| Since the 18th National Congress of the Communist Party of China,the problem of corruption has received increasing attention.The Party has also strengthened the construction of anti-corruption,and resolutely promoted and carried out the fight against corruption.State-owned enterprises as the important pillar of socialist economy,but also the key investigation and punishment unit against corruption,the emergence of many state-owned enterprises CEO corruption fall,which is also the important result of our anti-corruption actions.As a senior executive of an enterprise,CEO directly affects the production decisions of the enterprise.The special replacement type of CEO falling in anti-corruption may have a certain impact on the performance of the enterprise.Therefore,this paper aims to explore whether the fall of ceos of state-owned enterprises caused by anti-corruption will have a significant impact on the medium and long term performance of enterprises.This paper adopts the demonstration method combining empirical evidence and case study.First of all,this paper makes an empirical discussion on the influence of anti-corruption incidents of ceos of state-owned enterprises on medium and long-term performance of enterprises,and then selects typical cases to analyze their financial performance indicators in detail.In the empirical part,this paper obtained the enterprise data of the processing group through hand collation.First,the event study method was used to discuss the impact of news on short-term performance,and the difference difference model was used to discuss the impact of the anti-corruption fall of the CEO of state-owned enterprises on the medium and long-term performance of enterprises.The results passed the robustness test,and the endogeneity was further discussed by using multiple propensity score matching method.Heterogeneity analysis was carried out.The findings are as follows:(1)In the short term,the CEO’s failure to fight corruption in listed state-owned enterprises will reduce the average abnormal return rate of enterprises,and have a significant negative impact on enterprise value and performance;(2)The change caused by anti-corruption of ceos of state-owned enterprises has a significant positive impact on the medium and long term performance indicators of enterprises.The results pass a series of robustness tests,and the significance of the data is further enhanced after matching the propensity score;(3)There is heterogeneity in the impact of CEO corruption failure on medium and long term corporate performance.In the case part,this paper selects typical case enterprises in the treatment group,and analyzes the financial performance of the case enterprises from the aspects of profitability,debt paying ability,operation ability and growth ability.The research finds that:(1)In the short term,the fall of the CEO of the enterprise does not necessarily have a negative impact on the enterprise performance,which needs to be analyzed according to the specific situation of the CEO.(2)Anticorruption events have a significant effect on the medium-and long-term performance of enterprises;(3)The effect of anti-corruption events on individual medium-and long-term performance indicators of enterprises may be affected by business conditions and other factors.Finally,based on the research conclusions,this paper puts forward specific suggestions for each subject,including:(1)Supervision departments should strictly establish anti-corruption system and supervision system;(2)reduce government support and intervention to state-owned enterprises and strengthen the supervision of government power;(3)The enterprise shall operate prudently,and the Board of directors and the Board of supervisors shall strengthen the internal supervision of the enterprise;(4)Strengthen the ideological education construction of anti-corruption.The research contributions of this paper include:(1)Manually collated the data of the incumbent chairman of state-owned enterprises who fell due to anticorruption since the 18 th National Congress of the CPC,and further refined the reasons for the replacement of CEO;(2)The impact of anti-corruption events on enterprise performance is studied by means of differential method,so as to more accurately reflect the impact of anti-corruption events. |
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