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利用2004~2008年民营上市公司样本匹配省级腐败数据,文章实证检验了腐败对民营企业投资的影响,并讨论了政治关联的作用。研究发现,腐败会刺激民营企业投资支出,且这种效应主要发生在政治关联企业中,表现为腐败程度越高时,政治关联企业投资支出扩张得越明显。进一步的研究表明,腐败影响政治关联企业的信贷资源优势及其投资决策,是导致关联企业在腐败严重时依然保持较高投资支出水平的重要原因。
Using the sample of private listed companies from 2004 to 2008 to match the provincial corruption data, the paper empirically examines the impact of corruption on private enterprise investment and discusses the role of political linkages. The study finds that corruption will stimulate investment in private enterprises, and this effect mainly occurs in the political related enterprises, the performance of the higher the degree of corruption, the more obvious the expansion of investment in political affiliates more obvious. Further research shows that corruption affects the credit resources of political affiliates and their investment decisions, which is the main reason that affiliates still maintain a high level of investment expenditure when the corruption is serious.