企业竞争战略与盈余管理——基于风险承担水平的中介效应

Corporate Competitive Strategy and Earnings Management:The Mediating Effect of Risk Taking

企业盈余管理不仅影响企业自身可持续发展,还会影响资本市场健康发展,受到相关部门和学术界的广泛关注。选取2012—2020年沪深A股上市公司的数据,考察企业战略选择的不同对实施盈余管理的影响,重点分析了企业风险承担水平在其中的中介效应,并从外部环境角度探讨了审计质量对公司战略与盈余管理关系的调节作用。实证结果表明,与实施防御型战略的企业相比,实施进攻型战略的企业管理层更倾向于实施盈余管理行为;风险承担水平是竞争战略与盈余管理影响关系的主要传导路径,且外部审计质量能够抑制竞争战略对盈余管理的影响。

Earnings management do not only affect the sustainable development of the enterprise itself but also impacts the healthy development of the capital market,which has received widespread attention from relevant regulatory departments and the academic community.Based on the data of the A-share listed companies in Shanghai and Shenzhen stock exchanges from 2012 to 2020,this paper examines the impact of different corporate strategic choices on the implementation of earnings management,with a focus on analyzing the mediating effect of the level of risk undertaken by enterprises,and exploring the moderating role of audit quality on the relationship between corporate strategy and earnings management from the perspective of external environment.The empirical results show that,compared with enterprises implementing defensive strategies,those with offensive strategies are more inclined to take earnings management behaviors;The level of risk undertaken is the main transmission path of the impact relationship between competitive strategy and earnings management,and the external audit quality can inhibit the impact of competitive strategy on earnings management.