题 目： The Effectiveness of China’s Anti-Corruption Campaign: Firm-level Evidence
报告人：罗进辉 副教授
主持人：张国清 教授
时 间：2017年5月23日(星期二)，15:00-17:30
地 点：厦门大学嘉庚一409室
摘 要: Since 2012, China has launched an intensive and extensive anti_corruption campaign to combat against the party and government officials’ corruption. In this study, we investigate the spillover effect of the campaign on curbing corporate corruption in China. Using firm_level data from 4,899 observations of Chinese listed firms between 2011 and 2014, we find that corporate corruption, as measured by entertainment and travel costs (ETC), significantly reduces after the campaign, and this reduction effect is more pronounced for alleged firms experiencing more serious corruption, i.e., for state_owned enterprises (SOEs), firms in monopoly industries, and firms in less developed regions. In addition, we further find that the anti_corruption campaign is disincentive for short_term operation performance (ROA) but is beneficial to long_term market value (Tobin’s Q), indicating that the net economic effect of the anti_corruption campaign on firms is positive. Meanwhile, the value relevance of corporate corruption is found to be negative, which justifies the necessity of the campaign. Our results are robust to the change model and the Heckman selection model, and have meaningful implications for policymakers and firms in China in particular and in other economies in general.