盈余平滑、社会责任与企业价值

发布时间：2018-04-15 10:05

本文选题：盈余平滑 + 社会责任　；参考：《兰州理工大学》2017年硕士论文

【摘要】：盈余平滑具有两种属性:信息属性和机会主义属性,两者存在本质上的区别。Gao L and Zhang J H(2015)[1]认为信息属性下的盈余平滑能够提供与企业未来盈利能力相关的信息,降低企业的经营风险,提升企业价值。而与之相反,Jayaraman(2008)[2]认为机会主义属性下的盈余平滑本质上又属于盈余管理行为,企业管理层为了保护自己的私人利益,通过平滑盈余来掩盖企业业绩。因此,对投资者来说,他们并不会片面的认为盈余平滑会提升或降低企业价值,会结合反映信息披露水平的其他因素来判断企业真实的经营业绩。那么,社会责任作为反映盈余信息披露水平的要素,是否会对盈余平滑与企业价值的关系产生一定的影响?若产生影响,不同产权性质企业的社会责任是否会对盈余平滑与企业价值的关系产生不同的影响?因此,有必要对盈余平滑、社会责任与企业价值的关系进行研究。本文以我国2011—2014年沪深两市披露社会责任报告的A股上市企业为研究样本,实证检验了盈余平滑对企业价值的影响。研究结论表明:盈余平滑与企业价值显著正相关。进一步研究发现,社会责任对盈余平滑与企业价值之间的正相关关系产生了促进作用;相对于非国有企业,国有企业社会责任对盈余平滑与企业价值关系的正面影响更为显著。本文的研究丰富了盈余平滑经济后果这一研究领域的文献,为相关研究提供了新的视角;理清了盈余平滑、社会责任与企业价值的内在机理。本文的研究表明企业的社会责任信息有助于甄别盈余信息质量,减少监管部门与投资者信息甄别的成本,提高监管效率,有利于投资者做出正确的投资决策,同时有助于企业完善治理结构,提高社会责任意识,提高盈余信息质量。
[Abstract]:Earnings smoothing has two kinds of attributes: information attribute and opportunistic attribute. There is an essential difference between them. Gao L and Zhang J / 2015) [1] holds that earnings smoothing under information attribute can provide information related to the future profitability of an enterprise.Reduce the business risk of enterprises, enhance the value of enterprises.On the contrary, Jayaramanan (2008) [2] holds that earnings smoothing under opportunism is essentially a kind of earnings management behavior. In order to protect their own private interests, the management of an enterprise covers up its performance by smoothing the earnings.Therefore, for investors, they will not unilaterally think that earnings smoothing will improve or reduce the value of enterprises, will combine with other factors reflecting the level of information disclosure to judge the real business performance.So, as a factor reflecting the level of earnings disclosure, will social responsibility have a certain impact on the relationship between earnings smoothing and corporate value?If there is an impact, will the social responsibility of enterprises with different property rights have different effects on the relationship between earnings smoothing and enterprise value?Therefore, it is necessary to study the relationship between surplus smoothing, social responsibility and corporate value.This paper takes the A share listed companies in Shanghai and Shenzhen stock markets in 2011-2014 as the research sample to test the effect of earnings smoothing on corporate value.The results show that earnings smoothing is significantly positively correlated with firm value.It is found that social responsibility promotes the positive correlation between earnings smoothing and enterprise value, and that the positive influence of social responsibility of state-owned enterprises on the relationship between surplus smoothing and enterprise value is more significant than that of non-state-owned enterprises.The research in this paper enriches the literature on the economic consequences of earnings smoothing, and provides a new perspective for the relevant research, and clarifies the intrinsic mechanism of earnings smoothing, social responsibility and corporate value.The research in this paper shows that corporate social responsibility information can help to identify the quality of surplus information, reduce the cost of information screening between regulatory authorities and investors, improve the efficiency of supervision, and help investors to make correct investment decisions.At the same time, it is helpful to improve corporate governance structure, improve social responsibility consciousness and improve the quality of surplus information.
【学位授予单位】：兰州理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F270;F275;F832.51

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