【关键词】反腐败 高官落马 创业 影响机制
Anti-corruption and Regional Entrepreneurship
Abstract:The behavior of local governments and officials affects the business environment，and the central government's incentive and supervision to local governments and officials also affects the business environment. Since the 18th National Congress of the Communist Party of China，the Communist Party of China has been more vigorously carrying out anti-corruption campaign，anti-corruption has become the new normal state of Chinese politics. Anti-corruption is both a political and an economic topic. Based on the background of anti-corruption，it is of both theoretical and practical value to study the economic effect of anti-corruption and its underlying influence mechanism. Under the situation of anti-corruption，the high-ranking officials investigatedare regarded as an important result of the anti-corruption，reflecting the intensity of anti-corruption in the region，which can change the efficiency of government governance and improve the regional business environment. Thisstudy uses high-ranking officials investigated to measure anti-corruption，discussesthe impact of anti-corruption on regional entrepreneurship，and analyzes its important channels. The results of this study provide theoretical inspiration and policy suggestions for China's high-quality economic development.
Compared with the previous literature，the contribution of this paper lies in the following aspects. First，traditional research focuses on the impact of market environment and business environment on entrepreneurship. Based on the high-ranking official sinvestigated，thisstudy emphasizes the significant impact of high-ranking officials on local micro-economic activities，which is a supplement to the existing theory. We find that the high-ranking official investigated has significant economic effects. It also shows theoretically that important political events can produce important information value，which affects the expectations and behaviors of officials and entrepreneurs. It is an effective reflection of the theory of information economy in the field of political economy. Second，unlike the previous literature concerning the economic growth of anti-corruption，thisstudy focuses on entrepreneurship，which is a specific behavior in economic development，evaluates the effect of anti-corruption on entrepreneurship and expands the research on the economic effect of anti-corruption. Third，thisstudy comprehensively examines the intermediary effect of anti-corruption on entrepreneurship，and aims to understand the impact mechanism of entrepreneurship. Thisstudy examines the effect of anti一corruption on regional entrepreneurship through improving government administrative efficiency,marketization and market confidence from the level of government and market subjects.
Based on the 2000-2016 provincial panel data，this paper investigates the effect of anti-corruption on regional entrepreneurship by taking the vice-provincial officials sacked to describe the anti corruption. This study finds that anti-corruption can significantly promote entrepreneurial activities in the region and increase the number of entrepreneurs. These results are still robust by using different estimation methods and considering placebo tests. This study finds that anti-corruption can promote entrepreneurship by significantly improving the efficiency of local government administration，marketization and market confidence. The empirical results mean that the modernization of national governance system and the improvement of governance ability are expected to he the mechanism guarantee of China's entrepreneurship and innovation and economic growth. We also examined the differences before and after thel8th National Congress. We found that after the 18th National Congress，anti-corruption promoted regional entrepreneurship more than before the 18th National Congress.
According to the empirical results，we propose the following policy recommendations. First，we should unswervingly maintain the anti-corruption campaign and establish a long-term anti-corruption mechanism. Therefore，while fighting corruption in China，we should pay enough attention to the improvement ofinstitutionalquality.We should improve the construction of anti-corruption supervision mechanism and legal restraint mechanism. The government should actively deepen the reform of theinstitution，change the functions of the government and reform the administrative examination and approval system. Second，we should improve the efficiency of government services and administration，enhance the credibility and execution of the government，and build a service-oriented government. Third，market-oriented reform is closely related to economic，social and legal reforms. The degree of marketization affects the efficiency of resource allocation. It is necessary to further enhance the level of marketization，actively promote the construction of legal system，and improve the market environment of fair competition. Fourth，build a good business environment to enhance market confidence of market participants. The empirical study also shows that anti-corruption enhances market confidence and promotes entrepreneurship. Business environment affects entrepreneurs' confidence in entrepreneurship and investment. Therefore，in order to optimize the business environment，we should attach importance to the development of enterprises and enhance their expectations.
Key Words: anti-corruption; high-ranking officials investigated; entrepreneurship; influence mechanism