高铁开通对上市公司真实盈余管理的影响

The Impact of the Opening of High-speed Rail on the Real Earnings Management of Listed Companies

本文实证检验了2009—2018年高铁开通对沪深a股上市公司真实盈余管理的影响,并考虑高铁开通与实际盈余管理之间的制度环境调节效应。研究表明,高铁开通与真实盈余管理程度成负向关系,即所在地开通高铁上市公司的比没有开通高铁上市公司的真实盈余管理水平更低,且制度环境在高铁开通与真实盈余管理之间具有调节效应,该结论在控制变量间可能存在的内生性关系后同样成立。

This paper empirically tests the impact of the opening of the high-speed railway from 2009 to 2018 on the real earnings management of Shanghai and Shenzhen A-share listed companies, and considers the institutional environment adjustment effect between the opening of the high-speed railway and the actual earnings management. The research shows that the opening of high-speed rail has a negative relationship with the level of real earnings management, that is, the level of real earnings management of listed companies that have opened high-speed rail is lower than that of listed companies that have not opened high-speed rail, and the institutional environment has adjustment between the opening of high-speed rail and real earnings management. effect, the conclusion also holds after controlling for the possible endogenous relationship between variables.