我们将政府在行政权力行使中的自由裁量称之为行政裁量权。近年来，"依法行政"成为民意所向，也成为中央政府推行行政体制改革的核心；从某种意义上说，依法行政的核心就是根据法律规制降低行政裁量权。但是，行政裁量权是否及如何影响公司价值，进而影响经济效率仍然构成一项经验命题，其答案并非不言自明。本项研究将行政裁量权视为微观企业经营的重要环境，采用实证研究的方法，分别针对税收征管、行政处罚、政府补贴及行政准入四类行政事务，层层递进地检验如下命题：1、行政裁量权是否会影响公司价值？2、如果会影响，那么影响的具体路径是什么？3、不同种类的行政裁量权内生于何种因素？4、法律环境是否对行政裁量权影响公司价值的机制产生影响？如果有，其内在逻辑如何？.本项研究通过考察行政裁量权的内生机制及其外溢至企业行为的具体特征，对理解行政裁量权的成因、特征及其经济后果提供经验证据，对行政体制改革和法律完善具有借鉴作用。

Administrative discretion can be defined as discretion of government in exercise of administrative power. In recent years, administration according to law has become public opinion, which constitutes core of administrative system reform of central government. To reduce discretion in the exercise of administrative power on the principal of legal regulation is, in a sense, the very core of administration according to the law, with improvement of equity and justice of the whole society. In this research administrative discretion is viewed as significant environment of micro-enterprise operation. In respect of four administrative affairs, such as tax collection, administrative penalty, financial subsidy and administrative approvement, we use empirical research method to progressively test the following propositions: first, whether administrative discretion affect corporate value? Second, if administrative discretion affects corporate value, what is the specific path of such impact? Third, what is the endogenous factor of different administrative discretion and its inner mechanism? Fourth, whether legal environment exert an influence on how administrative discretion affects corporate value and what is the inner logic if there is an influence?.This research explores the endogenous mechanism of administrative discretion and its spillover to enterprise behavior. It will provide empirical evidence on origin, characters and economic consequences of administrative discretion. It is also a significant reference for comprehension and implementation of administrative or legal system reform.