本文主要探討反貪污運動、政治連結與成長機會對公司風險承擔的影響，並2008年至2020年間中國上市公司為樣本進行實證分析。本文透過文獻探討，提出以下假說：具有政治連結的公司，風險承擔越高；反貪污運動會降低政治連結公司風險承擔；當加入成長機會，本文推論，具成長機會的公司在反貪污運動後，為追求成長機會的經濟租，仍會提高風險承擔。本文實證結果發現在外部豐富資源且享受政治尋租的優勢之下，政治連結公司會承擔較高的風險。此外，當加入反貪污運動後，政治連結關係的斷鏈，讓企業重新思考資源的分配，進而使公司降低能承擔的風險。最後，當加入成長機會考量後，反貪污運動的執行，對政治連結公司，在高度成長機會環境中汲取經濟租影響較小。本文研究結果在公司治理與管理實務上做出貢獻，亦即近幾年中國的反貪污運動影響公司經營環境與治理機制，進而對公司風險承擔產生巨大影響，投資人在考量公司風險承擔進而制定投資決策時，須加以權衡考量。
This paper mainly explores the impact of anti-corruption campaigns, political connections and growth opportunity on risk-taking. The empirical analysis is based on the sample of Chinese listed firms from 2008 to 2020. This paper proposes the following hypotheses: firms with political connections take higher risks; Anti-corruption campaigns will reduce political connected firms’ risk-taking; when adding the factor of growth opportunity, the firms will still increase their risk-taking after the anti-corruption campaign in order to pursue economic rent. The empirical results of this paper find that political connected firms will bear higher risks when they have abundant external resources and enjoy the advantages of political rent-seeking. Furthermore, the ending of political connection due to anti-corruption campaign has led firms to rethink the allocation of resources, therefore, enables firms to reduce the risk-taking. Finally, when growth opportunity factor is added, the implementation of anti-corruption campaigns has less impact on political-connected firms when extracting economic rents in a high-growth opportunity environment. The findings of this paper contribute to corporate governance and management practice. China's anticorruption campaign in recent years had a huge impact on corporate risk-taking. The investors must consider risk-taking while making investment decisions.
