地方政府释放财政压力的微观传导机制:企业盈余管理视角  

The Local Governments'Fiscal Pressure Relief Micro-Mechanism:Based on Corporate Earnings Management

作　　者：文茜 李万利 申志轩 Wen Xi;Li Wanli;Shen Zhixuan

机构地区：[1]湖南大学金融与统计学院,湖南省长沙市410006 [2]湖南大学经济与贸易学院,410006

出　　处：《世界经济》2023年第10期91-114,共24页The Journal of World Economy

基　　金：国家自然科学基金青年项目(72002068);教育部哲学社会科学研究后期资助项目(21JHQ064);湖南省自然科学基金青年项目(2022JJ40104)的资助。

摘　　要：本文基于企业盈余管理视角,从扩大财源和转嫁支出两个维度揭示了财政压力下地方政府与企业之间的互动行为。研究发现,地方财政压力会影响企业的盈余管理行为,降低其下调和上调盈余管理的程度。机制检验表明,财政激励下的税收征管加强会促使企业盈余管理行为有所收敛,且为避免成为转嫁支出对象,也会减少向上的盈余管理。上述效应在地方政府干预能力和意愿较强的地区及国有、大规模和盈利较好等更易成为财政压力转移承载主体的企业中更明显。此外,为应对潜在不利影响,企业会对外发布负面盈余警告。本文深化了对地方政府财政压力作用于微观企业的内在逻辑和传导方式的理论认知,为推进财政体制改革和有效化解地方财政压力提供了政策参考。Based on the perspective of corporate earnings management,this paper shows the interaction between local governments and microenterprises in the context of an intensified fiscal pressure.The results indicate that when enterprises are located in regions with higher fiscal pressure,their earnings management level is lower.The analysis of the mechanism shows that the strengthening of tax collection and administration can mitigate the corporate earnings management and,based on the motivation of"hiding wealth",enterprises can reduce their upward earnings management to avoid becoming shifting targets of the policy burden.A more detailed analysis reveals that the above effects are most prominent in regions with greater capacity for intervention and willingness of local governments,and they are more pronounced in large,profitable and state-owned enterprises,which are more likely to become prime targets for local fiscal pressure transfer.On the other hand,it is also found that enterprises are more likely to issue negative earnings warnings in response to the adverse impact of local fiscal pressure.This paper deepens the theoretical understanding of the internal logic and transmission mode of the local governments'fiscal pressure on local microenterprises,providing an important policy reference in order to promote further reform of the fiscal system and effective resolutionof local fiscal pressure.

关 键 词：地方政府 财政压力 盈余管理 扩大财源 转嫁支出 

分 类 号：D630[政治法律—政治学] F812[政治法律—中外政治制度] F275[经济管理—财政学]