Anti-corruption Policies,Business Performance And Market Development

Since China's reform and opening up,China's economic success has been the world attention,but how clean Chinese executives and officials have been criticized for the world.After the 18 th national congress,"eight regulations,six ban" began to fight corruption.Whether the anti-corruption policy conducive to economic development or not,and how to affect the market development and corporate performance has been debated.Based on this,the implementation of the anti-corruption policy of marketization level and the impact of enterprise management has important research significance.This article from the harm of corruption,market positive development,enterprise management improvement,introduces the significance of anti-corruption policy implementation.In the empirical part,this paper takes 113 public consumption enterprises in China 2009-2015 data as the research object.To understand the policy persistent effect,we use GMM estimation method,explores the anti-corruption policy on implicit transaction cost and the influence of corporate performance.After control factors,the model of the empirical results show that: First,the implementation of the anti-corruption policy lowered implicit transaction cost,and changes the fixed asset investment growth and retailing of prepaid card positive growth path,promotes the positive development of the market competition.Second,represented by high-end liquor of high-grade consumer goods manufacturing enterprise performance,product sales structure adjustment.Third,anti-corruption policy is not resulting in a decline in the performance of the ordinary consumer goods manufacturing enterprises,but with the development of economy,the enterprise in order to meet the growing consumer demand for consumer products for the corresponding transformation and upgrading.According to the empirical results,combined with capital market present situation,this paper puts forward the following three suggestions: First,the government should adhere to implement the anti-corruption policy,reduce improper allocation of resources;Second,enterprises should standardize the information disclosure system,increase the transparency of financial information and disclosure consistency,reduce fuzzy and information asymmetry problem;Third,in the steady economic development,enterprises should pay attention to the change of consumer demand,timely adjustment upgrade of their products,stable market share.