企业ESG表现对盈余管理行为的影响  

The Impact of ESG Performance on Earnings Management

作　　者：刘艳霞 曹钰琪 李宾[1] LIU Yan-xia;CAO Yu-qi;LI Bin

机构地区：[1]北京化工大学经济管理学院

出　　处：《改革》2024年第11期114-132,共19页Reform

基　　金：北京市社会科学基金项目“数据要素赋能北京民营经济高质量发展的机制与路径研究”(23JJC033)。

摘　　要：“双碳”目标的提出要求加快构建绿色低碳循环发展经济体系。ESG作为系统考察企业环境保护、社会责任、公司治理的评价标准,是衡量企业可持续发展的重要元素。以A股上市公司2010—2022年的数据为样本,探究企业ESG表现对盈余管理的影响。研究结果显示:企业良好的ESG表现可以约束盈余管理行为;机制分析发现,ESG表现主要通过缓解委托代理冲突和强化外部治理抑制盈余管理;异质性分析发现,ESG表现对盈余管理行为的抑制作用在内部控制质量较低、媒体关注度较低的样本中更为明显;区分盈余管理方向发现,ESG表现对正向的应计盈余管理和正负方向的真实盈余管理都有显著的抑制作用,对负向的应计盈余管理未产生显著影响。研究厘清了ESG表现对企业盈余管理行为的影响及机制,为提高企业ESG表现、维护资本市场秩序、加速经济绿色转型提供了经验证据和理论参考。The proposal of the double carbon goal requires speeding up the construction of green low-carbon circular development economic system.As an evaluation standard which focuses on corporate environment,social responsibility,and corporate governance,the ESG performance of listed companies has become an important factor affecting the sustainable development of enterprise.This paper takes sample enterprise with ESG rating in Sino-Securities Index from 2010 to 2022 to explore the influence of ESG performance on earnings management.Through the empirical test we can conclude the following results:ESG performance has a significant negative impact on corporate earnings management.The mechanism test shows that ESG performance inhibits earnings management by easing the agency conflicts and strengthening external supervision.The heterogeneity test shows that ESG performance of corporates with lower internal control quality and less media attention has a more significant negative impact on earnings management.After distinguishing the direction of earnings management,our studies show that ESG performance has negative impact on upward earnings management and real earnings management in two different directions,but has no significant effect on downward accrual earnings management.This study clarifies the influence and mechanism of ESG performance on earnings management behavior of enterprises,and provides empirical evidence and theoretical reference for improving ESG performance of enterprises,maintaining the order of capital market,and accelerating the green economic transformation.

关 键 词：ESG表现 盈余管理 代理成本 分析师跟踪 

分 类 号：F832.51[经济管理—金融学]