摘要
本文以2003—2019年中国非金融类上市公司为样本,研究经济政策不确定性对真实盈余管理的影响。研究发现:经济政策不确定性显著提高了企业真实盈余管理的程度;进一步区分调节盈余的方向后发现,企业为应对经济政策不确定性显著提高了正向真实盈余管理,而非负向真实盈余管理,且这种调增真实盈余的程度在民营、高新科技、两职合一的企业更大;机制分析发现,企业的信息环境和融资环境是经济政策不确定性影响正向真实盈余管理的中介变量;进一步检验发现,企业为应对经济政策不确定性会选择正向应计盈余管理“配合”正向真实盈余管理,两种正向盈余管理呈现互补关系;检验企业操纵正向真实盈余的动机发现,业绩压力和市场预期压力越大的企业进行正向真实盈余管理的动机越强。本文为处于“双循环”背景下中国经济正确处理好政企之间的关系提供了证据。
Based on the sample of China’s non-financial listed companies from 2003 to 2019,this paper finds that Economic Policy Uncertainty(EPU)significantly improves the Real Earnings Management(REM)of enterprises.We conduct further research by distinguishing the direction of REM and find that enterprises significantly improve the positive REM in response to EPU and this motivation is greater in private enterprises,high-tech enterprises and enterprises with CEO duality.We also conduct mechanism analysis and find that both information environment and financing environment constitute the mediating variables of the influence of EPU on REM.Furthermore,enterprises adopt positive accrual earnings management along with the positive REM and the two types of positive earnings management are complementary when coping with EPU.Finally,the motivation test shows that those enterprises with greater performance pressure and market expectation pressure have stronger motives to manipulate positive REM.The conclusions of this paper provide evidence for handling of the relationship between government and enterprises in the context of China’s dual circulation.
作者
黄庆成
闻岳春
陈秋昊
Huang Qingcheng;Wen Yuechun;Chen Qiuhao
出处
《证券市场导报》
CSSCI
北大核心
2022年第5期69-79,共11页
Securities Market Herald
基金
2020年广西哲学社会科学规划研究课题重点项目“重大公共卫生事件冲击下的广西地方金融风险防范化解研究”(20AJY001)。
关键词
经济政策不确定性
真实盈余管理
应计盈余管理
盈余操纵动机
economic policy uncertainty
real earnings management
accrual earnings management
earnings manipulation motivation
