高管腐败与公司价值——基于融资成本作用机制的考量

Executive Corruption and Corporate Value——based on the mechanism of financing cost

公司高管腐败是经济发展中的“顽疾”,影响公司价值增减变化。本文以融资成本为传导介质,剖析高管腐败如何通过改变公司融资成本,进而作用于公司价值。我们把高管腐败细分为高管个人腐败和公司集体腐败。无论高管个人显性腐败还是高管个人隐性腐败,都会导致融资成本增加,公司价值降低;而对于公司集体腐败,在曝光前,由于存在寻租,公司融资成本减少;但曝光后,国有公司融资成本不会有明显变化,但非国有公司的融资成本将上升,公司价值显著下降。

Executive corruption is a“persistent disease”in economic development,which affects the change of company value.Taking financing cost as the transmission medium,this paper analyzes how executive corruption affects corporate value by changing corporate financing cost.We divide executive corruption into individual executive corruption and corporate corruption.Both explicit and implicit corruption of individual executives can increase the cost of financing and reduce the value of the company.As for the corporate corruption,the company’s financing costs will reduce before the exposure due to the existence of rent-seeking.However,the financing cost of state-owned companies will not change significantly after the exposure,while the financing cost of non-state-owned companies will rise and the company value will decrease significantly.