中国的反腐运动会影响艺术品价格吗？来自中国艺术品市场的证据

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-01-19 DOI:10.1016/j.pacfin.2025.102680

Timothy Yang Bian, Yue Zhang, Nanxing Zhou

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引用次数: 0

摘要

鉴于艺术品被广泛用作隐性贿赂，中国最近的反腐运动引发了人们对其对中国艺术品市场潜在影响的担忧。利用大型中国传统绘画拍卖数据，我们研究了反腐措施是否导致了艺术品价格的下降。我们使用正在接受反腐调查的高级官员（副部级或更高级别）的数量作为此类措施力度的代表。我们的研究结果显示了统计上显著的负面影响：一个地区每增加一位高级官员的落马，中国画的拍卖价格就会下降5.5%。这种负面影响在非大师作品和价格较低的作品中更为明显。

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Do China's anti-corruption campaigns impact art prices? Evidence from Chinese art market

China's recent anti-corruption campaign has raised concerns about its potential impact on the Chinese art market, given the widespread use of artworks as implicit bribes. Using a large auction dataset for traditional Chinese paintings, we examine whether anti-corruption measures have caused a decline in art prices. We use the number of high-ranking officials (vice-ministerial level or higher) under anti-corruption investigation as a proxy for the intensity of such measures. Our results show a statistically significant negative impact: for each additional downfall of a high-ranking official in a region, auction prices for Chinese paintings decrease by 5.5 %. The negative effect is more evident for paintings drawn by non-masters and those with lower prices.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.