反腐倡廉与企业经营绩效——基于业务招待费的研究

发布时间：2018-09-17 18:33

【摘要】：本文以2012年末开始的反腐倡廉这一外生冲击事件作为研究背景,探讨反腐倡廉对微观企业的影响机制。特别地,由于产权性质的差异,业务招待费用在国有企业中可能更多表现为高管腐败的代理问题,在非国有企业中表现为政府(国有企业)关系投资,因此,反腐倡廉可能对两类企业的业务招待费以及绩效的影响有所不同。基于业务招待费差异化的影响机理这个独特视角,本文研究发现:(1)反腐倡廉会显著降低国有企业和非国有企业的业务招待费用,且国有企业下降的幅度更大(或上升的幅度更小)。同时,业务招待费用的下降与消费性现金支出、其他管理费用、销售费用、存货的下降之间显著正相关,排除了业务招待费用下降是费用操纵归类的假设。(2)反腐倡廉后,业务招待费用下降企业的经营效率和业绩(包括会计业绩和市场业绩)显著改善,表明反腐倡廉使得企业管理者将精力更多转移到经营活动中,提高了企业的绩效。(3)对于上述结论,国有企业较之非国有企业变化更为明显,表明国有企业受到反腐倡廉的影响更大。最后,本文在反腐倡廉背景下考察国有企业和非国有企业业务招待费用变化以及对企业经营绩效的影响,为我国反腐倡廉的积极政策成效提供了直接、强有力的实证依据,具有显著的现实意义。同时,也拓展了公司治理等相关领域的理论研究。
[Abstract]:Based on the exogenous impact of anti-corruption and clean government since the end of 2012, this paper discusses the influence mechanism of anti-corruption on micro-enterprises. In particular, due to differences in the nature of property rights, business hospitality costs may be more of an agency problem of executive corruption in state-owned enterprises and government (state-owned enterprises) relationship investments in non-state-owned enterprises. Anti-corruption may have a different impact on business hospitality and performance of the two types of enterprises. Based on the unique perspective of the influence mechanism of the differentiation of business hospitality, this paper finds that: (1) Anti-corruption will significantly reduce the business hospitality costs of state-owned enterprises and non-state-owned enterprises. And the decline of state-owned enterprises is greater (or a smaller increase). At the same time, the decline in business hospitality costs is significantly positively correlated with consumption cash expenditures, other management costs, sales costs, and the decline in inventory, excluding the assumption that the decline in business hospitality costs is a cost manipulation and categorization. (2) after combating corruption, Reduced business hospitality costs have led to significant improvements in business efficiency and performance (including accounting performance and market performance), indicating that combating corruption and promoting integrity have led managers to shift more energy to business activities, (3) for the above conclusions, the change of state-owned enterprises is more obvious than that of non-state-owned enterprises, indicating that state-owned enterprises are more affected by anti-corruption. Finally, under the background of fighting corruption and advocating clean government, this paper investigates the changes of business hospitality expenses of state-owned enterprises and non-state-owned enterprises and its influence on the business performance of enterprises, which provides a direct and strong empirical basis for the positive policy effect of combating corruption and promoting honesty in China. It has significant practical significance. At the same time, it also expands the theoretical research of corporate governance and other related fields.
【作者单位】：厦门大学管理学院;厦门国家会计学院;
【基金】：教育部人文社会科学重点研究基地重大项目“大数据环境下财务报告分析框架的重构与应用”(15JJD630011)
【分类号】：D262.6;F272.5;F275

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