| 企业风险感知对盈余管理策略的影响研究——基于企业问询回函视角 |
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| 引用本文：谭天瑜1,喻仪2.企业风险感知对盈余管理策略的影响研究——基于企业问询回函视角[J].财经理论与实践,2026,(3):100-109 |
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| 中文摘要:企业监管问询回函承载较多自由裁量信息，反映主体的风险感知水平。以2013—2023年中国A股上市公司为样本，基于企业问询回函视角探究企业风险感知对盈余管理策略的影响。研究发现，企业问询回函信息含量与应计盈余管理水平呈U形关系，与真实盈余管理水平之间呈倒U形关系。企业问询回函通过作用于管理层语调与内部控制质量的机制影响企业盈余管理策略。异质性分析发现，存在政治关联、高市场价值及高信息透明度的企业，更倾向于应计盈余管理调整策略。鉴于此，应建立问询回函质量的评估机制，强化回函信息真实性与完整性考核，促进企业提升信息披露质量与治理效能。 |
| 中文关键词:交易所问询函 盈余管理 风险感知 U形关系 |
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| A Study on the Impact of Corporate Risk Perception on Earnings Management Strategies — From the Perspective of Corporate Inquiry Response Letters |
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| Abstract:Corporate regulatory inquiry responses contain a high level of discretionary information and reflect the risk perception of the responding entity. Taking Chinese A-share listed companies from 2013 to 2023 as samples, this paper explores the impact of corporate risk perception on earnings management strategies from the perspective of corporate responses to inquiry letters. This study finds that the information content of corporate inquiry responses exhibits a U-shaped relationship with accrual earnings management and an inverted U-shaped relationship with real earnings management. Corporate inquiry responses influence earnings management strategies through the mechanisms of management tone and internal control quality. Heterogeneity analysis shows that firms with political connections, high market value, and high information transparency are more inclined to adopt adjustment strategies based on accrual earnings management. Accordingly, a quality evaluation mechanism for inquiry responses should be introduced to strengthen oversight of the authenticity and completeness of reply information, thereby encouraging enterprises to improve their information disclosure quality and governance effectiveness. |
| keywords:stock exchange inquiry letter earnings management risk perception u-shaped relationship |
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