Does accountability for illegal operations and investments affect SOEs’ earnings management strategies? Evidence from China

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research Pub Date : 2025-06-10 DOI:10.1016/j.cjar.2025.100433

Xuena Liu, Jiemei Liu, Lu Pan

引用次数: 0

Abstract

Exploiting the Opinions on Establishing an Accountability System for Illegal Operations and Investments in State-owned Enterprises (SOEs) as a quasi-experiment, we find that although accountability for illegal operations and investments (AIOI) effectively reduces accrual-based earnings management, it also prompts SOEs to resort to covert real earnings management tactics, suggesting a transfer effect between them. This effect is more pronounced in SOEs with weaker digital transformation and decentralized decision-making power. Our mechanism analysis reveals that AIOI primarily influences SOEs’ earnings management strategies by improving the external supervision environment and the internal organizational environment. Further analysis of the economic consequences shows that AIOI ultimately enhances the overall value of SOEs.

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对非法经营和投资的问责是否会影响国企的盈余管理策略？来自中国的证据

利用《关于建立国有企业非法经营和投资问责制的意见》作为准实验，我们发现，尽管非法经营和投资问责制有效地减少了基于权责发生制的盈余管理，但它也促使国有企业采取隐蔽的真实盈余管理策略，表明它们之间存在转移效应。这种影响在数字化转型较弱、决策权分散的国有企业中更为明显。我们的机制分析表明，AIOI主要通过改善外部监督环境和内部组织环境影响国有企业的盈余管理策略。进一步的经济后果分析表明，AIOI最终提升了国有企业的整体价值。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

China Journal of Accounting Research BUSINESS, FINANCE-

CiteScore

4.70

自引率

0.00%

发文量

295

审稿时长

15 weeks

期刊介绍： The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting, corporate finance, auditing and corporate governance in the Greater China region, countries related to the Belt and Road Initiative, and other emerging and developed markets. The Journal encourages the applications of economic and sociological theories to analyze and explain accounting issues within the legal and institutional framework, and to explore accounting issues under different capital markets accurately and succinctly. The published research articles of the Journal will enable scholars to extract relevant issues about accounting, corporate finance, auditing and corporate governance related to the capital markets and institutional environment.