企业盈余管理程度对社会责任报告可读性的影响研究  

Study on the Influence of Corporate Earnings Management Degree on Readability of Social Responsibility Report

作　　者：耿歆雨 赵栓文 GENG Xinyu;ZHAO Shuanwen(International Business School,Hainan University,Haikou 570228,China;School of Business,Xi’an University of Finance and Economics,Xi’an 710100,China)

机构地区：[1]海南大学国际商学院,海南海口570228 [2]西安财经大学商学院,陕西西安710100

出　　处：《统计与信息论坛》2024年第11期118-128,共11页Journal of Statistics and Information

基　　金：国家自然科学基金项目“碳排放权交易市场、投资者碳风险关注与资本市场效率研究”(72362011);海南省基础与应用基础研究计划(自然科学领域)高层次人才项目“货币政策、企业影响力与微观财务应对机制研究”(2019RC099);海南省哲学社会科学规划重大项目“世界最高经贸规则中政府采购政策在海南自贸港建设的实践研究”(HNSKZD22-02)。

摘　　要：社会责任报告是企业展示社会效益的关键窗口,可读性较高的社会责任报告则是投资者获取增量信息的重要渠道。那么,社会责任报告可读性是否会受到盈余管理的影响?以中国沪深A股2006—2020年披露了社会责任报告的上市公司为样本,使用双向固定效应模型对企业盈余管理程度与社会责任报告可读性之间的关系进行了实证检验。研究发现,当企业的盈余管理程度较高时,企业社会责任报告可读性将显著降低;高管薪酬能够强化盈余管理程度与企业社会责任报告可读性之间的负向关系。同时,异质性检验发现,盈余管理程度与社会责任报告可读性之间的关系在非国有企业中更加显著。进一步研究表明,相较于自愿披露社会责任报告的企业,盈余管理对企业社会责任报告可读性的影响在强制披露的企业中更强;除了可读性之外,盈余管理程度还会对企业社会责任报告相似性产生影响。当盈余管理程度越高时,企业当期社会责任报告与上期社会责任报告的内容相似性越低。研究结论为抑制管理层机会主义行为提供了新的思路,并在一定程度上为投资者进行信息甄别提供了参考。Social responsibility report is a key window for enterprises to show social benefits,and a highly readable social responsibility report is an important channel for investors to obtain potential incremental information.So,will the readability of social responsibility reports be affected by earnings management?The relationship between the degree of corporate earnings management and the readability of corporate social responsibility reports is empirically tested using two-way fixed effect model based on the sample of listed companies in Shanghai and Shenzhen A-shares that disclosed social responsibility reports from 2006 to 2020.It is found that the readability of CSR report will decrease significantly when the earnings management degree is higher.Moreover,executive compensation can strengthen the negative relationship between earnings management degree and the readability of CSR report.At the same time,heterogeneity test found that the relationship between earnings management degree and the readability of social responsibility report is more significant in non-state-owned enterprises.Further research shows that the impact of earnings management on the readability of CSR reports is stronger in mandatory disclosure companies than in voluntary disclosure companies.In addition to readability,the degree of earnings management also has an impact on the similarity between CSR reports.When the degree of earnings management is higher,the similarity between the current CSR report and the previous CSR report is lower.The conclusion of the study provides a new way to restrain the opportunistic behavior of management,and provides a reference for the information screening of potential investors to a certain extent.Social responsibility report is a key window for enterprises to show social benefits,and a highly readable social responsibility report is an important channel for investors to obtain potential incremental information.So,will the readability of social responsibility reports be affected by earnings management?The relati

关 键 词：盈余管理 企业社会责任报告 社会责任报告可读性 高管薪酬 产权性质 

分 类 号：F272[经济管理—企业管理]