The Analysis Of Corperation Irresposibility Behaviors’Fiancial Effects

The economic and finance effect of corporate irresponsibility behaviors could reflect the intrinsic economic relations and the economic effect of individual behavior, this paper basing on the dynamic response mechanism model, and from the micro level to study the problem products, environment polluted, rent-seeking, the behavior of inventories’ economic effect and to verify the robustness of their results by econometric approach.In the view of the robustness test, the present’s Blinder-Oaxaca decomposition method mainly focus on linear or nonlinear static panel model, this paper introduces interaction effect and dynamic item to nonlinear static panel model, combining with iteration of the GMM estimation of dynamic effect model and principal component factor analysis, to obtain efficient estimator of the interaction effect and nonlinear dynamic model, and to simulate the Blinder-Oaxaca decomposition. The results show that, the Blinder-Oaxaca decomposition of interaction effect, nonlinear dynamic panel model can effectively fitting different group yield gap, the whole simulation relative error of endowment effect and discrimination effect is only about0.07%. The Blinder-Oaxaca decomposition performs satisfactorily relative estimation precision and finite sample properties.In the view of the residents’ selective response, Residents’ response is the main determinant whether corporates comply with social responsibilities or not. This paper analyzes the response characteristics of residents and the market supervision effects, basing on the market response after corporate social irresponsibility exposed. The empirical results and the counterfactual comparative simulation experiment show that, residents’ responses show significant selective characteristic to differentiate type of corporate social irresponsibility. The residents response positively to product quality accidents and safety accidents as they affects their rights and interests directly. Though environment pollution accidents have a deteriorated pact on society, the residents response indifferently to environment pollution accidents result from their strongly external effect. What is more, the corporates have abilities of improving their profits and weaken the effect of social supervision by making use of capital capacity or the status of product market under the effect of residents’selective response. Therefore, the market has no restriction power on environment pollution, and environment protection should depend on administrative regulation of the government. To the problem products, media monitoring own significant cost effect and nonlinear transfer characteristic, the threshold value of the different risk preference mechanisms is about40.69%. under the high risk preference mechanism, media monitoring exacerbates corporates operating cost and its efficiency is about half of the other mechanism. Before or after exposed, liquidity shock increases corporates operating cost, but there exists risk premium effect before the problem products exposed by media. Therefore, the ownership structural reform and allocation should pay attention to liquidity risk and its effects.In the view of rent-seeking of the entitlements, rent-seeking of the entitlements sharply increases firms’management capital. This paper measures the lose efficiency of the state-owned firms result from administrative monopoly and the entitlements rent-seeking, basing on the dynamic response mechanism of firms’management capital caused by ownership property, market status and economic environment. The empirical findings and the counterfactual comparative simulation experiments show that, political patronage significantly increases the management capital of state-owned firms, its management efficiency is about one-third of the private-owned firms. The management capital of the state-owned firms and the collective-owned firms owns rigidity characteristic, and shows insensitivity to the change of macroeconomics and market environment, while the sensitivity of private-owned firms to economic environment is5.5times of the state-owned firms. Market monopoly is benefit to reduce management capital for the private-owned firms, but it has a converse effect on the state-owned firms. The measure of external market environment shows that, the overall market environment becomes worse since2008, the effective way of optimizing the stated-own economic layout and structure is to open to private capital in core monopoly areas and make it play a marketable role in the stock equity allocation.In the view of the operator behavior, the operator behavior affect the strategy of firms’inventories adjustment, while identification firms inventories’adjustment strategies exactly is the necessary condition of effectively managing inflation expectation. This paper from the micro level, based on the Smooth transition panel error correction model with interactive effects, to study the specific characteristics of firms inventories adjustment in the different stages of inflation cycle. The empirical findings and the counterfactual comparative simulation experiments show that, the adjustment strategies of firms inventories are mainly affected by inflation expectation rather than actual inflation. Unlike the social experience, the adjustment of firms inventories owns the characteristic of counter-inflation cycle. To the most industries, the monetary policies are invalid in low inflation stage, owing to the income effect of inflation expectation surpasses the cost effect of firms inventories adjustment; under the background of high inflation period, the monetary policies have an effect on the adjustment of firms inventories, as a result of the weaker inflation expectation and the significant cost effect. The threshold of inflation mechanism is3.4%, so setting3.5%as the up-limit inflation adjustment accords with characteristics of firm market behaviors. The sensitivity of inventories strategies shows significant difference to monetary regulation and inflation expectation in different industries, comparing to inflation fluctuation, the textile and agriculture industries first to adjust their inventories; the real estate industry owns rigid characteristic, and shows insensitivity to inflation fluctuations; while compared with monetary regulation, the real estate, wholesale and retail, machinery and equipment industries are much more sensitive than the food service industry.