摘要
习近平总书记在党的十九大报告中提出坚定不移进行反腐败"持久战"。党的十八大之后持续地重拳反腐,给中国社会治理和经济发展带来了深刻的影响。本文以"坏消息隐藏理论"为基础框架,从企业信息披露行为的视角,利用双重差分模型检验了反腐败政策对资本市场股价稳定性的影响。研究证实了反腐败政策效应的微观作用路径:反腐政策抑制了企业对好坏消息不对称披露行为,进而降低了上市公司股价崩盘风险,维护了资本市场的繁荣稳定。本文为反腐败的实施成效提供了微观企业的经验证据。
＂It is necessary to continuously fight against corruption,＂President Xi said in the report delivered in the 19 th National Congress of the Communist Party of China（ CPC）. The continuous heavy anti-corruption after the 18 th National Congress of the CPC has brought profound influence to the social governance and economic development in China. In this paper,we introduce ＂Bad News Hoarding Theory＂and use the difference in difference（ DID） model to test the impact of anti-corruption policy on stocks price stability. Anti-corruption inhibits excessive disclosure of good news and hides bad news for the state-owned enterprises,which reduces excessive disclosure of good news for the private enterprises,thus reducing the risk of stock price crash of the micro enterprise. This paper provides empirical evidence for the effectiveness of the anti-corruption to micro enterprise.
作者
庄明明
史欣向
肖旦
公淑玉
ZHUANG Mingming;SHI Xinxiang;XIAO Dan;GONG Shuyu(Business School,Sun Yatsen University,Guangzhou,510275,Guangdong,China;Institute of Guangdong,Hong Kong and Macao Development Studies,Sun Yatsen University,Guangzhou,510275 Guangdong,China;School of Management,Guangzhou University,Guangzhou,510006,Guangdong,China)
出处
《华南理工大学学报（社会科学版）》
2018年第4期1-12,共12页
Journal of South China University of Technology(Social Science Edition)
基金
国家社会科学重大项目(16ZDA012)
教育部人文社会科学研究青年项目(14YJC630111)
关键词
反腐败
股价崩盘风险
信息披露
双重差分模型
anticorruption
stock price crash risk
information disclosure
difference in difference model
