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1、AbstractthThisarticletakesthehigh-intensityanti-corruptionpolicy,whichimplementedsince18CPCNationalCongress,asthehitting-points,andextraditesthemacro-levelpolicytothemicro-levelofenterprisesthroughtakingtheA-sharelistedcompanies,whoseexecutiveswerethfoundco
2、rruptedafterthe18CPCNationalCongress,asresearchobjects,andusesfinancialindexastools,withthemethodofconstructionofmatchedsamples,tocarryouttheempiricalresearchtodetectthecharacteristicsofthepubliccompanies’capitalstructure,performanceandearningmanagementunde
3、rspecificcircumstances.Theresultsoftheempiricalstudyshowthat,forthecompanieswhoseexecutiveshadcorruptbehaviors,intheweakanti-corruptionyear,theirlong-termdebtlevelwassignificantlylowerthanthematchedcompanies,andthenominalperformance,earningsmanagement,truep
4、erformancehadnosignificantdifferencewiththematchedcompanies;however,aftertheimplementationofthehigh-pressureanti-corruptionpolicy,theirrealperformancebecamemuchworserelativetopreviousperiodandmatchedcompanies,butthesecompaniestookadvantageofradicalearningsm
5、anagementtoobscuresthedeteriorationofperformance,sothatthenominalperformancehadnosignificantlydifferentcomparingtothepreviousyearandmatchedcompanies.Theresultsindicatethat,theexecutiveswilluselesslong-termloanstoweakentheexternalsupervisionstrengthwhentheya
6、recarryingoutrampantcorruptbehaviors.Corruptbehaviors,suchasrent-seekingbribery,insomeextentbring"specialresources"totheenterprises,andthisenablesthemtogetsimilarperformancecomparingtoothercompanies;however,underthecircumstanceofhigh-intensityanti-corruptio
7、n,corruptbehaviorsareinhibitedandthe"specialresources"becomeineffective,whichresultinworseperformance.Thus,corruptmanagerswouldconcealthefactandembellishperformancethroughradicalearningsmanagementinordertoevadetheattentionoftheexternal,tocontinuetheirpowera
8、ndtogetadditionalcompensation.Keywords:Anti-corruption,executivecorruption,capitalstructure,corporateperformanceII目录中文摘要.................................................................................