新《环境保护法》对企业盈余管理的影响——基于重污染企业的经验证据

The Impact of New Environmental Protection Law on Earnings Management:Based on the Empirical Evidence of Heavy Pollution Enterprises

本文以2012-2017年我国A股上市公司为初始研究样本,利用2015年1月1日实施的新《环境保护法》这一外生事件,基于前景理论作用机制的分析,采用DID的分析方法实证检验该事件对重污染企业盈余管理的影响。新《环境保护法》实施之后,重污染企业相比非重污染企业进行了显著向上的盈余管理,且这种盈余管理呈现一定程度的边际递减效应;进一步研究发现,这种盈余管理行为在小规模企业或盈利能力较低的企业表现得更为明显。本研究提供了新《环境保护法》实施之后微观企业如何反应的经验证据,并通过比较不同规模、不同盈利能力的企业对于新《环境保护法》带来冲击的敏感性差异,有助于理解具体微观企业盈余管理的动机与机制。

By taking the A-share listed companies in China from 2012 to 2017 as the initial research sample,using the new Environmental Protection Law as an exogenous event,and adopting DID analysis method,the paper empirically tests the impact of the event on earnings management of heavily polluted enterprises.It is found that the heavy pollution enterprises have made significant upward earnings management compared with the non-heavy pollution enterprises after the implementation of the new Environmental Protection Law,and this earnings management shows a certain degree of marginal diminishing effect;after further investigation,we find that the heavy pollution enterprises have made more significant upward earnings management behavior especially in smaller enterprises or enterprises with poorer profitability.This paper provides an empirical evidence on how micro-enterprises react after the implementation of the new Environmental Protection Law.And by comparing the sensitivity differences of enterprises with different scales and different profitability to the impact of the new Environmental Protection Law,it is helpful to understand the mechanism of the Prospect Theory.