社会信用与企业盈余管理——基于社会信用体系示范城市建设的准自然实验

范  润; 孙雪娇

社会信用与企业盈余管理——基于社会信用体系示范城市建设的准自然实验

引用本文：范润，孙雪娇.社会信用与企业盈余管理——基于社会信用体系示范城市建设的准自然实验[J].财经理论与实践,2023,(3):64-72

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作者	单位
范润，孙雪娇	（天津财经大学会计学院，天津 300222）

中文摘要:以2007—2020年沪深A股上市公司为样本，利用社会信用体系示范城市建设刻画社会信用，并以此作为准自然实验，从盈余管理角度分析社会信用的治理效应。结果表明：社会信用显著降低了企业盈余管理程度，降低企业信息不对称程度、强化声誉机制的激励和约束效应是其发挥治理作用的重要路径；且社会信用对企业盈余管理的治理作用在地区法治水平较高、代理成本较高和地区互联网普及程度较高的企业更为明显。

中文关键词:社会信用盈余管理信息不对称企业声誉

Social Credit and Enterprise Earnings Management —A Quasi-natural Experiment Based on the Social Credit System Demonstration City Construction

Abstract:Using a sample of the listed companies in Shanghai and Shenzhen A-shares markets from 2007 to 2020,we use the construction of social credit system demonstration cities to depict social credit, and take its implementation as a quasi-natural experiment to analyze the governance effect of social credit from the perspective of earnings management. The results show that social credit significantly reduces enterprise earnings management. Reducing the degree of information asymmetry in enterprises and strengthening the incentive and constraint effects of reputation mechanisms are important paths for social credit to play a governance role. The governance effect of social credit on corporate earnings management is more obvious in enterprises with higher regional legal level, higher agency costs and higher regional Internet penetration.

keywords:social credit earnings management information asymmetry corporate reputation

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