高官落马与中国上市企业违规行为披露

High-level Officials Arrested and the Disclosure of Violation Behaviors by Chinese Listed Companies

文章匹配中国上市企业违规行为数据与省份高官落马数据,实证研究了高官落马对上市企业违规行为披露率的影响效应。结果发现,高官落马显著提高了中国上市企业违规行为的披露率,高官落马每增加1人次,上市企业违规行为披露率就提高3个百分点。文章进一步发现,高官落马对市场化程度较高地区的上市企业违规行为的促进作用较弱;而在重要政治会议召开前夕,高官落马对上市企业违规行为披露的促进作用增强。党的十八大以来反腐力度加大后,高官落马提高上市企业违规行为披露率的效应依然存在。文章为如何完善国家治理体系和促进企业发展提供了有效的参考依据。

In this paper,the data of violation behavior by Chinese listed companies and number of high-level officials at the provincial-level arrested are matched to form the panel data at the province level,in order to provide empirical evidence for the effect of high-levelofficials arrested on the disclosure of violation behavior by Chinese listed enterprises.The results are that the relationship between high-levelofficials arrested and the violation behavior by Chinese listed companiesis significantly positive.And as the number of high-level officials arrested increases by one person,the ratio of disclosure of violation behavior by Chinese listed companies increases by approximately three percent.Furthermore,this paper suggests that the effect of high-levelofficials arrested on the disclosure of violation behavior in provinces with a deeper marketization of the economy is weaker,while the effect is stronger on the eve of an important political conference and the positive effect still exists,after the 18th National Congress of the Communist Party of China strengthened the Party's anti-corruption efforts.This paper provides effective evidence on how to perfect the national governance system and improve the development of enterprises.