【摘要】 随着十八大以来我国高压反腐政策的持续推进,腐败行为得到有效遏制,但反腐对企业行为决策及其经济后果的影响机理受到的关注却相对较少。在企业微观决策层面,反腐败所带来的威慑效应、说服效应和规范效应会影响企业高管的价值观念,促使其形成"责任、奉献、担当、无私"的责任基调,优化其管理行为和决策偏好,从而提升企业价值。本文以2012-2016年中国A股上市公司为样本,构建高管责任基调的中介效应模型,验证了反腐败政策对企业价值的影响机理。研究发现,反腐败政策的推进提升了企业价值,且高管责任基调在反腐与企业价值提升之间起到中介作用。进一步研究发现,产权性质、法制环境及市场化程度能够调节反腐与企业价值之间的关系,低法制环境、市场化程度、国有产权性质下,反腐对企业价值的促进更显著。这为我们推进法治与市场化建设、依法从严治党提供了企业层面的微观证据支持。更多还原

【Abstract】 With the continuous advancement of high-pressure anti-corruption policy since the 18 th National Congress,corruption has been effectively curbed,but the mechanism of the anti-corruption impact on enterprise behavioral decision and its economic consequence has received relatively less attention. At the micro-decision level of enterprises,the deterrent effect,persuasion effect and normative effect brought about by anti-corruption will influence the values of enterprise executives,urge them to form a "responsibility,dedication,commitment,selfless"responsibility tone at the top,optimize their management behavior and decision preferences,thereby enhancing the value of enterprises. Based on the sample of China’s A-share listed companies from 2012 to 2016,this paper constructs an intermediary effect model of the tone of executive responsibility and verifies the mechanism of the impact of anti-corruption policies on the value of enterprises. The results show that the promotion of anti-corruption policy could enhance the value of enterprises,and the tone of executive responsibility plays an intermediary role between anti-corruption and enterprise value enhancement.Further research has found that the property rights,legal environment and market-oriented degree can regulate the relationship between anti-corruption and enterprise value,with poor legal environment,low market-oriented degree and less state-owned property rights,anti-corruption is more beneficial to the promotion of enterprise value. This provides micro-evidence support at the enterprise level to the legal construction,marketization and deepening of overall governing party.更多还原