社会保险缴费与企业盈余质量  

Social Insurance Payment and Enterprise Earnings Quality

作　　者：王靖宇 张宏亮[2] 李胤文 Wang Jingyu;Zhang Hongliang;Li Yinwen(School of Accounting,Beijing Wuzi University;School of Business,Beijing Technology and Business University)

机构地区：[1]北京物资学院会计学院 [2]北京工商大学商学院

出　　处：《宏观质量研究》2025年第1期71-88,共18页Journal of Macro-quality Research

基　　金：国家社会科学基金一般项目(21BGL098);北京市教育委员会科研计划项目(SM202410037004);山东省高等学校青创科技支持计划(2024KJL019);北京物资学院青年科研基金(2024XJQN11)的资助。

摘　　要：社会保险缴费产生的财务压力是否会激发高管盈余操纵的动机,从而对企业盈余质量产生负面影响?围绕这一研究问题,基于A股上市公司样本,选取2011—2021年作为样本期间,在研究社会保险缴费与企业盈余质量的基础上,同时考察社会保险缴费压力下高管对应计盈余管理与真实盈余管理的运用差异,从而识别出社会保险缴费对企业盈余质量产生影响的主要驱动力。发现社会保险缴费压力会降低企业盈余质量,同时高管的盈余管理动机主要表现在应计盈余管理层面。社会保险缴费压力产生的现金流约束效应以及对企业运营效率的降低是导致企业盈余质量下降的中间路径。同时,当行业竞争程度较高、劳动力密集度较高时,社会保险缴费对盈余质量的抑制作用更强,但银企关系有助于缓解社会保险缴费压力对企业盈余质量的负面影响。Will the financial pressure caused by social insurance payment stimulate the motivation of executives’earnings management?Focusing on this research problem,based on the sample of A-share listed companies,this paper selects 2011-2020 as the sample period,and examines the application difference between executives’accrued earnings management and real earnings management under the pressure of social insurance payment.It is found that the pressure of social insurance payment will improve the degree of enterprise earnings management,and executives’earnings management motivation is mainly reflected in the level of accrued earnings management.Real earnings management has been restrained.The cash flow constraint effect caused by the payment pressure of social insurance is the intermediate path for executives to carry out earnings management.At the same time,when the industry is highly competitive and labor-intensive,the promotion effect of social insurance payment on accrued earnings management is stronger,but the bank enterprise relationship helps to alleviate the correlation between the two.

关 键 词：社会保险缴费 盈余质量 现金流约束效应 企业运营效率 

分 类 号：F27[经济管理—企业管理]