The system of central discipline inspections has become a key anti-corruption governance tool in China since 2013.This paper investigates the impact of a central discipline inspection of the China Securities Regulator...The system of central discipline inspections has become a key anti-corruption governance tool in China since 2013.This paper investigates the impact of a central discipline inspection of the China Securities Regulatory Commission(CSRC)on initial public offering(IPO)underpricing.We find that IPO firms listed during the inspection period exhibit greater IPO underpricing than those listed outside the inspection period.The reason is the increased focus of the CSRC on maintaining capital market stability,which makes it more inclined to approve IPO firms with lower issue prices during the inspection period compared with other periods.We also find that IPO firms listed during the inspection period have better short-term market performance but poorer long-term returns than those listed outside the inspection period.Moreover,the effect of the anti-corruption inspection on IPO underpricing is more pronounced for non-state-owned enterprises,firms with low-quality auditors and firms located in regions with high corruption.Overall,our paper enriches the literature on IPO underpricing and the economic consequences of the central discipline inspection system.展开更多
Given the comprehensive reforms of and the temporary good scores achieved by the Commissions of Party Discipline Inspection （CDIs）, it is important to understand these reforms to answer how long this anticorruption ...Given the comprehensive reforms of and the temporary good scores achieved by the Commissions of Party Discipline Inspection （CDIs）, it is important to understand these reforms to answer how long this anticorruption movement could last and whether it could finally succeed. Targeted at the CDIs＇ historical problems and the adapting problems of the specialized-anticorruption-commission model （SAC）, this article is composed of five parts, including： the historical non-specialized mission and the structural three-transform reform of the CDIs; the historical non-independence of the CDIs within the dual leadership framework, and its recent reforms; a new understanding of the sufficiency of the CDIs＇ capacity compared with China＇s Hong Kong＇s ICAC, a successful example of the SAC, to overcome the distance problem in adapting the SAC; recent reforms on the accountability and disclosures of the CDIs to overcome the time consistency problem; and the conclusions for current achievements, with brief discussions of recent anticorruption strategies and the limitations or unresolved issues, and the lessons to adapt the SAC.展开更多
On the morning of January 16,2026,the leading Party members group of the China Law Society held a meeting to convey and study the spirit of General Secretary Xi Jinping's important speech at the Fifth Plenary Sess...On the morning of January 16,2026,the leading Party members group of the China Law Society held a meeting to convey and study the spirit of General Secretary Xi Jinping's important speech at the Fifth Plenary Session of the 20th Central Commission for Discipline Inspection of the Communist Party of China(CPC),and to convey and study the Communique of the Fifth Plenary Session of the 20th CPC Central Commission for Discipline Inspection.Closely integrating the actual work of the China Law Society,the meeting studied measures for implementation.展开更多
1.C.Li,"Holding‘China Inc.’Together:The CCP and The Rise of China’s Yangqi",The China Quarterly,Vol.228,2016,pp.927-949.2.J.Gao,"‘Bypass the Lying Mouths’:How Does the CCP Tackle Information Distor...1.C.Li,"Holding‘China Inc.’Together:The CCP and The Rise of China’s Yangqi",The China Quarterly,Vol.228,2016,pp.927-949.2.J.Gao,"‘Bypass the Lying Mouths’:How Does the CCP Tackle Information Distortion at Local Levels?",The China Quarterly,Vol.228,2016,pp.950-969.3.C.Sorace,"Party Spirit Made Flesh:The Production of Legitimacy in the Aftermath of the 2008Sichuan Earthquake",The China Journal,Vol.76,2016,pp.41-62.4.Y.Yeo,"Complementing the Local Discipline Inspection Commissions of the CCP:Empowerment of the Central Inspection Groups",Journal of Contemporary China,Vol.25,No.97,2016,pp.59-74.展开更多
Chinese President Xi Jinping has emphasized the need to exercise Party self-govemance with higher standards and more concrete measures to provide a strong guarantee for achieving the goals and tasks of the 15th Five-Y...Chinese President Xi Jinping has emphasized the need to exercise Party self-govemance with higher standards and more concrete measures to provide a strong guarantee for achieving the goals and tasks of the 15th Five-Year Plan(2026-30)period.He made the remarks while addressing the Fifth Plenary Session of the 20th Communist Party of China(CPC)Central Commission for Discipline Inspection(CCDI)in January.展开更多
基金the financial support of the National Natural Science Foundation of China(71902187)the China Postdoctoral Science Foundation(2022 M710090)the Fundamental Research Funds for the Central Universities at the Zhongnan University of Economics and Law(202211134)
文摘The system of central discipline inspections has become a key anti-corruption governance tool in China since 2013.This paper investigates the impact of a central discipline inspection of the China Securities Regulatory Commission(CSRC)on initial public offering(IPO)underpricing.We find that IPO firms listed during the inspection period exhibit greater IPO underpricing than those listed outside the inspection period.The reason is the increased focus of the CSRC on maintaining capital market stability,which makes it more inclined to approve IPO firms with lower issue prices during the inspection period compared with other periods.We also find that IPO firms listed during the inspection period have better short-term market performance but poorer long-term returns than those listed outside the inspection period.Moreover,the effect of the anti-corruption inspection on IPO underpricing is more pronounced for non-state-owned enterprises,firms with low-quality auditors and firms located in regions with high corruption.Overall,our paper enriches the literature on IPO underpricing and the economic consequences of the central discipline inspection system.
文摘Given the comprehensive reforms of and the temporary good scores achieved by the Commissions of Party Discipline Inspection （CDIs）, it is important to understand these reforms to answer how long this anticorruption movement could last and whether it could finally succeed. Targeted at the CDIs＇ historical problems and the adapting problems of the specialized-anticorruption-commission model （SAC）, this article is composed of five parts, including： the historical non-specialized mission and the structural three-transform reform of the CDIs; the historical non-independence of the CDIs within the dual leadership framework, and its recent reforms; a new understanding of the sufficiency of the CDIs＇ capacity compared with China＇s Hong Kong＇s ICAC, a successful example of the SAC, to overcome the distance problem in adapting the SAC; recent reforms on the accountability and disclosures of the CDIs to overcome the time consistency problem; and the conclusions for current achievements, with brief discussions of recent anticorruption strategies and the limitations or unresolved issues, and the lessons to adapt the SAC.
文摘On the morning of January 16,2026,the leading Party members group of the China Law Society held a meeting to convey and study the spirit of General Secretary Xi Jinping's important speech at the Fifth Plenary Session of the 20th Central Commission for Discipline Inspection of the Communist Party of China(CPC),and to convey and study the Communique of the Fifth Plenary Session of the 20th CPC Central Commission for Discipline Inspection.Closely integrating the actual work of the China Law Society,the meeting studied measures for implementation.
文摘1.C.Li,"Holding‘China Inc.’Together:The CCP and The Rise of China’s Yangqi",The China Quarterly,Vol.228,2016,pp.927-949.2.J.Gao,"‘Bypass the Lying Mouths’:How Does the CCP Tackle Information Distortion at Local Levels?",The China Quarterly,Vol.228,2016,pp.950-969.3.C.Sorace,"Party Spirit Made Flesh:The Production of Legitimacy in the Aftermath of the 2008Sichuan Earthquake",The China Journal,Vol.76,2016,pp.41-62.4.Y.Yeo,"Complementing the Local Discipline Inspection Commissions of the CCP:Empowerment of the Central Inspection Groups",Journal of Contemporary China,Vol.25,No.97,2016,pp.59-74.
文摘Chinese President Xi Jinping has emphasized the need to exercise Party self-govemance with higher standards and more concrete measures to provide a strong guarantee for achieving the goals and tasks of the 15th Five-Year Plan(2026-30)period.He made the remarks while addressing the Fifth Plenary Session of the 20th Communist Party of China(CPC)Central Commission for Discipline Inspection(CCDI)in January.
