文献类型：期刊文献

中文题名：高管腐败曝光后的声誉恢复行为及其经济效应

英文题名：Reputation Restoration Behavior and Its Economic Effect After the Exposure of Executive Corruption

作者：谢香兵[1];马睿[1]

第一作者：谢香兵

机构：[1]河南财经政法大学会计学院,河南郑州450046

第一机构：河南财经政法大学会计学院

年份：2020

卷号：22

期号：3

起止页码：64-81

中文期刊名：上海财经大学学报：哲学社会科学版

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2017】；CSSCI:【CSSCI2019_2020】；

基金：国家自然科学基金“高管团队垂直对特征、内部晋升激励与公司风险承受:影响与作用机理研究”(71602049);河南省科技厅软科学基金“产业政策支持与企业创新策略:作用机制与传导路径”;河南省教育厅人文社科基金“政治成本、企业社会责任与公司税收规避:内在机理与实证检验”(2020-ZZJH-034)。

语种：中文

中文关键词：高管腐败;公司治理;声誉恢复;公司价值

外文关键词：executive corruption exposure;corporate governance;reputation restoration;corporate value

摘要：良好的公司治理机制是抑制腐败的有效途径之一,在公司高管腐败曝光后,企业是否会通过对治理机制进行积极改善的方式来恢复声誉?资本市场和产品市场中的参与者对企业声誉恢复行为是否给与积极认可?为回答这些问题,文章以手工搜集的2003-2015年间高管腐败曝光上市公司为样本进行分析,研究发现:相对于未曝光腐败的配对样本公司,曝光高管腐败的公司在腐败行为曝光后会通过积极的公司治理机制改善行为来恢复声誉,这种声誉恢复行为也能够得到资本市场和产品市场的认可,使机构投资者持股比例上升、分析师跟踪数量增加、商业信用融资规模扩大,进而提升公司价值。这种积极效果在信息披露程度较低、处于非垄断行业的高管腐败公司中更为明显。文章的研究为解释中国情境下的公司治理价值及资本市场中声誉机制的重要作用提供了新的经验证据。
Good corporate governance mechanism is one of the effective ways to curb corruption.After the exposure of executive corruption,will the enterprise restore its reputation by actively improving the governance mechanism?Do participants in capital market and product market give positive recognition to enterprise reputation restoration?In order to answer the above questions,based on the institutional background of anti-corruption in China,this paper takes the manual collected executive corruption data of listed companies from 2003 to 2015 as a sample,and uses the ordinary least squares(OLS)method,the propensity score matching(PSM)method and the difference-in-differences(DID)model to test the relevant hypothesis,so as to examine the impact of reputation restoration behavior to improve its governance mechanism of the enterprise with damaged reputation on market cognition and corporate value after corruption exposure.The results show that:(1)In the first year after the exposure of corruption,the reputation damaged enterprise will actively improve the governance mechanism,and this reputation restoration behavior can be recognized by the market.Among them,the capital market is more sensitive to this kind of reputation restoration behavior;the upstream and downstream enterprises of the enterprise exposed to corruption in the product market are more cautious about this kind of reputation restoration behavior,and the response is lagging behind.(2)After the reputation damage,the reputation restoration behavior that the enterprise actively improves the governance mechanism can enhance corporate value,and can further enhance corporate value by improving the market cognition.Therefore,it is effective to expose the corruption of senior executives in the way of corporate reputation restoration by improving corporate governance structure.(3)Further research shows that the enterprise exposed to corruption in non-monopoly industries can gain more market recognition and enhance the enterprise by actively improving the governance mechanism after reputation damage.Even the reputation damaged enterprise with low degree of information disclosure can achieve the purpose of reputation restoration by actively improving the governance mechanism.The results of robustness tests,such as multi-stage DID test,PSM method to control endogeneity and replace governance mechanism variables,also do not change the main conclusions of this paper.