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本文考察官员腐败对所在地区企业股价崩盘风险的影响。我们以2004—2014年我国A股非金融类公司为样本进行实证研究,发现:①地区官员腐败加剧了该地区企业的股价崩盘风险;②地区官员腐败是通过加剧企业内部代理问题、恶化企业内部信息质量从而提升股价崩盘风险的;③改善公司外部信息环境、官员政治晋升和中央反腐行动都能够有效缓解地区官员腐败的这一负面效应。本文的结果丰富了官员腐败微观层面经济后果的研究,同时表明政府强化反腐力度能够改变官员从事腐败行为的动机,从而有效应对腐败导致资本市场资源配置扭曲的不利后果。
This article examines the impact of official corruption on the stock market crash risk in the region. We take the 2004-2014 A-share non-financial companies in our country as an example to conduct empirical research and found that: (1) Corruption of regional officials exacerbated the risk of share price collapse in the region; (2) Corruption of regional officials is to aggravate the internal agency problem and worsen the internal Information quality so as to enhance the risk of stock price collapse; (3) improving the company’s external information environment, official promotion of politics and central anti-corruption operations can effectively alleviate the negative effect of corruption in local officials. The result of this paper enriches the research on the economic consequences of officials’ micro-level corruption. At the same time, it shows that the intensification of anti-corruption by the government can change the motivation of officials to engage in corrupt behavior and thus effectively deal with the unfavorable consequences of corrupting the distortion of resource allocation in capital markets.