公司治理对公司反腐败信息披露决策的影响——基于CSR报告的经验证据

Influence of Corporate Governance on Corporate Anti-Corruption Practice Disclosure Decision: Empirical Evidence Based on CSR Report

本文以2015年发布社会责任报告的707家A股上市公司为研究对象,在代理理论和寻租理论的基础上,实证检验了公司治理对公司反腐败信息披露决策的影响,研究发现,国有控股公司、两职分离的公司选择披露反腐败信息的可能性更大,董事会规模、独立董事的比重以及公司股权集中度与公司反腐败信息披露决策不相关。研究进一步根据样本公司所在地区制度环境将样本公司进行分组检验,检验结果表明,公司治理对公司反腐败信息披露决策的影响只存在于政府干预少、法律制度完善的地区。这一结论为改善我国上市公司反腐败信息披露水平、防治公司管理层腐败提供了一定的借鉴和启示。

Taking 707 A shares listed companies that released social responsibility reports in 2015 as research objects,this paper empirically tests the influence of corporate governance on corporate anti-corruption practice disclosure（ACPD） based on agency theory and rent-seeking theory. Findings show that state-owned firms and firms with separated leadership structure are more liable to disclose ACPD,while firms with a larger size of the board,more independent directors or higher ownership concentration do not disclose more ACP information. Further research finds that the influence of corporate governance on corporate anti-corruption disclosure only exists in areas where government intervention is low and legal system is sound. This conclusion sheds some light on the improvement of corporate anti-corruption disclosure level as well as the prevention and control of corporate corruption and bribery.