公共治理与国有企业价值——基于高管隐性激励视角的研究

Public Governance and Chinese SOEs’ Performance: Based on the Executive Invisible Incentive

习近平总书记在十九大报告中提出坚定不移进行反腐败“持久战”。十八大之后持续的重拳反腐给中国社会治理和经济发展带来了深远的影响。本文首先以“八项规定”出台作为标志性的外生冲击事件,采用DID模型检验了国有企业在职消费对企业价值的影响;然后在此基础上检验了反腐败的政策效果和作用机制。研究发现:相比于非国有企业,“八项规定”出台以后国有企业的在职消费明显下降;反腐败会降低国有企业当期的财务绩效,但却有利于国有企业价值的提升;反腐败对国有企业绩效和价值的作用机制是通过影响国有企业高管的隐性激励效果来实现的。本研究为十八大之后反腐败的政策效果提供了重要的实证证据,为以后研究反腐败提供了基础框架。

“It is necessary to make continuous war against corruption”,President Xi said in 19th Party Congress Reporting.The continuous efforts to counter corruption after the 18th National People s Congress of the Communist Party of China has a profound effect on China s social governance and economic development.The anti-corruption and the development of our state-owned enterprises are not only the academic research point,but also the hot topic in public.However,there still some shortcomings exist in the current studies,because the effectiveness of these anti-corruption policies is doubted by the public.Based on the introduction of the “Eight Rules”,this paper constructed a standard natural experimental model,which exa- mined the relation between anti-corruption and the state-owned enterprises perk at first.And then,checked the effectiveness of the anti-corruption policies and the functional mechanism.After studying,we found that:(1) comparing with nonstate-owned enterprises,the perk of state-owned enterprises began to decline remar- kably after the introduce of the “eight rules”.(2) Anti-corruption would reduce the current financial performance of state-owned enterprises,but it would,on the other hand,help to improve the value of state-owned enterprises.(3)The anti-corruption s functional mechanism to examine state-owned enterprises perfor- mance and value is achieved by stimulating the senior executives implicit incentive in these enterprises.This paper will,after studying,provide significant and solid evidence for anti-corruption policies taken after the 18th National People s Congress of the Communist Party of China,and therefore provides foundation framework for the future studies in anti-corruption.