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| 題 名 | 高管腐敗、傳染效應與投資者保護--基於白培中腐敗案的實證分析=Executive Corruption, Contagion Effect, and Investor Protection--Empirical Evidence from the Bai Peizhong Case |
|---|---|
| 作 者 | 劉啟亮; 陳冬; 羅樂; 姚易偉; | 書刊名 | 中國會計與財務研究 |
| 卷 期 | 16:3 2014.09[民103.09] |
| 頁 次 | 頁67-128 |
| 分類號 | 494.7 |
| 關鍵詞 | 高管腐敗; 媒體負面報導; 聲譽; 傳染效應; 在職消費; 盈餘管理; Executive corruption; Media; Reputation; Contagion effect; Non-Pecuniary compensation; Earnings management; |
| 語 文 | 中文(Chinese);英文(English) |
| 中文摘要 | 本文以受到網路媒體廣為關注的由小偷引出、公安部門試圖封鎖、經網路爆料的白培中腐敗案為契機,首次研究了高管腐敗的傳染效應、影響因素及其傳導機制。本研究發現,首先,白培中腐敗案不僅使事件公司的股價下跌,而且由於資訊傳遞作用,也對同行業公司產生了傳染效應。其次,公司的政府控制性質對傳染效應具有杠杆作用,加重了政府控制公司的傳染效應。然而,公司如果由國際四大審計則對傳染效應具有一定的抵減作用。再次,白培中的撤職對事件公司股價的下跌和傳染效應均具有較為明顯的抑制作用。最後,公司高管的在職消費等是市場傳染效應的資訊傳導機制,潛在的腐敗信號會加重公司的傳染效應。此外,進一步分析還發現,傳染效應不受同行業公司的盈餘品質、財務重述行為的影響。 |
| 英文摘要 | By studying a recent executive corruption case in China (the Bai Peizhong case), which was initially exposed by a theft, later blocked by the local security department, and finally spread through the Internet, this paper first examines the contagion effect of executive corruption and its determinants and transmission mechanism. We find that (1) in response to the news, the stock prices of the two listed companies involved declined over the event window and the negative effect spilt over to their peer companies in the same industries; (2) the above contagion effect was more pronounced in the state-owned peers but was attenuated by the employment of an outside Big Four auditor; (3) the stock prices of the two involved companies declined and their peers’ behaviour was inhibited by the dismissal of Bai Peizhong; (4) the above market reaction was a result of investors’ expectation of the existence of large non-pecuniary compensation in the involved companies and industries; and (5) the contagion effect was not influenced by earnings management or the financial restatement of the peer firms. |
本系統中英文摘要資訊取自各篇刊載內容。