社会责任信息自愿披露、CEO权力与会计盈余质量——基于倾向得分匹配法(PSM)的分析

以2008-2013年沪深两市自愿披露社会责任报告的A股上市公司为样本,引入CEO权力等情境因素,研究了社会责任信息自愿披露对会计盈余质量的影响.实证结果发现,在控制样本自选择问题后,社会责任信息自愿披露具有显著的盈余质量提升效应;进一步考虑CEO权力对企业自愿披露决策的影响后发现,企业社会责任信息自愿披露的盈余质量效应受到CEO权力大小的制约,当CEO权力较大时,自愿披露社会责任信息与会计盈余质量的正相关关系不再显著.研究结论表明,企业社会责任信息自愿披露在一定程度上改善了企业的信息环境,提升了会计盈余质量,但社会责任信息自愿披露的盈余质量效应呈现出异质性和情境依赖性的特征.

Voluntary Disclosure of Corporate Social Responsibility Information, CEO Power and Accounting Earnings Quality: An Analysis Based on PSM Method

Based on the sample of A-share listed companies with voluntarily disclosed corporate social responsibility (CSR) report during the years from 2008 to 2013 in Shanghai Stock Exchange and Shenzhen Stock Exchange, considering the situational factors such as CEO power, this paper studies the impact of the voluntary disclosure of CSR information on accounting earnings quality.The empirical results show that, after controlling the issue of sample self-selection, the voluntarily disclosure of CSR information has significantly promotion effect on accounting earnings quality.Further considering the influence of CEO power on the enterprises' decision of voluntary disclosure, it is found that the earnings quality effect of the CSR information voluntarily disclosed is restricted by CEO power.When CEO power is great, there is no longer significant positive correlation between the voluntary disclosure of CSR information and accounting earnings quality.The research conclusion demonstrates that voluntary disclosure of CSR information improves the enterprises' information environment to a certain extent and promotes the accounting earnings quality, but the earnings quality effect of voluntary disclosure of CSR information shows the characteristics of heterogeneity and situation-dependence.