异质性环境规制与企业盈余信息质量——基于传染效应视角

利用2011—2017年重污染企业数据，检验传染效应视角下异质性环境规制对企业盈余信息质量的影响。研究发现：传染效应强化了显性环境规制对企业盈余信息质量的负向影响，削弱了隐性环境规制对企业盈余信息质量的正向影响。进一步研究发现：对于规模较大、环境不确定性较低和向下盈余管理的企业，传染效应的调节作用更为明显；内部控制质量和社会信任能削弱传染效应的正向调节作用；立法强度、环境补贴和公众参与是影响企业盈余信息质量的主要环境规制。

The Heterogeneous Environmental Regulation and Enterprise Earnings Information Quality from the Perspective of Contagion Effect

Based on the 2011-2017 data of Chinese A-share listed heavy polluters, this paper tests the impact of environmental regulation on the quality of enterprise earnings information from the perspective of contagion effect. The results show that the contagion effect strengthens the negative impact of explicit environmental regulation on the quality of enterprise earnings information, and weakens the positive impact of implicit environmental regulation on the quality of enterprise earnings information. Further research has found that for enterprises with large scale, low environmental uncertainty and downward earnings management, the adjustment effect of contagion effect is more obvious. The quality of internal control and social trust can weaken the positive adjustment of contagion effect. Legislative intensity, environmental subsidies and public participation are the main environmental regulations that affect the quality of enterprise earnings information.