反腐败作为一种国家治理机制，对于经济实现创新驱动的高效增长，具有国家层面的战略意义。然而，上述战略目标的实现取决于反腐败影响企业技术创新投资决策的微观传导机制。但迄今鲜有研究系统考察反腐败如何影响企业技术创新投资决策及企业价值，本研究将基于R&D投入水平、人力资本和R&D投资策略等三个不同的视角，并结合反腐败、市场竞争、政府财政补贴等制度因素对此问题进行探讨。首先，本课题考察反腐败是否影响企业的R&D投资策略和人力资本水平；其次，研究反腐败如何影响市场竞争与企业R&D投资决策之间的关系；再次，分析反腐败如何影响政府财政补贴与企业R&D投资决策之间的关系；最后探讨了反腐败如何通过影响R&D投入水平而影响公司价值。本项目是反腐败与企业技术创新投资决策问题的一项前沿性、探索性和基础性的研究，有助于我们更好地认识反腐败的经济后果及传导机制，从而为我国的反腐败和技术创新政策的制定提供借鉴。

As an arrangement of public governance, anti-corruption does not only affect political stability, but also plays an important role in achieving high efficient innovation-driven economic growth, and thus is of vital national strategic importance. However, whether the strategic target realizes smoothly depends on the transmission mechanism at the micro-level. So far there is little research to investigate how anti-corruption influences the decision-making of R&D investment and value of firm. Based on perspectives of R&D investment such as R&D investment level, human capital and R&D investment strategies, this project will discuss the above issues from anti-corruption, market competition and government subsidies. Firstly, this project will investigate whether anti-corruption influences R&D investment strategies and human capital of firm. Secondly, this project will study how anti-corruption influences the relationship between market competition and decision-making of R&D investment of firm. Thirdly, this project will analyze how anti-corruption influences the relationship between government subsidies and decision-making of R&D investment of firm. Lastly, this project will discuss how anti-corruption influences firm value by influencing the level of R&D investment of firm. This project is a leading, exploring and fundamental research on anti-corruption and decision-making of R&D investment of firm. The finding will help to understand the economic consequences of anti-corruption and the transmission mechanism of anti-corruption, and thus provide some reference for the government to establish anti-corruption policy and technology innovation policy.