反腐败与中国公司治理优化:一个准自然实验

发布时间：2018-05-04 08:55

  本文选题：十八大 + 反腐败　； 参考：《金融研究》2016年08期

【摘要】：尽管精确地评估反腐败对经济的影响具有重要学术意义与政策价值,但囿于数据以及计量识别策略,当前研究还存在诸多争议和不足。本文利用一个中国的准自然实验作为外生冲击,来识别反腐败与微观企业行为之间的因果关系。具体而言,我们利用倍差法(DID)考察十八大前后中国上市公司的公司治理、高管激励与股东价值是否发生了变化,研究发现:(1)十八大之后,高腐败地区上市公司的现金持有的市场价值明显增加,同时此类上市公司的高管薪酬业绩敏感性也显著提高。(2)在会计质量方面,高腐败地区上市公司在十八大后财务报表质量明显提升,同时盈余管理的情况显著减少。此外,我们还发现,高腐败地区上市公司在十八大后会计质量的改善主要集中于非国有企业,高管薪酬业绩敏感性的提升则主要集中于国有企业。本文研究丰富了反腐败研究文献,为我国进一步深化改革实践提供了政策参考,即反腐败有助于改善公司治理,强化高管激励机制和提高会计质量,从而最终增进股东价值。
[Abstract]:Although it is of great academic significance and policy value to accurately assess the impact of anti-corruption on the economy, due to the data and metrological identification strategies, there are still many controversies and deficiencies in the current research. In this paper, a quasi-natural experiment in China is used as an exogenous shock to identify the causal relationship between anti-corruption and microenterprise behavior. In particular, we use the double dip method to investigate the corporate governance of listed companies in China before and after the 18th National Congress, and whether the value of executive incentives and shareholders has changed. The study found that after the 18th National Congress, The market value of cash holdings of listed companies in high corruption areas increased significantly, and the sensitivity of executive compensation performance of such listed companies also increased significantly. The quality of financial statements and earnings management of listed companies in high corruption areas improved significantly after the 18th CPC National Congress. In addition, we also find that the improvement of accounting quality of listed companies in high corruption areas after the 18th CPC National Congress is mainly focused on non-state-owned enterprises, while the sensitivity of executive compensation performance is mainly concentrated in state-owned enterprises. This study enriches the research literature on anti-corruption and provides a policy reference for further deepening the reform practice in our country, that is, anti-corruption helps to improve corporate governance, strengthen the incentive mechanism of senior executives and improve the quality of accounting, thus ultimately enhancing the value of shareholders.
【作者单位】： 对外经济贸易大学;中南财经政法大学;
【分类号】：D262.6;F271
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本文编号：1842406