摘要
高管腐败致使企业资产流失、创新活动受阻、投资效率下降、交易成本提高及债务成本增加等,最终会损害投资者利益和降低企业价值。文章以我国房地产行业上市公司2014-2018年面板数据作为研究对象,通过运用多元线性回归和调节效应检验研究隐性腐败与企业价值之间的关系及股权结构在二者间关系的调节作用。研究结果表明:(1)房地产业上市公司隐性腐败与企业价值负相关,即减少隐性腐败能在一定程度上提高企业价值;(2)股权集中度与企业价值正相关,提高股权集中度能降低管理层隐性腐败的可能性;(3)股权制衡度与企业价值正相关。
Executive corruption leads to the loss of corporate assets,the obstruction of innovation activities,the decline in investment efficiency,the increase in transaction costs and the increase in debt costs,which will eventually damage investors'interests and reduce corporate value.Taking the panel data of listed companies in the real estate industry of China from 2014 to 2018 as the research object,this paper studies the relationship between hidden corruption and enterprise value and the regulating effect of equity structure on the relationship between them by using multiple linear regression and regulating effect test.The results show that:(1)the hidden corruption of listed companies in the real estate industry is negatively correlated with the enterprise value,that is,reducing the hidden corruption can improve the enterprise value to some extent;(2)ownership concentration is positively correlated with enterprise value,and increasing ownership concentration can reduce the possibility of hidden corruption in management;(3)equity balance is positively correlated with enterprise value.
作者
谭庆
吴铖铖
陈素平
TAN Qing;WU Chengcheng;CHEN Suping(Business College,Chizhou University,Chizhou,Anhui,247000,China)
出处
《牡丹江师范学院学报（社会科学版）》
2020年第3期11-18,共8页
Journal of Mudanjiang Normal University(Social Sciences Edition)
基金
池州学院人文社会科学研究一般项目(2013RW018)
安徽省社会科学创新发展研究课题重大研究项目(2019ZD005)
高校优秀青年骨干人才国外访问研修项目(gxgwfx2019063)
安徽省教育厅高校继续教育教学改革项目(2018jxjygg016)。
关键词
隐性腐败
股权结构
企业价值
implicit corruption
equity structure
enterprise value
