摘要
以2015—2020年A股煤炭上市企业为样本,基于“制度环境—影响效应—影响路径—经济后果”的思路,运用面板回归模型考察媒体关注影响盈余管理的客观表现、传导路径和价值效应。研究发现:媒体关注可以抑制煤炭企业盈余管理,管理层过度自信在其中发挥了“中介物”作用。相较于非两职合一的企业,媒体关注对过度自信的抑制作用在两职合一的企业中更为显著,相应的其对企业盈余管理的削弱作用有正向调节作用,两职合一在该中介效应中强化前半路径。研究该中介效应的经济后果发现,媒体关注对煤炭企业盈余管理的抑制提高了企业价值创造能力。
Taking the A-share listed coal companies in China from 2015 to 2020 as the sample, we exams the objective performance,conduction path, and the value effect of media coverage on earnings management based on the logic of “institutional environment-impact effect-impact path-economic consequences”. The study finds that media attention can inhibit coal companies’ surplus management, and management overconfidence plays a role as a “mediator”. The inhibitory effect of media attention on overconfidence is more significant in the two-employee firms than in the non-two-employee firms, and accordingly, it has a positive moderating effect on the weakening effect of corporate surplus management, and the two-employee firms strengthen the first half of the mediating effect. Examining the economic consequences of this mediating effect, it is found that the suppression of media attention on coal firms’ surplus management improves firms’ value creation ability.
作者
李璇
王聪
Li Xuan;Wang Cong(School of Economics and Management,Taiyuan University of Technology,Jinzhong 030060,China)
出处
《煤炭经济研究》
2022年第1期72-76,共5页
Coal Economic Research
基金
山西省软科学研究计划(2018042025-1、 2017041017-5)。
关键词
媒体关注
盈余管理
中介效应
煤炭企业
media coverage
earnings management
mediation effect
coal enterprises
