会计学院知识库

近年来，我国政府进行环境规制的力度持续加大，不仅修订了新《环境保护法》（以下简称新《环保法》），还出台了《环境保护税法》等系列环境规制法律法规，其中以新《环保法》的影响最为广泛，该法律对环境污染的管制十分严格，给重污染企业的生产和经营带来了重大的影响。根据政治成本假说，作为上市公司，行业内发生较为严厉的行业管制时，会在一定程度上影响企业的盈余管理行为。那么，新《环保法》作为近几十年来最严厉的环境规制政策，是否会促发重污染企业管理层在短期内进行盈余管理的动机呢？

本文在梳理了相关研究文献后，选取重污染企业之一冀中能源股份有限公司（以下简称冀中能源）为案例企业，首先介绍了冀中能源的发展状况、分析了该企业的环境政策背景及其对冀中能源盈余管理的影响；其次，基于公司的财务数据分析和业绩归因的合理性分析对盈余管理进行了识别，并利用盈余管理模型对其存在性进行了检验，结果表明公司在环境规制下确实存在着盈余管理行为，在此基础上，分析总结出了冀中能源盈余管理的手段和特点，发现其手段以真实盈余管理为主，并体现出“隐蔽化”、“绿色化”的特点；最后，对环境规制下冀中能源盈余管理的成因及经济后果进行了分析，发现冀中能源的盈余管理是由企业缓解环保成本压力、获取政府补助以及内部治理缺陷等共同促成，该行为对企业的经营绩效、投资者决策及政府决策产生了不同程度的影响。

企业进行适度盈余管理可以帮助自身渡过困境，但过度的盈余管理则容易演变为财务舞弊，因而在冀中能源的盈余管理尚未演变之前，要将其控制在一定范围之内，本文分别从公司层面、会计准则层面以及政府层面给出了规范冀中能源盈余管理行为的相关建议。经本文分析，研究结论如下：即环境规制力度加大会导致冀中能源利用盈余管理调整本期盈余，进而缓解环保和业绩压力、避免传递企业消极的经营信号、获取政府补助，其盈余管理为企业的未来发展提供了空间，但是损害了投资者和中小股东的权益。

In recent years, the Chinese government has continued to strengthen environmental regulation. It not only revised the new Environmental Protection Law (hereinafter referred to as the New Environmental Protection Law), but also issued a series of environmental regulation laws and regulations such as the Environmental Protection Tax Law. The new "Environmental Protection Law" has the most extensive impact. The law controls environmental pollution very strictly, which has brought a significant impact on the production and operation of heavily polluting enterprises. According to the political cost hypothesis, as a listed company, when a relatively strict industry regulation occurs in the industry, it will affect the company's earnings management behavior to a certain extent. So, as the most stringent environmental regulation policy in recent decades, will the new Environmental Protection Law motivate the management of heavily polluting enterprises to conduct earnings management in the short term?

After sorting out the relevant research literature, this paper selects Jizhong Energy Co., Ltd. (hereinafter referred to as Jizhong Energy), one of the heavily polluting enterprises, as a case enterprise. First, it introduces the development status of Jizhong Energy and analyzes the environmental policy background of the enterprise. and its impact on Jizhong Energy's earnings management; secondly, based on the company's financial data analysis and the rationality analysis of performance attribution, earnings management was identified, and its existence was tested using the earnings management model. The results showed that the company Earnings management does exist under environmental regulation. On this basis, the means and characteristics of Jizhong Energy's surplus management are analyzed and summarized, and it is found that its means are mainly real earnings management, and it reflects "concealment" and "green". Finally, it analyzes the causes and economic consequences of Jizhong Energy's surplus management under environmental regulation, and finds that Jizhong Energy's surplus management is caused by the company's alleviation of environmental protection cost pressures, government subsidies, and internal governance defects. , the behavior has different degrees of impact on the business performance of the enterprise, investor decision-making and government decision-making.

Appropriate earnings management for enterprises can help them overcome difficulties, but excessive earnings management can easily evolve into financial fraud. Therefore, before the earnings management of Jizhong Energy has evolved, it must be controlled within a certain range. At the level of accounting standards, the level of accounting standards and the level of government, relevant suggestions for regulating the surplus management of Jizhong Energy were given. After the analysis of this paper, the research conclusions are as follows: that is, the intensification of environmental regulation leads to the adjustment of the current period's surplus by the use of surplus management of Jizhong Energy, thereby alleviating the pressure on environmental protection and performance, avoiding the transmission of negative business signals of the enterprise, and obtaining government subsidies. The future development of the company provides space, but it damages the rights and interests of investors and minority shareholders.