财务共享能抑制企业盈余管理吗

Can Financial Sharing Inhibit Corporate Earnings Management

随着数字经济的全球化发展,数字技术不断地嵌入企业的各个方面,建立财务共享服务中心是企业实现数字化转型的关键步骤,在企业的发展进程中具有重要作用,财务共享对企业具体产生哪些影响也引起广泛的关注。本文基于2007—2022年沪深A股上市公司的面板数据,采用多元回归分析方法与构建中介效应模型,实证检验建立财务共享服务中心对企业盈余管理的影响及作用机制。研究表明,财务共享能够有效降低企业盈余管理程度,提高上市公司的盈余信息质量。采用替换被解释变量、Heckman两阶段模型等稳健性检验后,该结论依然成立。进一步研究发现,内部控制、信息不对称在此过程中发挥重要的中介作用。上述研究不仅客观评价了财务共享在企业中的影响和作用机制,而且有利于提高企业内部控制质量和会计信息透明度、改善企业形象、提高股票的流动性。

In the era of the digital economy’s burgeoning growth,digital technologies are increasingly integrated into various business operations.The establishment of a financial sharing center is a pivotal aspect of enterprise digital transformation,significantly influencing the firm’s progression.The implications of such financial sharing have garnered extensive scholarly interest.This study employs a panel dataset of Shanghai and Shenzhen A-share companies from 2007 to 2022 to examine the effect of financial sharing centers on earnings management via fixed effects and mediation effect models.We discover that the adoption of financial sharing can notably reduce the extent of earnings manipulation and enhance the integrity of earnings disclosure among listed companies.Consistent with this finding,robustness checks employing alternative dependent variables and the Heckman two-step method confirm the study’s validity.Further research shows that internal control and information asymmetry serve as critical intermediaries in the relationship between financial sharing and earnings management.The research not only provides an objective assessment of the contributing and underlying mechanisms of financial sharing within enterprises,but also offers insights into bolstering internal control efficacy,increasing accounting transparency,refining corporate branding,and fostering stock market liquidity.