上市公司高管腐败对经营业绩的危害及鉴证研究
Study on the Damage to the Listed Company's Operating Performance Resulted from the Executives' Corruption and Its Verification

选取2013~2014年发生高管腐败的49家上市公司作为相关样本和未发生高管腐败的49家上市公司作为配对样本，运用二元逻辑回归模型和多元线性回归模型进行实证研究后发现：高管腐败对经营业绩有显著危害。CEO权力强度、股权分散性、股权流动性与高管腐败显著正相关，股权制衡度与高管腐败显著负相关，董事会规模、独立董事占比与高管腐败低度正相关，股权集中度、监事会规模、CEO相对薪酬与高管腐败低度负相关。
The author selects 49 quoted companies with executives' corruption and another 49 without corruption respectively as relevant comparison samples during the year of 2013 and 2014, and puts binary logistic regression models and multiple linear regression models to use. The empirical research concludes that the damage to operating performance caused by executives' corruption is so dramatic. In addition, executives' corruption has a marked positive correlation with CEOs' power intensity, equity dispersion and stock liquidity, and a weaker one with board size and the proportion of independent directors. while, has a dramatic negative correlation with equity balance degree and a weaker one with equity concentration, DIRCS and CEOs' relative remuneration.