双碳目标背景下高碳排放企业低碳转型会提升真实盈余管理吗  

Will the Low-Carbon Transition of High-Carbon-Emitting Enterprises Improve Real Earnings Management in the Context of Carbon Peaking and Carbon Neutrality Goals

作　　者：李国民[1] 李玉恒 Li Guomin;Li Yuheng

机构地区：[1]上海海事大学经济管理学院

出　　处：《金融经济学研究》2025年第1期144-160,共17页Financial Economics Research

摘　　要：为应对全球气候变化带来的挑战,2020年中国提出了“碳达峰”和“碳中和”目标,环境监管达到了新的高度,高碳排放企业面临着巨大的转型风险,高碳排放企业是否会利用真实盈余管理来应对转型风险是一个亟待研究的问题。基于2017—2022年沪深A股上市公司数据,采用双重差分法研究了双碳目标背景下高碳排放企业低碳转型对真实盈余管理的影响,研究发现,“双碳”目标提出后,高碳排放企业向上真实盈余管理行为显著提高。进一步研究表明,经营风险与融资约束是企业低碳转型下真实盈余管理行为的作用渠道;企业为应对转型带来的不利影响,在选择向上真实盈余管理的同时也会实施正向的应计盈余管理,呈现互补关系。异质性检验发现,高碳排放企业低碳转型与真实盈余管理的正相关关系在非国有企业、行业竞争程度高、位于东部地区以及创新水平低的企业中更显著。因此,相关部门应完善政策支持机制,鼓励企业积极探索治理转型升级,提升投资者风险意识和判断能力,谨慎关注“双碳”目标背景下企业管理者的短视行为。Whether high-carbon-emitting enterprises will use real earnings management to cope with transition risks is an issue that needs to be urgently studied.Using the data of A-share firms listed on Shenzhen and Shanghai Stock Exchanges from 2017 to 2022,this study employed the difference-in-differences method to investigate the impact of low-carbon transition of high-carbon-emitting enterprises on real earnings management in the context of carbon peaking and carbon neutrality goals.The results found that after the carbon peaking and carbon neutrality goals were proposed,the upward real earnings management behavior of high-carbon-emitting enterprises was significantly improved.Further research showed that operating risks and financing constraints were the channels of real earnings management behavior under enterprises’low-carbon transition.To cope with the adverse effects of the low-carbon transition,enterprises chose to undertake upward management of real earnings while implementing positive management of accrued earnings,showing a complementary relationship.The heterogeneity test found that the positive relationship between the low-carbon transition and real earnings management of high-carbon-emitting enterprises was more significant among non-state-owned enterprises,those with high industry competition,those located in eastern China,and those with low innovation levels.Therefore,relevant departments should improve policy support mechanisms;industry enterprises should actively explore governance transformation and upgrading to facilitate long-term development;and investors should improve their own risk awareness and judgment capabilities and pay careful attention to the short-sighted behavior of corporate managers in the context of carbon peaking and carbon neutrality goals.

关 键 词：碳风险 真实盈余管理 低碳转型 双碳目标 

分 类 号：F832.42[经济管理—金融学]