Politics & Governance / Domestic Politics / Corruption & Anti-corruption

解开黑箱：中国反腐运动的经济学透视|Inside the Black Box: The Economics of China's Anti-Corruption Drive

这份由经济学家方汉明撰写的NBER工作论文，全面分析了中国反腐败运动的衡量标准、决定因素及其对经济的深远影响。作者通过**“掠夺之手”、“润滑剂”及“内生障碍”三种理论框架，探讨了腐败如何影响资源配置与企业绩效**。研究利用股市反应、房地产交易和餐饮消费等多维数据，证明了反腐在提升市场效率和优化信贷分配方面的积极作用。与此同时，文章也揭示了反腐可能导致的意外后果，例如官员因规避风险而产生的不作为，以及国有企业在特定行业中的重新崛起。总体而言，该文献总结了中国在大规模打击腐败方面的独特经验，并为新兴经济体治理腐败提供了重要的学术参考。|This NBER working paper, authored by economist Hanming Fang, provides a comprehensive analysis of the metrics, determinants, and profound economic impacts of China's anti-corruption campaign. Through three theoretical frameworks—the "grabbing hand," "lubricant," and "endogenous obstacle"—the author explores how corruption affects resource allocation and firm performance. Leveraging multidimensional data from stock market reactions, real estate transactions, and catering consumption, the study demonstrates the positive role of anti-corruption efforts in enhancing market efficiency and optimizing credit distribution. Simultaneously, the paper reveals unintended consequences, such as official inaction driven by risk aversion and the resurgence of state-owned enterprises in specific sectors. Overall, the literature synthesizes China's unique experience with large-scale anti-corruption and offers significant academic insights for governance in emerging economies.