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This paper empirically examines the impact of corruption governance on enterprise performance by taking ashare companies in Shanghai and Shenzhen stock exchanges from 2013 to 2017 as samples. The results show that there is a ushaped relationship between corruption governance and enterprise performance; that is, a certain degree of corruption governance is the "stumbling block" of enterprise performance, but a higher degree of corruption governance is the "lubricant" of enterprise performance. In addition, the study also found that under different property rights, the impact of corruption governance on enterprise performance has significant differences. Keywords—corruption governance; enterprise performance; nature of property rights; u-shaped relationship

Corruption Governance and Enterprise Performance: a Lubricant or a Stumbling Block