Regional Corruption And Corporate Performance And Its Impact Channel

Corruption is a worldwide phenomenon,which concerned common in developing and developed countries,even in international business activities.Since the late 1990s',the governments and non-governmental organizations have been devoting themselves to anti-corruption activities,including establishing anti-corruption agencies and concluding convention against corruption.Now China is a transition economy,which is not only enjoying an attractive rapid growth of economy,but also facing serious corruption.According to the Corruption Perception Index published by Transparency International,there is significant difference between China and other perfect-system countries.Meanwhile,corruption had produced more and more negative influence to the whole society.Against this background,this paper studying the influence of corruption on corporate performance.Firstly,we make a contribution to the influence of corruption at the micro level and enrich the academic achievements of corruption.Furthermore,this study provides reality basis for the campaign against corruption in China today.Taking the data of A-share listed corporations from 2006 to 2015 as samples,we makes an empirical study on the influence of corruption on corporate performance and test impact channel by Mediator Effect testing method.The conclusion indicates that corruption has an negative impact on corporate performance via the way of increasing operational risk and financial risk.In order to guarantee the reliability of the results,this paper does robustness test through repalcing the exogenous variable,laging the exogenous variable and using instrumental variable method.And the results show that the conclusion is robust.Further analysis shows that there is much more negative impact on non-state corporations and the positive role anti-corruption hasn't shown out.According to the theoretical and empirical analysis,this paper provides reality basis for the campaign against corruption and proposes corresponding policy recommendations.Although we have made contribution to the study of corruption,there is still necessity to examine and develop the conlusions further.As this paper does not give a comprehensive perspective covered all aspects of mechanism and influences on this issue,the research conclusions are just based on the existing theory and empirical results.Consequently,there is an urgent need for later scholars to dig deeper into this research field.