The Impact Of Corruption On Corporate Innovation

Innovation is an important driving force of economic growth,and enterprises are also the implementers of innovation activities at the micro-level.During the period of China's economic transformation,promoting the improvement of the level of enterprise innovation helps to make innovation the core force of China's economic growth.At the same time,corruption is widespread in various countries in the world.In recent years,concerns about corruption have become more and more serious,and corruption has become a hot spot in academic research.From the current perspective,under the current institutional environment in China,it is particularly important to study whether and how corruption will affect corporate innovation.This article focuses on the impact of bribery and other corrupt activities corruption on corporate innovation.After systematically sorting out the domestic and foreign literature on the effects of corruption on corporate innovation,the impact mechanism,and the impact of the external environment,this paper analyzes the two effects of corruption on corporate innovation input from a theoretical level,and discusses the impact of corruption on The mechanism of enterprise innovation investment influence.Secondly,this article discusses the impact of marketization and anti-corruption policies on the relationship between corruption and corporate innovation input,combined with the current status of China's institutional environment.This paper also analyzes the mechanism of corruption's impact on corporate innovation efficiency.Then,this paper uses the panel data of Shanghai and Shenzhen A-share listed companies from 2011 to 2016 to control the industry effect and the enterprise effect,and conducts an empirical test of the theoretical hypothesis using a fixed-effect model.After theoretical analysis and empirical testing,this paper draws the following conclusions: First,there is a significant inverted U-shaped relationship between corruption and corporate innovation investment.The impact of corruption on innovation input is related to the ownership attributes and scale of the enterprise.Compared with state-owned enterprises,non-state-owned enterprises have a more inverted U-shaped relationship between corruption and enterprise innovation input;compared with large-scale enterprises,the relationship between the corruption level of small-scale enterprises and enterprise innovation investment is more in line with the inverted U-shaped relationship..Secondly,the degree of marketization has significantly deepened the inverted U-shaped relationship between corruption and enterprise innovation input.That is,the more perfect the market,the more significant the inverted U-shaped relationship between corruption and innovation input.Thirdly,anti-corruption policies can significantly increase enterprises' investment in innovation.When the marketization degree is high,anti-corruption policies can significantly reduce corporate corruption expenditures,making it easier to increase corporate innovation expenditures.Finally,the enterprise's innovation input can significantly promote the enterprise's innovation output,and corruption will significantly reduce the enterprise's innovation efficiency and cause a waste of resources.The government should adhere to anti-corruption policies,strengthen anti-corruption efforts,continue to promote the marketization process,and rationally allocate resources such as R & D subsidies and credit financing.