The investment decisions made by the management of enterprises may be speculative to a cer-tain extent.Is the investment efficiency of enterprises affected by the speculative atmosphere of the place where the enterprises are located?This paper takes A-share listed companies from 2008 to 2022 as a sam-ple to study the relationship between speculative atmosphere and corporate investment efficiency.The re-search finds that the more speculative atmosphere there is,the worse the investment efficiency of enterpris-es becomes.External supervision can alleviate the negative impact of speculative atmosphere on invest-ment efficiency to a certain extent.Further mechanism test shows that speculative atmosphere reduces in-vestment efficiency by increasing agency cost.This paper expands the research in the fields related to spec-ulative atmosphere and investment efficiency,further studies the role of informal institutions such as specu-lative atmosphere on corporate governance,and reveals the influence of regional culture on micro real economy.
维普
万方数据