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盈余管理是对财务盈余操纵的行为,环境信息管理是对环境信息披露操纵的行为,两者有何关系?通过两阶段最小二乘法和有限信息最大似然法分析发现,在《环境信息公开办法》颁布前,盈余管理和环境信息管理的相关性不显著;而在《环境信息公开办法》颁布后,企业对环境信息进行管理的动机开始增强,盈余管理和环境信息管理呈显著负相关关系,替代效应增强。进一步研究发现,这种替代关系在重污染行业中更加显著。研究结论为监管企业管理层环境信息管理行为提供了有效的路径,即通过衡量盈余管理程度来间接判定环境信息管理程度,以便采取进一步的监管措施。
Earnings management is the manipulation of financial surpluses, and environmental information management is the behavior of disclosure of environmental information. What is the relationship between the two? Through the two-stage least square method and the limited information maximum likelihood method, it is found that in the “Environmental Information Disclosure ”Before the promulgation, the correlation between earnings management and environmental information management was insignificant. After the promulgation of the“ Measures for Disclosure of Environmental Information ”, motivation of enterprises to manage environmental information started to increase, and there was a significant negative correlation between earnings management and environmental information management. Substitution effect increased. Further study found that this alternative relationship is more significant in heavy polluting industries. The conclusion of the study provides an effective way to supervise the management of environmental information in business management, that is indirectly measures the extent of environmental information management by measuring the extent of earnings management so that further regulatory measures can be taken.