Anti-corruption And Equity Concentration

The anti-corruption actions since the 18 th National Congress of the Party have had a profound impact on the national economy,and have also aroused great research interest in academia.In particular,the capital market as a "barometer" of the economic situation reflects the progress and effectiveness of anti-corruption actions.This article will focus on the impact of anti-corruption on the concentration of listed companies’ equity.Changes in the shareholding structure directly reflect investors’ expectations of the market prospects,and also have an important impact on the corporate governance structure.Therefore,examining the impact of anti-corruption on the shareholding structure and sorting out the mechanisms behind it will help to more fully understand the impact of anti-corruption on the capital market,as well as the information acquisition and investment decision-making mechanisms of different investors on anti-corruption effectiveness.We first based on 2012-2016 A-share listed companies in Shanghai and Shenzhen Quarterly data,using multiple regression models to study the impact of anti-corruption on the shareholding ratio of major shareholders.Second,this article combines event research and multiple regression analysis.Based on the daily stock price data of listed companies,the trend of stock returns before and after the anti-corruption announcement is researched,and the mechanism behind the increase in shareholdings by major shareholders is analyzed.The empirical conclusions are as follows:(1)the anti-corruption incident can significantly increase the proportion of large shareholders in local listed companies;(2)this effect is not significant in state-owned enterprises,and highly significant in non-state-owned enterprises;(3)compared with There are politically-affiliated companies and non-political-affiliated companies.The shareholding structure is more significantly affected by anti-corruption incidents,and the degree of influence is greater;(4)Before and after the anti-corruption announcement,the long-term stock return rate first increases and then decreases.During the period when shareholders are selling because of panic,they can increase their holdings to obtain a higher excess rate of return,and there is a speculative investment opportunity for major shareholders to increase their holdings.(5)In companies that have experienced anti-corruption events,the stock price volatility of companies that have increased their holdings Obviously smaller than companies that have not increased their holdings,the increase in holdings by major shareholders has played a positive role in sending positive signals to the market and stabilizing stock prices.Finally,this article gives some policy recommendations.This article believes that first the government should insist on fighting corruption and advocating clean government.Secondly,listed companies should establish healthy relationships with government officials.Finally,financial regulators should speed up the establishment and improvement of relevant information disclosure systems to protect the rights of small and medium shareholders.