国际货币网：【IMI Working Paper No.2401[EN]】持有现金用于腐败？中国反腐败运动的证据报告（英文版）

Exploiting China’s anti-corruption campaign in 2012 as a quasi-natural experiment, we find that firms with higher prior entertainment and travel costs (ETC), a proxy for corruption, decrease their cash holdings more than firms with lower ETC because of the campaign. The result is robust to the parallel trends test, alternative measures of cash and corruption, alternative sample periods, propensity score matching, and the placebo tests. We further observe a greater decline in the value of cash