The Effect Of Anti-Corruption On Corporate Performance

Corruption is widespread all over the world,especially when the country enters a stage of rapid developraent Because the institutional system is not sound enough,it has created a breeding ground for corruption,which has caused certain harm to the macro economy.With the rapid development of the economy after China,s reform and opening up,corruption has become more serious.The party's 18th National Congress held in November 2012 started up China's anti-corruption struggle.The central government insisted that "cracking down on both tigers and flies,formed a deterrent to corruption.So does anti-corruption have a certalin impact on micro-corporate performance?If the answer to the question is yes,how does it affect the performance of the corporations?Does the impact of anti-corruption on corporate performance have regional differences and differences in property rights?Based on questions above,this context takes the anti-corruption exogenous shock event that started in late 2012 as the research background,and combines theoretical analysis and empirical test to explore the impact and impact path of anti-corraption on micro-corporate performance.This paper takes the panel data of Shanghai-Shenzhen A-share 2017 listed corporations in 2008-2016 as observation samples,and uses the two-way fixed effect model and the double difference model to empirically test the impact of anti-eorruption on corporate performance,and uses the mediation effect test method to test the patth of anti-corruption affecting corporate performance.The results show that anti-corruption has a significant positive effect on eorporate performance;relative to eoastal developed areas,anti-corruption has a more obvious effect on the performance improvement of inland enterprises;compared with non-state-owned corporations,anti-corruption has more obvious performance improvement for state-owned corporations;Mechanism research shows that anti-corruption stimulates enterprises to increase R&D investment to further stimulate the endogenous motivation of corporations and indirectly improve corporations performance.Finally,the rationality of the study is determined by the robustness test.Based on the conclusions of empirical research,this paper gives policy recommendations from the national,social and corporate levels in the last part of the article.This context studies the impact of macro-decision on micro-entities and its path based on the anti-corruption started late in 2012,further enriching the research results of anti-corruption economics and providing decision-making reference for policy makers.