近墨者黑:寻租文化与盈余管理  

Close to the Ink:Rent-seeking Culture and Surplus Management

作　　者：曾辉祥[1] 欧四虎 周琼[1] 李珞珈 ZENG Hui-xiang;OU Si-hu;ZHOU Qiong;LI Luo-jia(School of Business,Central South University,Changsha Hunan 410083;School of Management,Sun Yat-sen University,Guangzhou Guangdong 510000)

机构地区：[1]中南大学商学院,湖南长沙410083 [2]中山大学管理学院,广东广州510000

出　　处：《湖南财政经济学院学报》2023年第3期30-45,共16页Journal of Hunan University of Finance and Economics

基　　金：国家自然科学基金青年项目“企业环境失责的财务效应:环保督查动态响应视角”(项目编号:71904208);湖南省社会科学成果评审委员会课题“分权视角下碳规制竞争、企业低碳行为与碳绩效跃迁机制研究”(项目编号:XSP21YBZ168)。

摘　　要：寻租文化是典型的非正式制度标签,对组织和个体行为的影响潜移默化,然而鲜有研究关注寻租文化的经济后果。基于社区理论和纽带理论,以2011-2019年中国3314家A股上市公司为研究样本,实证检验了寻租文化对盈余管理的影响效果和边界。结果表明:地区的寻租文化越浓厚,企业盈余管理程度越高,尤其在非国有企业和未购买董事责任保险的企业这种诱发效果更为明显。进一步检验发现,位于中国北方地区和高市场化地区的企业,以及内部控制质量较高的企业中,寻租文化对企业盈余管理的诱发作用会得到一定程度的缓解。Rent-seeking culture is a typical informal institutional label that has a subtle influence on organizational and individual behavior,yet few studies have focused on the economic consequences of rent-seeking culture.Based on community theory and bonding theory,the study in this paper empirically examines the effects and boundaries of rent-seeking culture on surplus management using 3314 A-share listed companies in China from 2011-2019 as the research sample.The results show that the stronger the rent-seeking culture in the region,the higher the degree of corporate surplus management,and this induced effect is more pronounced especially in non-state-owned enterprises and enterprises that do not purchase directors'liability insurance.Further tests find that the inducing effect of rent-seeking culture on corporate surplus management is mitigated to some extent for firms located in northern China and highly market-oriented regions,as well as for firms with higher quality internal controls.This study both expands the research boundary of rent-seeking culture and provides a reference for effectively curbing corporate surplus management behavior.

关 键 词：寻租文化 盈余管理 非正式制度 企业产权性质 董事责任保险 

分 类 号：F752.7[经济管理—国际贸易]