“澳门永利yl6776会计学科教师与研究生系列Seminar"之十

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为了活跃澳门永利yl6776会计学科的学术研究氛围，激发既有教师与在校研究生的学术研究热情和积极性，促进教师之间、教师与研究生之间、研究生彼此之间的深入交流、思想碰撞与知识分享，我们组织了由澳门永利yl6776会计学科的常任教师、博(硕)士研究生、国际访问学者等作为报告人的系列Seminar。该Seminar将冠以“澳门永利yl6776会计学科教师与研究生系列Seminar”的总标题，从2017年3月14日起，每周周二下午15:00-17:30举行。该Seminar与已有的“财务、会计Seminar”(主要聘请校外与境外的学者担任报告人) 相互补充，以期能够更好地推动澳门永利yl6776会计学科的学术发展。

“澳门永利yl6776会计学科教师与研究生系列Seminar”之十

题 目： The Effectiveness of China’s Anti-Corruption Campaign: Firm-level Evidence

报告人：罗进辉 副教授

时 间：2017年5月23日(星期二)，15:00-17:30

地 点：澳门永利yl6776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.