环境信息管理和盈余管理的替代效应研究

发布时间：2018-02-24 08:50

本文关键词： 盈余管理环境信息披露环境信息管理替代效应公共压力　出处：《中国矿业大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着社会的环保意识不断提高,政府陆续颁布相关法律,公司对环境信息披露的关注度日益增强。基于对环境信息披露具有自由裁量权,管理层在进行披露时会进行选择性披露,这就产生了一定的非财务信息操纵。伴随着《环境信息公开办法》的实施,迫于公共政策压力,企业开始关注环境信息披露,从而环境信息披露的操纵动机加强,从原有对财务操纵的盈余管理中分散一定精力到非财务信息的环境披露。作为对企业信息操纵的两个方面(财务信息和非财务信息),盈余管理和环境信息披露管理之间具有一定的关系。论文基于这个背景下,探究了在公共压力发生变化时,盈余管理和环境信息管理之间的关系。本文在回顾了盈余管理、环境信息披露以及盈余管理和环境信息披露关系的相关文献的基础上,根据制度理论、合法性理论、利益相关者理论以及信号理论对两者关系进行了理论分析并且提出了假设。之后进行了实证分析,分别对《环境信息公开办法》实施前后盈余管理和环境信息管理运用两阶段最小二乘法进行实证检验,得出政策变更前后两者的关系。之后,本文对不同行业两者的关系进行探究,以探索在重污染行业和非重污染行业两者关系的差异。针对两者关系的检验,本文还进行了一系列的稳健性检验,以证明二者的关系具备稳定性,而非偶然性。最后,本文从股权再融资、债务融资和企业价值三个角度分析了环境信息管理的经济后果。通过实证分析,我们发现,在《环境信息公开办法》实施前,盈余管理和环境信息管理没有显著性关系。而在《环境信息公开办法》实施后,盈余管理和环境信息管理呈现显著负相关关系。因此,验证了在面对公共政策压力变化的情况下,两种操纵行为会具有不同的关系。通过对不同行业的分析,我们发现这种关系在重污染行业中更强烈。针对环境信息管理的经济后果分析,环境信息管理能显著促进企业融资,与企业价值呈正相关关系。最后,针对本文的研究结论,鉴于两者负相关的关系,我们建议利益相关者应在关注盈余管理时,兼顾关注环境信息管理。本文以我国环境政策变更为基础,从公共压力变化的角度出发,探讨了不同时期盈余管理和环境信息管理的相互关系,在一定程度上拓展了企业环境信息披露内容、动机、机会主义行为的研究,并为财务信息和非财务信息之间的关系提供了参考依据。
[Abstract]:With the increasing awareness of environmental protection in the society and the promulgation of relevant laws by the government, companies pay more and more attention to environmental information disclosure. Based on the discretion of environmental information disclosure, With the implementation of "Environmental Information Disclosure method", and under the pressure of public policy, enterprises begin to pay attention to environmental information disclosure. As a result, the motive for manipulating environmental information disclosure has been strengthened, From the original earnings management of financial manipulation to the environmental disclosure of non-financial information. As two aspects of the manipulation of enterprise information (financial information and non-financial information, earnings management and environmental information disclosure management). There is a certain relationship between the theories. This paper explores the relationship between earnings management and environmental information management when public pressure changes. This paper reviews the relevant literature on earnings management, environmental information disclosure and the relationship between earnings management and environmental information disclosure. According to the institutional theory, legitimacy theory, stakeholder theory and signal theory, the relationship between the two is theoretically analyzed and hypothesized. This paper empirically tests the earnings management and the environmental information management before and after the implementation of the Environmental Information Disclosure method by using the two-stage least square method, and obtains the relationship between the two before and after the policy change. This paper explores the relationship between the two industries in order to explore the differences between the two industries in heavy pollution industry and non-heavy pollution industry. In view of the test of the relationship between the two industries, this paper also carries out a series of robust tests. Finally, this paper analyzes the economic consequences of environmental information management from the perspective of equity refinancing, debt financing and enterprise value. There is no significant relationship between earnings management and environmental information management before the implementation of Environmental Information publicity method, but there is a negative correlation between earnings Management and Environmental Information Management after the implementation of Environmental Information publicity method. It is verified that in the face of changes in public policy pressures, the two manipulative behaviors have different relationships. We find that this relationship is stronger in heavy pollution industry. According to the economic consequence analysis of environmental information management, environmental information management can significantly promote enterprise financing, and has a positive correlation with enterprise value. Finally, in view of the conclusion of this paper, In view of the negative correlation between the two, we suggest that stakeholders should pay attention to environmental information management while paying attention to earnings management. This paper discusses the relationship between earnings management and environmental information management in different periods, and to a certain extent expands the research on the contents, motives and opportunistic behaviors of enterprises' environmental information disclosure. It also provides reference for the relationship between financial information and non-financial information.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：X32;F406.7;F425

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