政府信息公开、政策不确定性与企业盈余管理  

Government information disclosure,policy uncertainty,and firms’earnings management

作　　者：于文超[1] 王丹[1] YU Wenchao;WANG Dan(School of Economics,Southwest University of Political Science&Law,Chongqing 401120,China)

机构地区：[1]西南政法大学经济学院,重庆401120

出　　处：《产业经济研究》2022年第3期100-112,142,共14页Industrial Economics Research

基　　金：国家自然科学基金重点项目(72032007);国家自然科学基金青年项目(72003159);西南政法大学学生科研创新项目(2021XZXS-319);西南政法大学经济学院2022年度招标课题(XYZB202214);西南政法大学经济学院2021年度研究生科研创新项目。

摘　　要：经济政策不确定性会导致企业采取盈余管理等策略性行为,而有效的地方政府信息公开通过减少政府与企业之间的信息不对称,能为企业塑造稳定可预期的营商环境,进而减弱企业盈余管理动机。基于政企互动视角,考察了地方政府信息公开对上市公司盈余管理行为的影响及机制。利用2008—2018年中国A股上市公司数据的实证研究表明,地方政府信息公开显著降低了企业盈余管理水平。这一基本结论在一系列稳健性检验之后依然成立。区分产权背景的分析表明,地方政府信息公开显著降低了国有企业的盈余管理水平,但对非国有企业的盈余管理行为无显著影响。拓展性分析证实,当政策不确定性更高时,地方政府信息公开对企业盈余管理水平的负向效应更强。这意味着,降低企业面临的政策不确定性是政府信息公开抑制企业盈余管理行为的重要机制。研究为理解政府信息公开的微观经济效应提供了新的经验证据,更为夯实资本市场高效率运行的微观基础提供了政策借鉴。Economic policy uncertainty causes firms to adopt strategic behaviors,such as earnings management.Adequate local government information disclosure(LGID)can create a stable and predictable business environment for firms by reducing the information asymmetry between the government and firms,and weaken the motivation for firms’earnings management.Based on the research perspective of government-firm interaction,this paper investigates the effect and mechanism of LGID on firms’earnings management.Empirical research using data of China’s A-share listed firms from 2008 to 2018 suggests that LGID significantly reduces firms’earnings management.This conclusion remains valid after a series of robustness tests.The results of an analysis conducted to distinguish the property background show that LGID significantly reduces the earnings management level of state-owned firms but has no significant impact on the earnings management behavior of non-state-owned firms.The extended analysis confirms that,when policy uncertainty is higher,the negative effect of LGID on the level of firms’earnings management is more substantial.This means that lowering the policy uncertainty faced by firms is an important mechanism by which LGID restrains firms’earnings management behavior.This paper provides new empirical evidence for understanding the microeconomic effects of LGID and provides policy suggestions for consolidating the micro foundation of the high-efficiency capital market.

关 键 词：政府信息公开 盈余管理 政策不确定性 政企信息不对称 财务透明度 

分 类 号：F062.6[经济管理—政治经济学]