高官落马与中国上市企业违规行为披露

文章匹配中國上市企業違規行為數據與省份高官落馬數據,實證研究了高官落馬對上市企業違規行為披露率的影響效應。結果發現,高官落馬顯著提高了中國上市企業違規行為的披露率,高官落馬每增加1人次,上市企業違規行為披露率就提高3個百分點。文章進一步發現,高官落馬對市場化程度較高地區的上市企業違規行為的促進作用較弱;而在重要政治會議召開前夕,高官落馬對上市企業違規行為披露的促進作用增強。黨的十八大以來反腐力度加大后,高官落馬提高上市企業違規行為披露率的效應依然存在。文章為如何完善國家治理體系和促進企業發展提供了有效的參考依據。 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．