| This article takes the high-intensity anti-corruption policy, which implemented since 18 th CPC National Congress, as the hitting-points, and extradites the macro-level policy to the micro-level of enterprises through taking the A-share listed companies, whose executives were found corrupted after the 18 th CPC National Congress, as research objects, and uses financial index as tools, with the method of construction of matched samples, to carry out the empirical research to detect the characteristics of the public companies’ capital structure, performance and earning management under specific circumstances.The results of the empirical study show that, for the companies whose executives had corrupt behaviors, in the weak anti-corruption year, their long-term debt level was significantly lower than the matched companies, and the nominal performance, earnings management, true performance had no significant difference with the matched companies; however, after the implementation of the high-pressure anti-corruption policy, their real performance became much worse relative to previous period and matched companies, but these companies took advantage of radical earnings management to obscures the deterioration of performance, so that the nominal performance had no significantly different comparing to the previous year and matched companies.The results indicate that, the executives will use less long-term loans to weaken the external supervision strength when they are carrying out rampant corrupt behaviors. Corrupt behaviors, such as rent-seeking bribery, in some extent bring "special resources" to the enterprises, and this enables them to get similar performance comparing to other companies; however, under the circumstance of high-intensity anti-corruption, corrupt behaviors are inhibited and the "special resources" become ineffective, which result in worse performance. Thus, corrupt managers would conceal the fact and embellish performance through radical earnings management in order to evade the attention of the external, to continue their power and to get additional compensation. |
