法治强化会影响企业真实盈余管理行为吗?——来自环保法庭设立的证据  

Does the Strengthening of the Rule of Law Affect Corporate Real Earnings Management?Evidence from the Establishment of Environment Courts

作　　者：李青原[1] 林博瀚 Li Qingyuan;Lin Bohan

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《证券市场导报》2024年第6期59-69,共11页Securities Market Herald

基　　金：国家自然科学基金重点项目“环境治理目标下的公司财务、会计和审计行为研究”(2024-2028,编号:72332003)。

摘　　要：本文利用各地中级人民法院自2007年开始陆续设立环境资源审判庭这一准自然实验,考察环境法治强化对企业真实盈余管理的影响。研究结果表明,环境资源审判庭的设立会使本地上市公司进行向上的真实盈余管理。机制分析表明,环境资源审判庭显著改善了地区环境司法效率,进而提高企业面临的环境规制风险,使企业从事真实盈余管理以应对未来的潜在诉讼。异质性分析结果表明,对于非国有企业以及处于低法治水平、低生态激励、高经济激励城市的企业,设立环境资源审判庭对企业真实盈余管理的影响更为明显。本文结论对充分发挥环境管制政策作用、引导企业实现高质量绿色转型和可持续发展具有重要启示。This paper utilizes the establishment of an adjudication tribunal for environment and resources by intermediate people’s courts across various regions starting in 2007 as a quasi-natural experiment to examine the impact of strengthening the environmental rule of law on corporate real earnings management.The study finds that the establishment of an adjudication tribunal for environment and resources leads local listed companies to carry out upward real earnings management.The mechanism analysis shows that the adjudication tribunal for environment and resources significantly improves the regional environmental judicial efficiency,thereby increasing the risk of environmental regulation faced by enterprises and promoting them to engage in real earnings management to cope with potential future litigation.The results of heterogeneity analysis show that the impact of establishing an adjudication tribunal for environment and resources on corporate real earnings management is more pronounced for non-state-owned enterprises and enterprises located in cities with lower levels of rule of law,lower ecological incentives,and higher economic incentives.The findings of this paper provide important insights into fully leveraging the role of environmental regulatory policies and guiding companies towards high-quality green transformation and sustainable development.

关 键 词：真实盈余管理 环境资源审判庭 环境司法强化 溢出效应 

分 类 号：F830.91[经济管理—金融学]