How Corruption And Anti-Corruption Influence The Performance Of Listed Companies

As corruption is a worldwide problem,the articles on corruption in various countries are numerous,and the impact of corruption in various fields has been elaborated at their respective levels.Since the 18 th National Congress of the Communist Party of China,the procuratorate has filed investigations against 122 former provincial and ministerial-level cadres,including Guo Boxiong,Zhou Yongkang,Ling Jihua,Xu Caihou,Su Rong,and Sun Zhengcai.At present,Bo Xilai,Guo Boxiong,Zhou Yongkang,Su Rong,Sun Zhengcai,Ling Jihua were prosecuted.The complexity of the corruption issue also indicates that we need better theoretical guidance.In particular,today's research on corruption cannot form a good guiding role in the actual work of anti-corruption.In particular,the current academic research on the impact of corruption has not yet reached a consensus.We don't know the nature of the impact of corruption-"the hand of plunder" or "the hand of help",so we need to study the issue of corruption more deeply.Therefore,this paper discusses the seriousness of corruption through both positive and negative perspectives to contribute to the theoretical study of corruption,and puts forward some corresponding suggestions.The quality of the system and business environment will greatly change the allocation of resources and business behavior.Therefore,regional corruption will have an important impact on corporate behavior and performance.Compared with many foreign articles focusing on the relationship between corruption and macroeconomics,this paper starts from the microscopic perspective and combines transaction cost theory to study the impact of corruption on company performance.Using the data of listed companies in 2009-2016,together with the corruption data manually compiled from the China Procuratorate Yearbook,this paper empirically proves that corruption will increase the transaction costs of enterprises and damage the company's performance.And from the opposite side,this paper uses the quasi-natural event of the 18 th anti-corruption campaign to verify the above conclusions by using the DID model.It is found that the anti-corruption campaign improves the performance of listed companies in high-corruption areas compared with low-corruption areas.In addition,this paper further explores the nature of corporate property rights and the regulatory effects of market-oriented reforms.It is found that private enterprises perform better in a corrupt environment than state-owned enterprises,and the improvement of marketization level helps to curb the negative effects of corruption.Based on the actual situation and combining China's own institutional environment and cultural background,this paper conducts in-depth research on the impact of corruption,which is an effective supplement to the theoretical research on the effects of corruption.Finally,the paper also puts forward corresponding suggestions.In general,the institutional environment is an important factor affecting business decision-making and resource allocation.Therefore,severe punishment of corrupt behavior and purification of political and business relations are important measures to improve enterprise resource allocation and improve performance.On this basis,the government needs to treat private enterprises equally and give a fair competitive environment.At the same time,it should?actively carry out market-oriented reforms,continue to implement the “distribution service” policy,reduce direct intervention in market prices,and strive to create good political and business commerce.Environment,do a good job as a "night watchman." And you can consider introducing private capital in state-owned enterprises and using market-oriented operations to better manage enterprises.Enterprises themselves must also recognize the unsustainability of good political relations.They should focus on the construction of their own organizational structure,the cultivation of personnel,product research and development,market expansion,customer maintenance,and build their own hard power to win the future in the market.