环保税、研发投入对企业盈余管理的影响研究

Research on the Impact of Environmental Protection Tax and R&D Investment on Enterprise Earnings Management

为研究政府环境规制对企业微观行为的影响,选取2012—2018年沪深两市A股重污染上市公司作为研究样本,基于波特假说、委托代理理论等方面的机理分析,运用多元回归、全样本分析、稳健性检验和异质性分析等方法,研究环保税对企业行为的影响以及研发投入的中介作用。研究发现:环保税促进企业进行负向应计盈余管理和真实盈余管理,研发投入具有显著的中介作用,并且在不同企业性质、不同企业规模、不同市场化程度、不同政府环保投资强度以及企业披露相关环保信息与否之间,研发投入的中介作用呈现异质性。因此,环保税具有显著促进环境治理和环境保护的环境规制效应。

In order to study the impact of government environmental regulation on enterprise micro-behavior,A-share heavily polluting listed companies in Shanghai and Shenzhen from 2012 to 2018 were selected as research samples.Based on the mechanism analysis of Porter hypothesis and principal-agent theory,multiple regression,full sample analysis,robustness test and heterogeneity analysis were used to study the impact of environmental protection tax on corporate behavior and the mediating role of R&D investment.The findings are as follows:First,environmental protection tax promotes enterprises to manage negative accrued earnings and real earnings.Second,R&D investment has a significant intermediary role,and the intermediary role of R&D investment is heterogeneous between different enterprise nature,different enterprise scale,different marketization degree,different government environmental protection investment intensity and whether the enterprise discloses relevant environmental protection information.Therefore,the environmental protection tax has an environmental regulation effect that can significantly promote environmental governance and environmental protection.