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- 2018
反腐败、信息披露行为与公司股价稳定性
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Abstract:
习近平总书记在党的十九大报告中提出坚定不移进行反腐败“持久战”。党的十八大之后持续地重拳反腐，给中国社会治理和经济发展带来了深刻的影响。本文以“坏消息隐藏理论”为基础框架，从企业信息披露行为的视角，利用双重差分模型检验了反腐败政策对资本市场股价稳定性的影响。研究证实了反腐败政策效应的微观作用路径：反腐政策抑制了企业对好坏消息不对称披露行为，进而降低了上市公司股价崩盘风险，维护了资本市场的繁荣稳定。本文为反腐败的实施成效提供了微观企业的经验证据。
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