境外投资者持股与企业“舌尖上的腐败”治理

Foreign Investors’Shareholding and Corporate Governance of“Corruption on the Tip of the Tongue”

本文聚焦于上市公司境外投资者持股对于企业中存在的“舌尖上的腐败”的影响及其作用机制。利用2010~2018年中国上市公司十大股东数据,本文搜集了前十大股东中境外股东的来源国(地区)信息,并将这些国家(地区)的信息披露指数、法律渊源、治理水平信息与国家(地区)层面信息相匹配,进行实证分析。实证结果表明,境外投资者能够显著抑制上市公司发生“舌尖上的腐败”的行为,而且这一结论在中央八项规定实施后依然成立。在机制分析中,本文发现境外投资者通过提高上市公司信息透明度和信息披露质量进而降低企业的隐性腐败。在异质性检验中,本文发现来自公司治理程度高的国家的境外投资者、境外机构投资者、独立的境外机构投资者和已签署联合国责任投资原则(UN PRI)的境外机构投资者对于隐性腐败的抑制作用更加显著。最后,本文还发现,境外投资者持股对于其“舌尖上的腐败”等隐性腐败行为的抑制作用最终会有助于提升企业经营绩效。

Using manually collected data on foreign investors of China’s A-share listed companies from 2010 to 2018,this article finds that foreign ownership significantly reduces implicit corruption in the listed companies.The mechanism analysis shows that foreign investors can reduce the hidden corruption of listed companies by improving the information transparency and the quality of information disclosure.Foreign investors from the countries with strong corporate governance,independent foreign investors and Principles for Responsible Investment(PRI)signatory investors impose significantly more monitoring than other type of investors.The disciplinary role of foreign ownership is significant in weak governance,opaque and non-state-owned firms.