficient investment.How does the media concern affects the relationship between anti-corruption disclosure and inefficient investment?With the launch of the anti-corruption campaign,companies in various industries have carried out a series of anti-corruption actions.On the background of vigorously advocating anti-corruption and advocating honesty since the 18 th national congress of the communist party of China(CPC),this paper explores the relationship between the anti-corruption information disclosure of a-share listed companies and their non-efficient investment from 2016 to 2018,and explores how the two can be affectedby the media attention.The findings are as follows: first,the disclosure of anti-corruption information can effectively inhibit the inefficient investment behavior of enterprises,and significantly inhibit the over-investment and under-investment.Second,media attention has a positive moderating effect on the relationship between anti-corruption information disclosure and inefficient investment,which strengthens the inhibiting effect of anti-corruption information disclosure on inefficient investment behavior.Third,media attention can significantly regulate the relationship between anti-corruption information disclosure and under-investment,but not significantly regulate the relationship between anti-corruption information disclosure and over-investment.The results show that the government,media and enterprises need to make joint efforts to manage the inefficient investment behavior of enterprises.The government needs to improve the corporate social responsibility disclosure mechanism,have clear requirements for corporate anti-corruption information disclosure,give full play to the regulatory role of the market,encourage enterprises to disclose anti-corruption information with high quality,and make enterprises realize that anti-corruption information disclosure is conducive to financing funds and improving investment efficiency.Media organizations should also play an active role and maintain a high degree of self-discipline in the industry.On the one hand,they should play their role of information intermediary and on the other hand,they should fully display their role of external supervision.Enterprises should also pay more attention to anti-corruption information,optimize their governance structure,improve their supervision and incentive mechanism,and solve the problems of inefficient investment in various aspects.