地区官员腐败会恶化股价崩盘风险吗

Does Corruption Exacerbate Firms＇ Crash Risk

本文考察官员腐败对所在地区企业股价崩盘风险的影响。我们以2004-2014年我国A股非金融类公司为样本进行实证研究，发现：①地区官员腐败加剧了该地区企业的股价崩盘风险；②地区官员腐败是通过加剧企业内部代理问题、恶化企业内部信息质量从而提升股价崩盘风险的；③改善公司外部信息环境、官员政治晋升和中央反腐行动都能够有效缓解地区官员腐败的这一负面效应。本文的结果丰富了官员腐败微观层面经济后果的研究，同时表明政府强化反腐力度能够改变官员从事腐败行为的动机，从而有效应对腐败导致资本市场资源配置扭曲的不利后果。

This paper examines the impact of corruption on the local firms＇ stock price crash risk. Using the sample of non-financial listed companies from 2004 to 2014, we find that：①corruption exacerbates the local firms＇ stock price crash risk;②the corruption exacerbates the local firms＇ internal agency problem and information opacity, which increase firms＇ crash risk; ③ im provement of external information environment, political promotion and anti-corruption campaign can effectively alleviate the negative effects of corruption on local firms. Our results enrich the re search of micro-consequences of corruption and indicate that anti-corruption campaign can change the bureaucrats＇ incentive and reduce distortions of resources allocation resulting from corruption.