The Effect Study On Executive Corruption Of Listed State-owned Enterprises

With the advancement of the central discipline inspection commission’s anti-corruption storm in the past two years,the cases of executive duty crime which have been investigated are increasing,State-owned enterprises gradually become the core of the anti-corruption.State-owned enterprises as the lifeblood of the national economy development,play an important role in the process of the development of the national economy.After the development of reform and opening up for nearly forty years,state-owned enterprises have made remarkable achievements.All people have the ownership of national state-owned assets,but people all over the country can’t perform the duty of investor together,so they entrust the duty to state council via the National People’s Congress,so the state-owned assets supervision and administration commission was established,to perform the duties of investors of state-owned assets.Entrusted agency’s chain is so long that the ownership is vacancy,stock rights are excessive concentration,which hindered the development of state-owned enterprises and created favorable conditions for executives of corruption.The central discipline inspection commission’s anti-corruption storm is just the measure to solve these problems.The purpose of this paper is to explore the influence of it’s economic consequences.In this paper,samples are from the website of the central discipline inspection commission and the local discipline inspection commission where announced the investigation of the state-owned enterprise executives in the year of 2013 to 2014.Compare financial data with the announced year and the year before to analysis its effect.From the perspective of external,executives crime is so serious that can cause a series of market reaction.This paper use event study to explore the market impact of the event,the result shows that before official announcement the secondary stock market has no reaction,explaining that executives crime has the characteristics of hidden,also according with our country’s market efficiency of weak type.While the announcement has impact on market,from the angle of anti-corruption,the event is conducive to healthy development of the enterprise in a long way.From the perspective of interior,the removal of the corruption problem in state-owned enterprises create a good environment to the healthy development of the enterprises,help to promote healthy development of corporate governance.In the longrun,it will improve the enterprise’s performance and the quality of accounting information.The results of performance research found no significant bias.The results of quality of the accounting information showed that in the year that executives were investigated,manipulative accrued profits significantly reduced,illustrate the anti-corruption drives the enterprises be more cautious on accounting operations,make the quality of the accounting information more reliable,bring positive influence on the enterprises.