基于年报语调的重污染行业上市公司会计信息质量研究  

Examination of Accounting Information Quality in Heavily Polluting Listed Companies Based on the Tone of Annual Reports

作　　者：孟浩 李谦 Meng Hao;Li Qian(School of Economics and Management,Southwest Forestry University,Kunming 650224,Yunnan,China)

机构地区：[1]西南林业大学经济管理学院,云南昆明650224

出　　处：《绿色科技》2025年第1期268-273,280,共7页Journal of Green Science and Technology

基　　金：云南省研究生优质课程建设项目(高级财务会计)。

摘　　要：随着环境问题的日益严峻,重污染行业面临着“投资环保”和“接受处罚”的双重压力,重污染行业上市公司存在利用年报语调“粉饰”会计信息的可能。本文通过计算综合排放强度重新划分重污染行业,筛选出378家上市公司作为研究对象,利用2012-2021年相关数据,在格兰杰检验的基础上,使用线性回归和广义相加模型(generalized additive models,GAM)探究年报语调与会计信息质量之间的关系。结果表明:①年报净语调与会计信息质量存在显著的单向因果,并呈正相关线性关系;②与相对“积极”“消极”的语调相比,具有较为“中性”的语调水平的公司更有可能“粉饰”报表,“误导”投资者,这些结论在更换核心解释变量后仍然保持稳健;③公司规模、董事会人数及其独立性等因素对盈余“操纵”的行为具有抑制作用。在提倡高质量发展的当下,投资者应警惕重污染行业上市公司年报语调的“中性陷阱”,不能被看似“中性”的年报语调所迷惑,因为“中性”也可能是一种“伪装”;环保部门除了要对语调异常的公司进行重点关注外,也不能放松对“中性”语调水平下的重污染行业的监督。As environmental issues become increasingly severe,high-pollution industries face dual pressure of"in-vesting in environmental protection"and"accepting penalties".There exists a possibility that listed companies in high-pollution industries may utilize annual report tone to embellish accounting information.This study reclassi-fies high-pollution industries by calculating comprehensive emission intensity.After screening,378 listed compa-nies are selected as research subjects.Utilizing relevant data from 2012 to 2021 and based on the Granger causality test,linear regression and generalized additive models(GAMs)are employed to explore the relationship between annual report tone and accounting information quality.The findings reveal that:①there is a significant unidirec-tional causal relationship between net tone of annual reports and accounting information quality,showing a posi-tive linear correlation;②compared to relatively positive or negative tones,companies with more neutral tone lev-els are more likely to embellish financial statements,potentially misleading investors.These conclusions remain robust after changing the core explanatory variables;③factors such as company sizes,number of board members,and board independence have inhibitory effect on earning manipulation behavior.In the current context of promo-ting high-quality development,investors need to be vigilant about the"neutral trap"in the annual report tone of listed companies in high-pollution industries and should not be misled by seemingly neutral tone,as"neutrality"may also be a form of disguise.Environmental protection departments,while focusing on companies with abnor-mal tone,should not relax supervision of high-pollution industries with neutral tone levels.

关 键 词：重污染行业 排污强度 语调分析 会计信息质量 广义相加模型 

分 类 号：F276.6[经济管理—企业管理]