社会责任、盈余管理与企业绩效

Social Responsibility, Earnings Management and Corporate Performance

在现代企业治理中,信息不对称滋生的"道德风险",不仅会导致管理者盈余管理行为的发生,而且还阻碍企业绩效水平的提高。以2012~2016年沪深两市A股2068家上市企业为研究样本,通过构建"企业社会责任、盈余管理、企业绩效"三者的关系模型开展实证分析。得到以下结论:第一,企业社会责任对当期的财务绩效水平存在显著的正向影响;第二,滞后一期的社会责任对财务绩效水平存在显著的正向影响;第三,企业的盈余管理行为负向调节企业社会责任与财务绩效的正向影响。经拓展分析还发现,企业盈余管理行为负向调节对员工责任、债权人责任、供应商责任与企业绩效的关系。相反,企业盈余管理行为正向调节对消费者责任、政府责任与企业绩效的关系。

At present, in modern corporate governance, the "moral hazard" that information asymmetry breeds not only leads to the occurrence of managerial earnings management, but also hinders the improvement of corporate performance. In this regard, the article takes 2012~2016 Shanghai and Shenzhen stock exchanges as a research sample of 2068 A-shares, and conducts empirical analysis by constructing a relationship model of "corporate social responsibility, earnings management, and enterprise performance". The following conclusions are drawn: First, corporate social responsibility has a significant positive impact on the current level of financial performance. Second, the social responsibility of the first lag period has a significant positive impact on the level of financial performance. Third, the company’s earnings management behavior negatively regulates the positive impact of corporate social responsibility and financial performance. The extended analysis also found that the relationship between corporate earnings management behavior negatively regulates employee responsibility, creditor responsibility, supplier responsibility and corporate performance. In contrast, corporate earnings management behavior is positively regulating the relationship between consumer responsibility, government responsibility, and firm performance.