政績壓力、企業社會責任與盈餘管理關聯性之探究

Abstract

盈餘管理可能造成投資人及其利害關係人的損失，能否藉由推動企業社會責任來降低公司從事盈餘管理的誘因，及有否中介變數改變企業社會責任與盈餘管理關聯性是一重要課題。本研究檢視企業社會責任有否影響不同盈餘管理誘因。中國地方政府官員的政績考核納入地方經濟成長及財政收入成長，故當地方政府面臨較大政績壓力時，需企業協助其達到政績目標，使企業改變其盈餘管理行為。因此，本研究檢視地方政府政績壓力對企業社會責任與盈餘管理關聯性是否有所影響。

實證結果顯示，有發佈企業社會責任報告書的公司中，企業社會責任表現較佳且進行現金增資時，其實質盈餘管理程度較大；而公司當年度企業社會責任表現較佳且有避免虧損時，會減少質盈餘管理程度及裁決性應計數管理。此外，當企業總部位於政績壓力較大省分且公司企業社會責任表現佳時，其實質盈餘管理程度較大。

Earning management may cause losses to investors and stakehoders. It is important to investigate whether corporate social responsibility can reduce managers’ incentives to engage in earning management. It is also important to investigate how mediation variables affect the relationship between corporate social responsibility and earning management. The objective of this study is to examine whether copotation social responsibility affects managers’ different incentives to manipulate earnings. The performance evaluation of Chinese local government officiers is based on the growth of local economy and the growth of fiscal revenue. When local government officiers are under political pressures, they may force firms to help them achieve performance threasholds through earning management. Thus, this study examines whether local government officers’ political pressures affect the relationship between corporate social responsibility and earning management. The empirical results show that for companies which publish corporate social responsibility reports, companies with better corporate social responsibility and appling seasoned equity offerings have larger magnitude of real earning management. Futhermoer, companies with better corporate social responsibility and trying to avoid losses reduce real earning management and discretionary accrul management. The empirical results also indicate that for companies whose headquarters locate in high political pressure province, companies with better corporate social responsibility have larger magnitude of real earning management.