碳排放交易计划与收益平稳性

IF 1.1 Q3 BUSINESS, FINANCE
June Cao, Zijie Huang, Arief B. Kristanto, Millie Liew
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引用次数: 0

摘要

本研究旨在探讨排放交易计划(ETS)的实施如何影响受排放交易计划监管的企业的收益平滑水平。本研究采用基于中国 2013 年开始的排放交易计划试点的交错差分模型,探讨排放交易计划试点的实施如何影响受监管企业相对于不受监管企业的收益平滑水平。样本时间跨度为 2008 年至 2019 年。该模型纳入了时间不变的企业特定异质性、时间特定异质性和一系列企业特征,以建立因果关系。结果表明,在实施排放交易计划试点后,受监管企业的收益平滑度相对于非受监管企业有所提高。受管制企业从战略上平滑其收益,以获得额外的财务资源,并满足排放交易计划产生的合规成本。进一步的分析表明,受监管企业的收益平滑活动是环境法规、管理诚信和资本市场激励的函数。 原创性/价值 本研究与以往关注排放交易计划环境后果的研究不同,它指出排放交易计划会影响受监管企业的财务报告决策。具体来说,受监管企业会将收益平滑作为一种短期退出策略,以规避环境法规带来的融资问题。这一发现拓展了之前主要关注税收和财务报告法规对收益平滑性影响的文献。本研究还表明,企业利用收益平滑来降低其短期资本成本,这使它们能够以较低的成本获得额外融资,并重新配置其运营以满足利益相关者的环境要求。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Carbon emission trading scheme and earnings smoothness
PurposeThe objective of this study is to investigate how the implementation of an Emission Trading Scheme (ETS) influences an ETS-regulated firm’s level of earnings smoothness.Design/methodology/approachUsing a staggered difference-in-differences model based on China’s ETS pilots commencing in 2013, this study investigates how the implementation of ETS pilots affects regulated firms’ earnings smoothing relative to non-regulated firms. The sample period spans from 2008 to 2019. This model incorporates time-invariant firm-specific heterogeneity, time-specific heterogeneity, and a series of firm characteristics to establish causality. Robustness tests justify findings.FindingsThe results show that after implementing an ETS pilot, regulated firms increase their earnings smoothness relative to non-regulated firms. Regulated firms strategically smooth their earnings to obtain additional financial resources and meet compliance costs arising from an ETS. Further analysis reveals that regulated firms’ earnings smoothing activity is a function of environmental regulations, managerial integrity, and capital market incentives.Originality/valueThis study deviates from past research focusing on the environmental consequences of ETS by indicating that an ETS affects regulated firms’ financial reporting decisions. Specifically, regulated firms resort to earnings smoothing as a short-term exit strategy from financing concerns arising from environmental regulations. This finding expands prior literature primarily focusing on the effect of tax and financial reporting regulations on earnings smoothness. This study also indicates that firms utilize earning smoothing to lower their short-term cost of capital, which enables them to access additional financing at a lower cost and reconfigure their operations to meet stakeholder environmental demands.
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来源期刊
CiteScore
6.50
自引率
0.00%
发文量
6
期刊介绍: The objective of the Journal is to publish papers that make a fundamental and substantial contribution to the understanding of accounting phenomena. To this end, the Journal intends to publish papers that (1) synthesize an area of research in a concise and rigorous manner to assist academics and others to gain knowledge and appreciation of diverse research areas or (2) present high quality, multi-method, original research on a broad range of topics relevant to accounting, auditing and taxation. Topical coverage is broad and inclusive covering virtually all aspects of accounting. Consistent with the historical mission of the Journal, it is expected that the lead article of each issue will be a synthesis article on an important research topic. Other manuscripts to be included in a given issue will be a mix of synthesis and original research papers. In addition to traditional research topics and methods, we actively solicit manuscripts of the including, but not limited to, the following: • meta-analyses • field studies • critiques of papers published in other journals • emerging developments in accounting theory • commentaries on current issues • innovative experimental research with strong grounding in cognitive, social or anthropological sciences • creative archival analyses using non-standard methodologies or data sources with strong grounding in various social sciences • book reviews • "idea" papers that don''t fit into other established categories.
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