腐败、市场化进程与公司价值

Corruption,Market Liberalization and Firm Value

制度环境对企业的行为和绩效会产生重要影响。腐败加大了企业在经济活动中面对的制度摩擦,恶化了当地的宏观经济环境,同时增加了企业与政府互动的成本,降低了从政府处获得经济资源的期望值。文章使用2003~2012年中国上市公司数据,用每万人职务犯罪的立案数来度量地区腐败程度,对腐败与公司价值之间的关系进行了实证检验,结果显示,腐败对公司价值有显著的负效应。进一步研究发现市场环境对腐败与公司价值的关系有显著的调节作用,在市场环境好的地区,腐败对上市公司价值的影响更大,即企业对制度环境缺陷更为敏感。因此,在反腐败过程中,市场化建设需要与制度建设同步进行,良好的市场环境可以从根源上削弱企业参与腐败活动的动机。在开放、公平的市场中,企业更容易受到腐败的负面影响,参与、推动反腐败有助于企业提升市场价值。

Institutional environment has significant impact on corporate behavior and performance. Corruption increases institutional fi＇iction that a company must face, worsens local economy, boosts a company＇ s cost of inter- acting with local government, and lowers the expectation of economic resources obtained from the government as well. Using firm -level data of Chinese listed companies from 2003 to 2012, measuring corruption using provincial registered cases of corruption per 10,000 people, this paper tests the relation between regional corruption and firm value. The results show that firm value is negatively correlated with corruption. Furthermore, this negative effect is significantly greater in firms located in regions with more liberalized market. In other words, in these areas, firms are more sensitive to institutional environment defects. Thus, market liberalization and institution improvement must go hand in hand in anti -corruption campaign, because improved market liberalization will provide companies with incentives to fight corruption. In an open and fair market, companies are more vulnerable to the negative effects of corruption, thus advocating anti -corruption will help them enhance their market value.