信用政策管控与央企盈余管理策略调整——基于央企压降应收账款政策的准自然实验

Credit Policy Control and Adjustment of Earnings Management Strategiesof Central Enterprises:A Quasi-Natural Experiment Based on the Policyof Accounts Reduction Receivable by Central Enterprises

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摘要选取2012—2021年沪深A股上市公司作为样本,基于2015年国务院国有资产监督管理委员会发布的中央企业压降应收账款政策进行准自然实验,建立双重差分模型,研究其对于中央企业盈余管理策略的影响,发现压降应收账款政策颁布后,央企上市公司会降低应计盈余管理程度,同时提高真实盈余管理程度,具体表现为对生产成本和酌量性费用的操纵增加;当地市场化程度会强化该政策颁布后中央企业应计盈余管理的降低程度,弱化真实盈余管理的提高程度。进一步研究发现,在供应链话语权低的企业中,其降低应计盈余管理程度更多,提高真实盈余管理程度也更多。研究结论对信用政策管控后如何加强中央企业盈余管理监管和治理,有重要启示意义。 The sample of this study consists of A-share listed companies in Shanghai and Shenzhen from 2012 to 2021.Utilizing the central enterprise accounts receivable reduction policy issued by the State-owned Assets Supervision and Administration Commission of the State Council in 2015 as a quasi-natural experiment,a double differential model was established to investigate its impact on the earnings management strategy of central enterprises.The findings indicate that following the promulgation of the accounts receivable reduction policy,listed companies of central enterprises tended to decrease accrual earnings management and increase real earnings management,as evidenced by an uptick in manipulation of production costs and discretionary expenses.Additionally,it was observed that the local marketization degree will strengthen efforts to reduce accrued earnings management while weakening real earnings management among central enterprises post-policy implementation.Further analysis revealed that in enterprises characterized by low supply chain discourse power,there was a greater reduction in accrual earnings management but an increased emphasis on improving real earnings management.These research conclusions carry significant implications for strengthening supervision and governance over central enterprises'earnings management following credit policy control.

作者吴秋生王思童 WU Qiusheng;WANG Sitong(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China)

机构地区山西财经大学会计学院

出处《南京审计大学学报》北大核心 2025年第4期80-89,共10页 Journal of Nanjing Audit University

基金国家自然科学基金面上项目(71872105)。

关键词信用政策管控中央企业盈余管理策略应计盈余管理真实盈余管理市场化程度 credit policy control central enterprises earnings management strategy accrued earnings management real earnings management marketization degree

分类号 F230 [经济管理—会计学]