反腐改革能否缓解企业融资约束?——来自中国的经验证据

IF 1.4 4区经济学 Q3 BUSINESS, FINANCE

Asia-Pacific Journal of Accounting & Economics Pub Date : 2022-08-07 DOI:10.1080/16081625.2022.2108856

Wei Zhou, Min Jiang, Jiani Zong

{"title":"反腐改革能否缓解企业融资约束?——来自中国的经验证据","authors":"Wei Zhou, Min Jiang, Jiani Zong","doi":"10.1080/16081625.2022.2108856","DOIUrl":null,"url":null,"abstract":"ABSTRACT China has implemented its toughest anti-corruption policies in decades since late 2012. This paper empirically tests the economic spillover effect of anti-corruption from the perspective of corporate financing constraints based on the data from listed companies in China between 2010 and 2015. Our research shows that anti-corruption can significantly ease the financing constraints on enterprises. Due to China’s special system, the above relationship between anti-corruption and financing constraints is moderated by the nature of enterprise ownership and political connections. Furthermore, this study suggests that corporate financing constraints can be primarily eased by reducing bribery expenses and external financing frictions.","PeriodicalId":45890,"journal":{"name":"Asia-Pacific Journal of Accounting & Economics","volume":"17 1","pages":"1477 - 1493"},"PeriodicalIF":1.4000,"publicationDate":"2022-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Can anti-corruption reforms ease corporate financing constraints?—Empirical evidence from China\",\"authors\":\"Wei Zhou, Min Jiang, Jiani Zong\",\"doi\":\"10.1080/16081625.2022.2108856\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"ABSTRACT China has implemented its toughest anti-corruption policies in decades since late 2012. This paper empirically tests the economic spillover effect of anti-corruption from the perspective of corporate financing constraints based on the data from listed companies in China between 2010 and 2015. Our research shows that anti-corruption can significantly ease the financing constraints on enterprises. Due to China’s special system, the above relationship between anti-corruption and financing constraints is moderated by the nature of enterprise ownership and political connections. Furthermore, this study suggests that corporate financing constraints can be primarily eased by reducing bribery expenses and external financing frictions.\",\"PeriodicalId\":45890,\"journal\":{\"name\":\"Asia-Pacific Journal of Accounting & Economics\",\"volume\":\"17 1\",\"pages\":\"1477 - 1493\"},\"PeriodicalIF\":1.4000,\"publicationDate\":\"2022-08-07\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asia-Pacific Journal of Accounting & Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1080/16081625.2022.2108856\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asia-Pacific Journal of Accounting & Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1080/16081625.2022.2108856","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 1

摘要

自2012年底以来，中国实施了几十年来最严厉的反腐政策。本文基于2010 - 2015年中国上市公司数据，从企业融资约束的角度对反腐的经济溢出效应进行实证检验。我们的研究表明，反腐败可以显著缓解企业的融资约束。由于中国的特殊制度，上述反腐与融资约束的关系受到企业所有制性质和政治关系的调节。此外，本研究认为，缓解企业融资约束的主要途径是减少贿赂费用和外部融资摩擦。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Can anti-corruption reforms ease corporate financing constraints?—Empirical evidence from China

ABSTRACT China has implemented its toughest anti-corruption policies in decades since late 2012. This paper empirically tests the economic spillover effect of anti-corruption from the perspective of corporate financing constraints based on the data from listed companies in China between 2010 and 2015. Our research shows that anti-corruption can significantly ease the financing constraints on enterprises. Due to China’s special system, the above relationship between anti-corruption and financing constraints is moderated by the nature of enterprise ownership and political connections. Furthermore, this study suggests that corporate financing constraints can be primarily eased by reducing bribery expenses and external financing frictions.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Asia-Pacific Journal of Accounting & Economics Multiple-

CiteScore

2.40

自引率

9.10%

发文量

期刊介绍： The Asia-Pacific Journal of Accounting & Economics (APJAE) is an international forum intended for theoretical and empirical research in all areas of economics and accounting in general. In particular, the journal encourages submissions in the following areas: Auditing, financial reporting, earnings management, financial analysts, the role of accounting information, international trade and finance, industrial organization, strategic behavior, market structure, financial contracts, corporate governance, capital markets, and financial institutions. The journal welcomes contributions related to the Asia Pacific region, and targets top quality research from scholars with diverse regional interests. The editors encourage submission of high quality manuscripts with innovative ideas. The editorial team is committed to an expedient review process.