本文關(guān)鍵詞： 盈余管理 環(huán)境信息披露 環(huán)境信息管理 替代效應(yīng) 公共壓力　出處：《中國(guó)礦業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著社會(huì)的環(huán)保意識(shí)不斷提高,政府陸續(xù)頒布相關(guān)法律,公司對(duì)環(huán)境信息披露的關(guān)注度日益增強(qiáng)�；趯�(duì)環(huán)境信息披露具有自由裁量權(quán),管理層在進(jìn)行披露時(shí)會(huì)進(jìn)行選擇性披露,這就產(chǎn)生了一定的非財(cái)務(wù)信息操縱。伴隨著《環(huán)境信息公開辦法》的實(shí)施,迫于公共政策壓力,企業(yè)開始關(guān)注環(huán)境信息披露,從而環(huán)境信息披露的操縱動(dòng)機(jī)加強(qiáng),從原有對(duì)財(cái)務(wù)操縱的盈余管理中分散一定精力到非財(cái)務(wù)信息的環(huán)境披露。作為對(duì)企業(yè)信息操縱的兩個(gè)方面(財(cái)務(wù)信息和非財(cái)務(wù)信息),盈余管理和環(huán)境信息披露管理之間具有一定的關(guān)系。論文基于這個(gè)背景下,探究了在公共壓力發(fā)生變化時(shí),盈余管理和環(huán)境信息管理之間的關(guān)系。本文在回顧了盈余管理、環(huán)境信息披露以及盈余管理和環(huán)境信息披露關(guān)系的相關(guān)文獻(xiàn)的基礎(chǔ)上,根據(jù)制度理論、合法性理論、利益相關(guān)者理論以及信號(hào)理論對(duì)兩者關(guān)系進(jìn)行了理論分析并且提出了假設(shè)。之后進(jìn)行了實(shí)證分析,分別對(duì)《環(huán)境信息公開辦法》實(shí)施前后盈余管理和環(huán)境信息管理運(yùn)用兩階段最小二乘法進(jìn)行實(shí)證檢驗(yàn),得出政策變更前后兩者的關(guān)系。之后,本文對(duì)不同行業(yè)兩者的關(guān)系進(jìn)行探究,以探索在重污染行業(yè)和非重污染行業(yè)兩者關(guān)系的差異。針對(duì)兩者關(guān)系的檢驗(yàn),本文還進(jìn)行了一系列的穩(wěn)健性檢驗(yàn),以證明二者的關(guān)系具備穩(wěn)定性,而非偶然性。最后,本文從股權(quán)再融資、債務(wù)融資和企業(yè)價(jià)值三個(gè)角度分析了環(huán)境信息管理的經(jīng)濟(jì)后果。通過實(shí)證分析,我們發(fā)現(xiàn),在《環(huán)境信息公開辦法》實(shí)施前,盈余管理和環(huán)境信息管理沒有顯著性關(guān)系。而在《環(huán)境信息公開辦法》實(shí)施后,盈余管理和環(huán)境信息管理呈現(xiàn)顯著負(fù)相關(guān)關(guān)系。因此,驗(yàn)證了在面對(duì)公共政策壓力變化的情況下,兩種操縱行為會(huì)具有不同的關(guān)系。通過對(duì)不同行業(yè)的分析,我們發(fā)現(xiàn)這種關(guān)系在重污染行業(yè)中更強(qiáng)烈。針對(duì)環(huán)境信息管理的經(jīng)濟(jì)后果分析,環(huán)境信息管理能顯著促進(jìn)企業(yè)融資,與企業(yè)價(jià)值呈正相關(guān)關(guān)系。最后,針對(duì)本文的研究結(jié)論,鑒于兩者負(fù)相關(guān)的關(guān)系,我們建議利益相關(guān)者應(yīng)在關(guān)注盈余管理時(shí),兼顧關(guān)注環(huán)境信息管理。本文以我國(guó)環(huán)境政策變更為基礎(chǔ),從公共壓力變化的角度出發(fā),探討了不同時(shí)期盈余管理和環(huán)境信息管理的相互關(guān)系,在一定程度上拓展了企業(yè)環(huán)境信息披露內(nèi)容、動(dòng)機(jī)、機(jī)會(huì)主義行為的研究,并為財(cái)務(wù)信息和非財(cái)務(wù)信息之間的關(guān)系提供了參考依據(jù)。
[Abstract]:With the increasing awareness of environmental protection in the society and the promulgation of relevant laws by the government, companies pay more and more attention to environmental information disclosure. Based on the discretion of environmental information disclosure, With the implementation of "Environmental Information Disclosure method", and under the pressure of public policy, enterprises begin to pay attention to environmental information disclosure. As a result, the motive for manipulating environmental information disclosure has been strengthened, From the original earnings management of financial manipulation to the environmental disclosure of non-financial information. As two aspects of the manipulation of enterprise information (financial information and non-financial information, earnings management and environmental information disclosure management). There is a certain relationship between the theories. This paper explores the relationship between earnings management and environmental information management when public pressure changes. This paper reviews the relevant literature on earnings management, environmental information disclosure and the relationship between earnings management and environmental information disclosure. According to the institutional theory, legitimacy theory, stakeholder theory and signal theory, the relationship between the two is theoretically analyzed and hypothesized. This paper empirically tests the earnings management and the environmental information management before and after the implementation of the Environmental Information Disclosure method by using the two-stage least square method, and obtains the relationship between the two before and after the policy change. This paper explores the relationship between the two industries in order to explore the differences between the two industries in heavy pollution industry and non-heavy pollution industry. In view of the test of the relationship between the two industries, this paper also carries out a series of robust tests. Finally, this paper analyzes the economic consequences of environmental information management from the perspective of equity refinancing, debt financing and enterprise value. There is no significant relationship between earnings management and environmental information management before the implementation of Environmental Information publicity method, but there is a negative correlation between earnings Management and Environmental Information Management after the implementation of Environmental Information publicity method. It is verified that in the face of changes in public policy pressures, the two manipulative behaviors have different relationships. We find that this relationship is stronger in heavy pollution industry. According to the economic consequence analysis of environmental information management, environmental information management can significantly promote enterprise financing, and has a positive correlation with enterprise value. Finally, in view of the conclusion of this paper, In view of the negative correlation between the two, we suggest that stakeholders should pay attention to environmental information management while paying attention to earnings management. This paper discusses the relationship between earnings management and environmental information management in different periods, and to a certain extent expands the research on the contents, motives and opportunistic behaviors of enterprises' environmental information disclosure. It also provides reference for the relationship between financial information and non-financial information.
【學(xué)位授予單位】：中國(guó)礦業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：X32;F406.7;F425

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