【摘要】 伴随着我国在“新常态”下面临的经济增长放缓和结构转型升级的双重压力，如何激发企业创新活力、提高创新投入成为一个重要议题。本文基于上市公司财务数据以及中国各省份营商环境评价指数，实证研究营商环境对企业固定资产投资和增加创新研发投资的影响。同时将影响企业投资决策的另一个重要因素——中国特色的官员治理纳入研究框架，探讨营商环境与官员晋升压力在企业投资决策中的互动效应。研究发现，良好的营商环境会使企业减少固定资产投资，增加创新研发投资。官员晋升压力会弱化营商环境与企业两种投资支出水平之间的关系，在二者之间起调节作用。进一步检验揭示，员工雇佣保障和企业家精神在上述效应中起到重要的中介作用。与此同时，营商环境对企业投资行为的作用强度会受到产权性质和地域儒家文化差异的影响。更多还原

【Abstract】 With the dual pressure of economic growth slowdown and structural transformation and upgrading under the “new normal”, how to stimulate enterprise innovation vitality and improve innovation investment has become an important issue. Based on the financial data of listed companies and the evaluation index of business environment in various provinces of China, this paper empirically studies the impact of business environment on the two most important investment orientations of enterprises. At the same time, another important factor affecting enterprise investment decision-making—Official governance with Chinese characteristics is brought into the research framework to explore the interactive effect of business environment and official promotion pressure in enterprise investment decision-making. It is found that the good business environment will enable enterprises to reduce investment in fixed assets and increase investment in R&D. In addition, the empirical results also show that the promotion pressure of officials will weaken the relationship between business environment and enterprise investment decisions, and play a regulatory role in the relationship between them.Further tests reveal that employee employment security and entrepreneurship play an important intermediary role in the above effects. At the same time, the impact of business environment on enterprise investment behavior will be affected by the nature of property rights and regional Confucian cultural differences.更多还原