Research On Management Stock Ownership,Market Process And Corruption Of Executives

In the past 40 years of reform and opening up,the development of Chinese enterprises has achieved remarkable achievements.Enterprise vitality and market competitiveness have been increasing,and their scale and efficiency have been increasing.But at the same time,the rapid development of enterprises has also emerged many problems.In recent years,the corruption of corporate executives has received widespread attention from all walks of life.The huge corruption groups and huge corruption figures are indeed chilling.How to effectively curb the corruption of senior management and maintain a good market order has attracted great attention from all walks of life.The study of executive corruption has always been the focus of attention in the academic community.Many scholars have studied the internal control,equity concentration and other aspects from the perspective of the enterprise itself and the relevance of corporate executive corruption.It has been concluded that a good internal control environment and a centralized equity structure can effectively curb executive corruption,and many scholars have studied the relationship between media exposure,institutional environment and executive corruption from the perspective of the external environment.There is less corruption among executives when media exposure is high and institutional conditions are superior.Since 2005,when the CSRC promulgated the "measures for the management of equity incentives for listed companies(trial)",most companies have adopted management ownership to encourage them.The positive effect of this incentive method on corporate performance has been generally recognized by the society.Existing research also presents a multi-angle situation for management ownership,such as research on company decision-making and business results.However,a review of the literature in recent years has found that management ownership at the level of corporate governance,such as whether there is a correlation with corporate executive corruption,is a blank in academia.In addition,in recent years,the promotion of market-oriented reforms and the establishment of a modern corporate system have always been the focus of the work of the government and regulatory agencies,and the market-oriented process has had an impact on senior executive corruption and has not received sufficient attention in the academic community.The role of the market process in regulating "management shareholding ? executive corruption" is also to be further studied.Based on information asymmetry theory,principal-agent theory,incentive theory,and management rights theory,combined with the previous research results of experts and scholars,this paper theoretically analyzes the impact of management ownership,marketization process,and corruption on corporate executives.Three kinds of basic assumptions were put forward.Then,through the sample data of A-share listed companies in China from 2012 to 2016,the empirical research method was used to use corporate senior executive corruption as the explanatory variable,management shareholding as the explanatory variable,and the market-oriented process as the adjustment variable.This paper examines the influence of the change of management ownership and the proportion of ownership on the corruption of corporate executives,and examines the influence of different market processes on the corruption of corporate executives,and further explores and analyzes it as an adjustment variable.The results of this paper show that the management holding behavior can significantly curb the corruption of corporate executives;The change of management ownership is related to the "U" type of corruption.In addition,the higher the degree of marketization in the region,the more obvious effect of management shareholding on executive corruption,and further analysis that the marketization process can alleviate the negative effects of excessive shareholding and lead to power corruption.The research results of this paper have some reference value and reference significance for the study of senior executives corruption.From the point of view of work thought,enterprises can attach importance to equity incentive policies and reduce the corruption of senior executives through the appropriate number of holding behaviors of management.The government and the regulatory department should attach importance to the market allocation mechanism,step up market reform,establish a modern enterprise system,and create a fair and orderly environment.