企业社会责任、财务业绩与盈余管理关系的研究
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摘要
近年来随着资本市场的发展,会计信息成为资本市场发挥资源配置基础作用的重要依据。而在所有会计信息中,盈余信息又是投资者、债权人等利益相关者关注的焦点。管理者出于各种动机可能从事过度的盈余管理,从而误导了利益相关者的判断,严重影响了资本市场资源配置效率,近年来发生的一系列会计丑闻就是最好的例证。本文认为,企业社会责任的缺失是导致盈余管理发生的根本原因,保证盈余信息的真实、可靠是企业社会责任题中应有之义。以往对企业社会责任的研究主要是探讨企业社会责任与财务业绩的关系,可能忽略了影响二者关系的一些重要因素,如研发密度、企业所有权结构、企业风险、企业规模、财务杠杆、财务资源等。除了上面提到的影响因素以外,盈余管理也可能对企业社会责任与财务业绩的关系产生重要的影响。盈余管理的引入使得探讨企业社会责任与财务业绩的关系变得更加复杂：管理者为掩饰其蓄意的盈余管理行为有可能将企业社会责任作为堑壕工具以赢得利益相关者的支持,此时企业社会责任对财务业绩的积极影响将减弱；企业社会责任则也可能作为公司治理的替代机制抑制过度盈余管理对财务业绩的损害,从而对财务业绩产生积极影响。无论是从堑壕机制还是替代机制的角度来看,研究企业社会责任与财务业绩的关系时都必须考虑盈余管理,也就是要综合考虑企业社会责任、财务业绩与盈余管理的关系。另外,研究企业社会责任与盈余管理的关系本身就是一个崭新的课题。根据理论分析及实证检验的结果,本文还论述了我国企业的社会责任、盈余管理及其战略配合对财务业绩的影响,并探讨了我国企业社会责任内部控制体系的构建。
本文的研究目的在于解决以下几个问题：第一,验证企业社会责任与财务业绩的关系。本文在研究二者关系时突破了传统分析框架,引入了盈余管理,按企业社会责任堑壕机制与替代机制的不同作用对有关问题进行了探讨。第二,探讨如何推进我国企业社会责任策略、如何立足于企业社会责任对盈余管理进行防范以及如何加强企业社会责任与盈余管理的战略配合从而对财务业绩产生积极影响。第三,研究如何构建企业社会责任内部控制体系以促使企业通过履行社会责任抑制过度盈余管理、提高财务业绩。
本文各章内容安排如下：
第一章是绪论。阐述了本文的选题背景与研究目的,明确了研究框架、研究内容与研究方法,最后总结了本文的主要创新点与局限性。
第二章是文献综述。先是分别回顾了企业社会责任、财务业绩与盈余管理的概念、理论与方法,后又评述了企业社会责任与财务业绩的关系、企业社会责任与盈余管理的关系、盈余管理与财务业绩的关系的重要文献。
第三章是理论分析。基于利益相关者的角度,本文从两个方面对企业社会责任、财务业绩与盈余管理的关系进行理论分析：一是分析堑壕机制,即管理者是否会借助企业社会责任满足利益相关者的利益,达到其盈余管理的目的。过度投资企业社会责任活动是非生产性的、耗费成本的,预期对财务业绩产生负面影响。因为从事盈余管理的管理者会尽可能地与所有利益相关者建立联系,这一行为降低了组织的灵活性,并且这些利益相关者目标冲突,可能延迟组织的决策过程,由此损害了财务业绩。二是分析替代机制,即企业社会责任能否作为公司治理的替代机制抑制盈余管理。若企业社会责任能抑制过度盈余管理对财务业绩造成的损害,企业社会责任对财务业绩的积极影响也可能表现出来,有利于企业社会责任与盈余管理共同发挥提高财务业绩的作用。本文在理论部分先对企业社会责任与财务业绩关系进行了理论分析,探讨了企业社会责任与财务业绩关系的研究意义、企业社会责任与财务业绩之间的作用机理、企业社会责任与财务业绩关系的理论假设,并探讨了盈余管理对企业社会责任与财务业绩关系的影响；后对企业社会责任与盈余管理关系进行了理论分析,探讨了企业社会责任与盈余管理的理论框架、企业社会责任与盈余管理关系的理论假设,并简要阐述了盈余管理对财务业绩影响：
第四章是实证研究。对企业社会责任、财务业绩与盈余管理的关系进行了实证研究。为了检验堑壕机制和替代机制,本文用“中国国有上市企业社会责任榜”得分衡量企业社会责任的大小,用可操控性应计利润衡量盈余管理的大小,用会计指标和市场收益指标衡量财务业绩,通过多元回归分析对有关假设进行检验,替代机制得到验证。主要研究结论如下：1.在不考虑盈余管理时,当期和上一期企业社会责任对财务业绩都没有显著影响。2.未发现盈余管理反向调整企业社会责任和财务业绩关系的证据,即不存在堑壕机制。3.企业社会责任对盈余管理有抑制作用,说明在公司治理不完善时企业社会责任可以作为公司治理的替代机制抑制盈余管理；在替代机制起作用的情况下,企业社会责任抑制了过度盈余管理对财务业绩造成的损害,企业社会责任对财务业绩有微弱的正向影响,企业社会责任与适度的盈余管理共同对财务业绩有微弱的正向影响。4.企业规模、研发密度、管理者风险偏好、财务资源和财务杠杆对财务业绩有显著影响。其中,企业规模对托宾Q有负面影响,研发密度对净资产收益率有正面影响,管理者风险偏好对个股回报率有正面影响,财务资源对总资产收益率、净资产收益率和个股回报率有正面影响,财务杠杆对ROE有正向影响但对托宾Q有负向影响——对会计指标与市场指标影响方向的背离说明市场可能还不是很有效,或说明不同利益群体对企业负债对财务业绩影响的看法不同。5.本期财务业绩与上一期财务业绩是显著相关的,这说明财务业绩存在着明显的时间趋势。
第五章是应用探索。根据理论分析与实证检验结果,本文从我国企业的实际情况出发,探讨我国企业社会责任、盈余管理及其战略配合对财务业绩的影响。首先,回顾了我国企业社会责任的历史渊源,分析了我国企业社会责任的现状与未来,建议从利益相关者的角度大力推进我国企业社会责任的发展。然后,分析了我国企业盈余管理的现状及动因,提出了基于企业社会责任(利益相关者)的盈余管理防范措施。最后,讨论了我国企业社会责任与盈余管理的战略配合对财务业绩的影响。提出四点建议：第一,履行企业社会责任和进行盈余管理时不要过度。第二,企业社会责任的履行不应抑制盈余管理的积极作用。第三,防止企业借社会责任之名行盈余管理之实。第四,尽量避免企业社会责任与盈余管理同时给财务业绩带来消极影响的战略配合,竭力同时发挥二者的积极作用。
第六章是政策研究。鉴于企业社会责任在抑制过度盈余管理、提高财务业绩方面的重要性,本文从政策层面对我国企业社会责任内部控制进行研究。只有从企业社会责任与内部控制两者有机结合的角度构建企业社会责任内部控制体系,才能更有效发挥企业社会责任的治理作用,而企业社会责任与内部控制的相关性为企业社会责任内部控制的形成提供了条件。本文论述了企业社会责任内部控制与财务业绩和盈余管理的关系,并从企业社会责任内部控制的目标、主体、对象、规范、报告五个方面构建了我国企业社会责任内部控制体系。其中,企业社会责任内部控制规范是重中之重,本文从内部控制五要素即内部环境、风险评估、控制活动、信息与沟通、内部监督构建了企业社会责任内部控制规范。
第七章是总结与展望。总结了全文的主要研究结论,并对未来的研究进行了探讨。
本文的创新体现在以下几个方面：
第一,以往对企业社会责任与财务业绩的研究往往只停留在检验二者之间的相关性,本文则根据盈余管理的地位、作用不同将其纳入二者关系的研究中来,按堑壕机制和替代机制综合分析三者之间的关系。在分析三者关系时本文运用了利益相关者理论、利益相关者代理理论、博弈论等理论,主要是基于利益相关者的视角展开论述的。另外作为本文的一部分,探讨企业社会责任与盈余管理的关系为企业社会责任研究开辟了新的思路。
第二,本文在实证研究部分采用了《南方周末》发布的“中国国有上市企业社会责任榜”的数据,该数据背后的指标体系反映了企业社会责任的多维结构,反映了各利益相关者的利益,克服了以往研究中指标设计缺陷的问题。本文在衡量财务业绩时同时使用了会计指标和市场收益指标,以全面检验企业社会责任与财务业绩的关系,因为会计指标是管理者而不是利益相关者用于衡量财务业绩的方法,而市场收益指标与企业社会责任却相当一致。
第三,根据实证研究结果,企业社会责任对抑制过度盈余管理、提高财务业绩有重要作用,但企业社会会责任作为经营理念只有落实到企业经营当中才会发挥其效力,而内部控制恰是保障企业社会责任“落地”并发挥作用的有力工具,因此构建企业社会责任内部控制体系实属必然。本文从目标、主体、对象、规范、报告等角度构建企业社会责任内部控制体系,期望对抑制过度盈余管理、提高财务业绩有切实的帮助。
With the development of capital markets in recent years, accounting information has become an important basis for the capital market to play a basic role in resource allocation. And in all accounting information, earnings information is the focus of attention to investors, creditors and other stakeholders. Because of various motives, managers may engage in excessive earnings management, and thereby mislead the stakeholders to decide, seriously affecting the efficiency of resource allocation in capital markets. The best example is a series of accounting scandals happened in recent years. This paper argues that the lack of corporate social responsibility lead to earnings management essentially and corporate social responsibility requirements real and reliable earnings in nature. Previous research on corporate social responsibility focus on the relation between corporate social responsibility and financial performance and may neglect some important factors affected this relation, such as R & D intensity, corporate ownership structure, risk, firm size, financial leverage and financial resources. In addition to the factors mentioned above, earnings management may also affect the relation between corporate social responsibility and financial performance. In order to conceal their deliberate earnings management, managers engaged in earnings management may take corporate social responsibility as an entrenchment tool to obtain the support from stakeholders, this will weaken the positive impact of corporate social responsibility on financial performance. Corporate social responsibility may also be an alternative mechanism of corporate governance to control earnings management and reduce the damage of excessive earnings management on financial performance, and thus corporate social responsibility may have a positive impact on financial performance. Whether viewed from the point of entrenchment tool or alternative mechanism, we should consider earnings management when we study the relation between corporate social responsibility and financial performance. In other words, we should consider corporate social responsibility, financial performance and earnings management comprehensively. In addition, the research on the relationship between corporate social responsibility and earnings management is a new topic itself. According to the theoretical analysis and empirical results, the paper also discusses the corporate social responsibility, financial performance and earnings management in China and the construction of the internal control system of corporate social responsibility in China.
Chapters of this paper are organized as follows:
Chapter 1 is introduction. This chapter describes the research background and research objectives, defines the research framework, contents and methods and finally concludes the main innovation and limitation of this paper.
Chapter 2 is literature review. First, this chapter reviews the concepts, theories and measured methods of corporate social responsibility, financial performance and earnings management,and then introduces the representative literature on the relation among them.
Chapter 3 is theoretical analysis. In order to understand the entrenchment effect and alternative mechanisms, the relation among corporate social responsibility, financial performance and earnings management is analyzed in theory from two aspects in this chapter. In the first part, the relation between corporate social responsibility and financial performance is analyzed theoretically firstly, including discussing the research value, mechanism and hypothesis between them, and then that the relation between them is affected by earnings management is discussed.In the second part, the relation between corporate social responsibility and earnings management is analyzed theoretically In the first, including discussing the theoretical framework and hypothesis between corporate social responsibility and earnings management, and then analyzing the impact that earnings management on financial performance in theory.
Chapter 4 is empirical study. In order to verify the entrenchment effect or alternative mechanisms, in this chapter, the score of "corporate social responsibility ranking of State-owned listed companies in China" is used to measure the extent of corporate social responsibility, discretionary accruals is used to measure the extent of earnings management, accounting and stock market data is used to measure financial performance. By multiple regression analysis, we test the hypothesis and the alternative mechanism has been verified. The main conclusions are as follows:1.The current and previous corporate social responsibility has no significant effect on financial performance without considering the impact of earnings management.2.The relation between corporate social responsibility and financial performance isn't moderated by earnings management negatively, entrenchment effect doesn't exist.3.Corporate social responsibility has significant negative effect on earnings management, alternative mechanisms works. Corporate social responsibility reduces the damage of excessive earnings management on financial performance. Corporate social responsibility has weak positive effect on financial performance when financial performance is measured by Q. Corporate social responsibility and modest earnings management jointly have weak positive effect on financial performance when financial performance is measured by Q.4.The financial performance was significantly affected by Firm size, R & D intensity, managers risk preferences, financial resources and financial leverage.5.Current financial performance is significantly related to previous period financial performance, indicating that there is a time trend for financial performance.
Chapter 5 is applied research. According to the theoretical analysis and empirical test results, this chapter discusses the corporate social responsibility, earnings management and their strategic matching impact on financial performance in China.
Chapter 6 is policy research. In view of the role of corporate social responsibility to suppress excessive earnings management and improve financial performance, the internal control system of corporate social responsibility in China is constructed from target, subject, object, standards and reports.
Chapter 7 is summary and outlook. This chapter summarizes the main conclusions of the full paper and discusses future research finally.
The Innovation of this paper is as follows:
1.Previous research focus on the relation between corporate social responsibility and financial performance, this paper incorporates earnings management into the relation between corporate social responsibility and financial performance and consider them comprehensively from the point of entrenchment or alternative mechanism. In this paper, we use the stakeholder theory, stakeholder agency theory, game theory and other theories, mainly discussed based on the perspective of stakeholders.In addition, the research on the relation between corporate social responsibility and earnings management opens up new ideas for corporate social responsibility.
2.The score of "corporate social responsibility ranking of State-owned listed companies in China" is used in empirical research, the index system behind score reflect the multi-dimensional structure of corporate social responsibility, reflect the interests of various stakeholders, overcomes the design flaws in previous studies. In addition, accounting and stock market data is used to measure financial performance for robustness.
3.Corporate social responsibility plays an important rale in suppressing excessive earnings management and improving financial performance, but corporate social responsibility as a business philosophy need be integrated into business activities and Internal control is the tool pulled corporate social responsibility to the ground. The construction of internal control system of corporate social responsibility is inevitable, this paper finish it from target, subject, object, standards and reports.
本文的研究目的在于解决以下几个问题：第一,验证企业社会责任与财务业绩的关系。本文在研究二者关系时突破了传统分析框架,引入了盈余管理,按企业社会责任堑壕机制与替代机制的不同作用对有关问题进行了探讨。第二,探讨如何推进我国企业社会责任策略、如何立足于企业社会责任对盈余管理进行防范以及如何加强企业社会责任与盈余管理的战略配合从而对财务业绩产生积极影响。第三,研究如何构建企业社会责任内部控制体系以促使企业通过履行社会责任抑制过度盈余管理、提高财务业绩。
本文各章内容安排如下：
第一章是绪论。阐述了本文的选题背景与研究目的,明确了研究框架、研究内容与研究方法,最后总结了本文的主要创新点与局限性。
第二章是文献综述。先是分别回顾了企业社会责任、财务业绩与盈余管理的概念、理论与方法,后又评述了企业社会责任与财务业绩的关系、企业社会责任与盈余管理的关系、盈余管理与财务业绩的关系的重要文献。
第三章是理论分析。基于利益相关者的角度,本文从两个方面对企业社会责任、财务业绩与盈余管理的关系进行理论分析：一是分析堑壕机制,即管理者是否会借助企业社会责任满足利益相关者的利益,达到其盈余管理的目的。过度投资企业社会责任活动是非生产性的、耗费成本的,预期对财务业绩产生负面影响。因为从事盈余管理的管理者会尽可能地与所有利益相关者建立联系,这一行为降低了组织的灵活性,并且这些利益相关者目标冲突,可能延迟组织的决策过程,由此损害了财务业绩。二是分析替代机制,即企业社会责任能否作为公司治理的替代机制抑制盈余管理。若企业社会责任能抑制过度盈余管理对财务业绩造成的损害,企业社会责任对财务业绩的积极影响也可能表现出来,有利于企业社会责任与盈余管理共同发挥提高财务业绩的作用。本文在理论部分先对企业社会责任与财务业绩关系进行了理论分析,探讨了企业社会责任与财务业绩关系的研究意义、企业社会责任与财务业绩之间的作用机理、企业社会责任与财务业绩关系的理论假设,并探讨了盈余管理对企业社会责任与财务业绩关系的影响；后对企业社会责任与盈余管理关系进行了理论分析,探讨了企业社会责任与盈余管理的理论框架、企业社会责任与盈余管理关系的理论假设,并简要阐述了盈余管理对财务业绩影响：
第四章是实证研究。对企业社会责任、财务业绩与盈余管理的关系进行了实证研究。为了检验堑壕机制和替代机制,本文用“中国国有上市企业社会责任榜”得分衡量企业社会责任的大小,用可操控性应计利润衡量盈余管理的大小,用会计指标和市场收益指标衡量财务业绩,通过多元回归分析对有关假设进行检验,替代机制得到验证。主要研究结论如下：1.在不考虑盈余管理时,当期和上一期企业社会责任对财务业绩都没有显著影响。2.未发现盈余管理反向调整企业社会责任和财务业绩关系的证据,即不存在堑壕机制。3.企业社会责任对盈余管理有抑制作用,说明在公司治理不完善时企业社会责任可以作为公司治理的替代机制抑制盈余管理；在替代机制起作用的情况下,企业社会责任抑制了过度盈余管理对财务业绩造成的损害,企业社会责任对财务业绩有微弱的正向影响,企业社会责任与适度的盈余管理共同对财务业绩有微弱的正向影响。4.企业规模、研发密度、管理者风险偏好、财务资源和财务杠杆对财务业绩有显著影响。其中,企业规模对托宾Q有负面影响,研发密度对净资产收益率有正面影响,管理者风险偏好对个股回报率有正面影响,财务资源对总资产收益率、净资产收益率和个股回报率有正面影响,财务杠杆对ROE有正向影响但对托宾Q有负向影响——对会计指标与市场指标影响方向的背离说明市场可能还不是很有效,或说明不同利益群体对企业负债对财务业绩影响的看法不同。5.本期财务业绩与上一期财务业绩是显著相关的,这说明财务业绩存在着明显的时间趋势。
第五章是应用探索。根据理论分析与实证检验结果,本文从我国企业的实际情况出发,探讨我国企业社会责任、盈余管理及其战略配合对财务业绩的影响。首先,回顾了我国企业社会责任的历史渊源,分析了我国企业社会责任的现状与未来,建议从利益相关者的角度大力推进我国企业社会责任的发展。然后,分析了我国企业盈余管理的现状及动因,提出了基于企业社会责任(利益相关者)的盈余管理防范措施。最后,讨论了我国企业社会责任与盈余管理的战略配合对财务业绩的影响。提出四点建议：第一,履行企业社会责任和进行盈余管理时不要过度。第二,企业社会责任的履行不应抑制盈余管理的积极作用。第三,防止企业借社会责任之名行盈余管理之实。第四,尽量避免企业社会责任与盈余管理同时给财务业绩带来消极影响的战略配合,竭力同时发挥二者的积极作用。
第六章是政策研究。鉴于企业社会责任在抑制过度盈余管理、提高财务业绩方面的重要性,本文从政策层面对我国企业社会责任内部控制进行研究。只有从企业社会责任与内部控制两者有机结合的角度构建企业社会责任内部控制体系,才能更有效发挥企业社会责任的治理作用,而企业社会责任与内部控制的相关性为企业社会责任内部控制的形成提供了条件。本文论述了企业社会责任内部控制与财务业绩和盈余管理的关系,并从企业社会责任内部控制的目标、主体、对象、规范、报告五个方面构建了我国企业社会责任内部控制体系。其中,企业社会责任内部控制规范是重中之重,本文从内部控制五要素即内部环境、风险评估、控制活动、信息与沟通、内部监督构建了企业社会责任内部控制规范。
第七章是总结与展望。总结了全文的主要研究结论,并对未来的研究进行了探讨。
本文的创新体现在以下几个方面：
第一,以往对企业社会责任与财务业绩的研究往往只停留在检验二者之间的相关性,本文则根据盈余管理的地位、作用不同将其纳入二者关系的研究中来,按堑壕机制和替代机制综合分析三者之间的关系。在分析三者关系时本文运用了利益相关者理论、利益相关者代理理论、博弈论等理论,主要是基于利益相关者的视角展开论述的。另外作为本文的一部分,探讨企业社会责任与盈余管理的关系为企业社会责任研究开辟了新的思路。
第二,本文在实证研究部分采用了《南方周末》发布的“中国国有上市企业社会责任榜”的数据,该数据背后的指标体系反映了企业社会责任的多维结构,反映了各利益相关者的利益,克服了以往研究中指标设计缺陷的问题。本文在衡量财务业绩时同时使用了会计指标和市场收益指标,以全面检验企业社会责任与财务业绩的关系,因为会计指标是管理者而不是利益相关者用于衡量财务业绩的方法,而市场收益指标与企业社会责任却相当一致。
第三,根据实证研究结果,企业社会责任对抑制过度盈余管理、提高财务业绩有重要作用,但企业社会会责任作为经营理念只有落实到企业经营当中才会发挥其效力,而内部控制恰是保障企业社会责任“落地”并发挥作用的有力工具,因此构建企业社会责任内部控制体系实属必然。本文从目标、主体、对象、规范、报告等角度构建企业社会责任内部控制体系,期望对抑制过度盈余管理、提高财务业绩有切实的帮助。
With the development of capital markets in recent years, accounting information has become an important basis for the capital market to play a basic role in resource allocation. And in all accounting information, earnings information is the focus of attention to investors, creditors and other stakeholders. Because of various motives, managers may engage in excessive earnings management, and thereby mislead the stakeholders to decide, seriously affecting the efficiency of resource allocation in capital markets. The best example is a series of accounting scandals happened in recent years. This paper argues that the lack of corporate social responsibility lead to earnings management essentially and corporate social responsibility requirements real and reliable earnings in nature. Previous research on corporate social responsibility focus on the relation between corporate social responsibility and financial performance and may neglect some important factors affected this relation, such as R & D intensity, corporate ownership structure, risk, firm size, financial leverage and financial resources. In addition to the factors mentioned above, earnings management may also affect the relation between corporate social responsibility and financial performance. In order to conceal their deliberate earnings management, managers engaged in earnings management may take corporate social responsibility as an entrenchment tool to obtain the support from stakeholders, this will weaken the positive impact of corporate social responsibility on financial performance. Corporate social responsibility may also be an alternative mechanism of corporate governance to control earnings management and reduce the damage of excessive earnings management on financial performance, and thus corporate social responsibility may have a positive impact on financial performance. Whether viewed from the point of entrenchment tool or alternative mechanism, we should consider earnings management when we study the relation between corporate social responsibility and financial performance. In other words, we should consider corporate social responsibility, financial performance and earnings management comprehensively. In addition, the research on the relationship between corporate social responsibility and earnings management is a new topic itself. According to the theoretical analysis and empirical results, the paper also discusses the corporate social responsibility, financial performance and earnings management in China and the construction of the internal control system of corporate social responsibility in China.
Chapters of this paper are organized as follows:
Chapter 1 is introduction. This chapter describes the research background and research objectives, defines the research framework, contents and methods and finally concludes the main innovation and limitation of this paper.
Chapter 2 is literature review. First, this chapter reviews the concepts, theories and measured methods of corporate social responsibility, financial performance and earnings management,and then introduces the representative literature on the relation among them.
Chapter 3 is theoretical analysis. In order to understand the entrenchment effect and alternative mechanisms, the relation among corporate social responsibility, financial performance and earnings management is analyzed in theory from two aspects in this chapter. In the first part, the relation between corporate social responsibility and financial performance is analyzed theoretically firstly, including discussing the research value, mechanism and hypothesis between them, and then that the relation between them is affected by earnings management is discussed.In the second part, the relation between corporate social responsibility and earnings management is analyzed theoretically In the first, including discussing the theoretical framework and hypothesis between corporate social responsibility and earnings management, and then analyzing the impact that earnings management on financial performance in theory.
Chapter 4 is empirical study. In order to verify the entrenchment effect or alternative mechanisms, in this chapter, the score of "corporate social responsibility ranking of State-owned listed companies in China" is used to measure the extent of corporate social responsibility, discretionary accruals is used to measure the extent of earnings management, accounting and stock market data is used to measure financial performance. By multiple regression analysis, we test the hypothesis and the alternative mechanism has been verified. The main conclusions are as follows:1.The current and previous corporate social responsibility has no significant effect on financial performance without considering the impact of earnings management.2.The relation between corporate social responsibility and financial performance isn't moderated by earnings management negatively, entrenchment effect doesn't exist.3.Corporate social responsibility has significant negative effect on earnings management, alternative mechanisms works. Corporate social responsibility reduces the damage of excessive earnings management on financial performance. Corporate social responsibility has weak positive effect on financial performance when financial performance is measured by Q. Corporate social responsibility and modest earnings management jointly have weak positive effect on financial performance when financial performance is measured by Q.4.The financial performance was significantly affected by Firm size, R & D intensity, managers risk preferences, financial resources and financial leverage.5.Current financial performance is significantly related to previous period financial performance, indicating that there is a time trend for financial performance.
Chapter 5 is applied research. According to the theoretical analysis and empirical test results, this chapter discusses the corporate social responsibility, earnings management and their strategic matching impact on financial performance in China.
Chapter 6 is policy research. In view of the role of corporate social responsibility to suppress excessive earnings management and improve financial performance, the internal control system of corporate social responsibility in China is constructed from target, subject, object, standards and reports.
Chapter 7 is summary and outlook. This chapter summarizes the main conclusions of the full paper and discusses future research finally.
The Innovation of this paper is as follows:
1.Previous research focus on the relation between corporate social responsibility and financial performance, this paper incorporates earnings management into the relation between corporate social responsibility and financial performance and consider them comprehensively from the point of entrenchment or alternative mechanism. In this paper, we use the stakeholder theory, stakeholder agency theory, game theory and other theories, mainly discussed based on the perspective of stakeholders.In addition, the research on the relation between corporate social responsibility and earnings management opens up new ideas for corporate social responsibility.
2.The score of "corporate social responsibility ranking of State-owned listed companies in China" is used in empirical research, the index system behind score reflect the multi-dimensional structure of corporate social responsibility, reflect the interests of various stakeholders, overcomes the design flaws in previous studies. In addition, accounting and stock market data is used to measure financial performance for robustness.
3.Corporate social responsibility plays an important rale in suppressing excessive earnings management and improving financial performance, but corporate social responsibility as a business philosophy need be integrated into business activities and Internal control is the tool pulled corporate social responsibility to the ground. The construction of internal control system of corporate social responsibility is inevitable, this paper finish it from target, subject, object, standards and reports.
引文
高汉祥,郑济孝.2010.公司治理与企业社会责任：同源、分流与融合.会计研究,6：32-36.
3第一维度的企业社会责任分为四个部分：经济责任、法律责任、伦理责任和自愿责任(后来,Carroll(1991a)把自愿责任改为慈善责任,并把四种责任从低到高排列成所谓的“社会责任金字塔”模型)。
但这四个部分不是同等重要的,它们被赋予的权数依次为4-3-2-1。
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3第一维度的企业社会责任分为四个部分：经济责任、法律责任、伦理责任和自愿责任(后来,Carroll(1991a)把自愿责任改为慈善责任,并把四种责任从低到高排列成所谓的“社会责任金字塔”模型)。
但这四个部分不是同等重要的,它们被赋予的权数依次为4-3-2-1。
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