The Influence Of Enterprise's Eating And Drinking Expenses On The Efficiency Of Investment And Financing

The investment activities and financing activities of enterprises have always been an important part of the company's production and business activities,and have a direct impact on the company's production and business performance and the company's survival and development.Frequent corruption cases also generate investment and financing for companies.A huge influence.Among various forms of corruption,eating and drinking corruption is the most intuitive and easiest to be felt by society.As far as the impact of corruption in eating and drinking on the allocation of resources is concerned,most of the current researches are focused on the institutional level,while the empirical studies are relatively lacking.China's economy has achieved rapid growth since its reform and opening up,but at the same time as its rapid economic growth,corruption has become more and more serious.The previous literature on corruption used more qualitative methods because there was no definitive indicator of corruption.Since the end of the last century,various indicators of corruption have been continuously established and improved,and research on corruption has gradually shifted from institutional research to empirical research.However,there is no definite conclusion as to which indicators should be selected to measure corruption.Therefore,the selection of corruption indicators has also become a difficult problem in related research.This article selects2 the financial data of listed A-share companies from 2010 to 2016 as a sample,selects the business hospitality expenses for the unit assets as a measure of the corruption of the company's food and drink,and uses the “18th National Congress” in 2012 as the time node.Since the big day,some anti-corruption measures by the state and the government have improved the corruption in society.This article studies the influence of food and drink costs on corporate investment and financing,and combines the background of the 18 th National Congress of the Communist Party to vigorously fight against corruption,and studies the impact of eating and drinking corruption on enterprises after the implementation of anti-corruption measures.First of all,this article through the empirical study of sample data from 2010 to2012 found that: business entertainment costs are positively related to the relationship between government and enterprises,and financial subsidies obtained by enterprises increase with the increase of business entertainment fees.In terms of financing,the increase in corporate hospitality expenses will lead to an increase in the amount of corporate debt financing;in terms of investment,the company's business entertainment expenses are negatively related to the efficiency of corporate investment.Specifically,for under-invested enterprises,business entertainment The higher the fees,the more underinvested.For over-invested companies,the degree of over-investment will increase with the increase in hospitality expenses.That is to say,the increase in business entertainment costs will reduce the investment efficiency of enterprises.After the convocation of the 18 th National Congress of the People's Republic of China,a huge wind of anti-corruption arose throughout the country.Through studying the sample data from 2013 to 2016,it was found that after the implementation of the anti-corruption policy,the business hospitality expenses of the company's corporate assets have dropped significantly,and The implementation of anti-corruption has restrained enterprises from obtaining more financial subsidies and debt financing through business entertainment.The eating and drinking corruption of enterprises can bring certain economic benefits to the company,such as improving the relationship with the government and increasing the amount of debt financing of the company.However,with the gradualaccumulation of corruption costs,it will undermine social benefits.The specific losses are as follows: First,corruption will increase the cost of public services;Second,corruption will shift limited social resources from those that are favorable to economic development to those with high levels of corruption;Third,due to the unreasonable transfer of social resources,it may Reducing the enthusiasm for production in sectors that are conducive to production is a lack of innovation in the entire society.In the long run,corruption can cause great harm.This article starts with the current corruption phenomenon and uses the data of listed A-share companies to try to explore the impact of corporate corruption on corporate investment efficiency and financing efficiency,and put forward relevant policy recommendations.