摘要
本文利用2011年年底"PM2.5爆表"这一具有"自然实验性质"的外生事件,实证检验了政治成本对于重污染企业盈余管理的影响。结果发现,在"PM2.5爆表"事件后,相比于非重污染企业,重污染企业进行了显著向下的盈余管理。进一步研究发现,该结论在小规模企业或者非国有企业的子样本中体现得尤为明显。本文从政治成本的视角考察了在经济发展过渡到新常态的过程中企业盈余管理的影响因素。选取的雾霾情境表明,强大的民意压力倒逼当局,亦构成企业政治成本的来源之一,深化了对政治成本理论内涵的认识。通过分析不同规模、不同产权性质的企业政治成本敏感性的差异,有助于厘清中国政治成本的制度根源及其作用机制。此外,本文在研究设计与结论方面有较好的改进。
This study examines the impacts of political costs on heavy pollution enterprises' earnings management by using a 'natural experimental' exogenous event,which is the suddenly surged index of PM2.5 in 2011.We find that the increasing political costs lead to a downward trend in the earnings management.The results are more significant in the subsample of small-size and the non-state-owned enterprises.The situation shows that powerful domestic pressures which push authorities to take actions can also constitute one of the sources of the political costs,enriching our insights of the politicalcost theory.Analyzing the different sensitivity of political cost under enterprises of different size or different property rights can help us to clarify the institutional origin of China's political cost.In addition,the design of this study gets more improvement.
出处
《会计研究》
CSSCI
北大核心
2015年第3期26-33,94,共8页
Accounting Research
基金
国家自然科学基金面上项目(71372150)
国家自然科学基金重点项目(71032006)的资助
