“防止国有资产流失”背景下国有企业反腐与公司治理完善——基于中央巡视组公告的事件研究

Anti-corruption and Corporate Governance Improvement under the Background of “Preventing the Losses of State-owned Assets”——Based on Announcetment by the Central Inspection Group

中央巡视组对国有企业的巡视结果反映出,国有企业隐藏的腐败问题十分严重,造成国有资产的流失。采用事件研究法,借鉴投资者行为相关理论,检验中央巡视组公布国有企业巡视结果的市场效应后发现,在市场处于稳定或缓慢上升的时期,投资者能够识别巡视结果并做出理性选择;而在市场大幅上涨时,投资者却对巡视结果反应平淡。进一步按照样本企业所属行业类别对其进行分组研究,结果是中央巡视组巡视结果的公布对制造业以及能源行业国有企业的收益率具有负向影响,而对运输业以及钢铁行业的影响并不显著。

The result of the Central Inspection Group on State-owned Enterprises（SOEs） shows that corruption hidden in SOEs is serious. And the corruption of SOEs will result in the loss of state-owned assets. The paper adopted case study method, drew on relevant theory of investors＇ behavior and tried to examine the market effect of the inspection result released by Central Inspection Group. It turns out that in a period of stable or slow market growth, investors can identify the inspection results and make rational choices. While the market has risen sharply,investors have reacted calmly to the inspection results. Further, this paper carried out in accordance with the sample the industry category to which the enterprise belongs, to study the Central Inspection Group＇s market effect of different industries, and on this basis, summarizes the full text, and draws a conclusion. The conclusion is the result released by Central Inspection Group has negative impact on the benefit rate of manufacturing and energy SOEs, while the impact on transportation and iron and steel industry is less obvious.