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论文编号：	15995
作者编号：	2120243801
上传时间：	2026/6/2 12:37:46
中文题目：	应计盈余管理与企业可视化年报披露
英文题目：	Accrual earnings Management and Visualized Annual Report Disclosure for Enterprises
指导老师：	姚颐
中文关键字：	可视化年报；应计盈余管理；印象管理
英文关键字：	Visual Annual Report; Accrual Earnings Management; Impression Management
中文摘要：	资本市场注册制改革背景下，企业的信息披露变得愈发关键，监管机构也对 此提出了“注重图表化表达”、“提高年报可读性”等要求。中证网新设“可视 化财报”板块供企业自主披露，上证 e 互动平台增设“年报视频”栏目。近年来， 自主披露可视化年报的企业数目持续增加。这种自愿性信息披露行为可能出自 何种目的，以及企业是否会出于自利动机将该种自主披露方式作为印象管理工 具，是一个值得探究的问题。 本文以 2019-2023 年度沪深 A 股上市公司的面板数据为研究样本，实证研 究企业应计盈余管理对可视化年报披露行为的影响。 研究发现：（1）企业应计盈余管理的数值越大，其披露可视化年报的可能 性越高。该结论通过多种稳健性与内生性检验。（2）融资约束在应计盈余管理 与企业可视化年报披露中起正向调节作用，融资约束程度越高，应计盈余管理向 上变动对企业可视化年报披露的推动作用更大。（3）企业受到的媒体关注度在 应计盈余管理与可视化年报披露中起正向调节作用，媒体关注度越高，应计盈余 管理向上变动后企业披露可视化年报可能性的增加值越高。（4）异质性分析结 果表明，应计盈余管理正向变动对可视化年报发布的推动作用在上一会计年度 发生 CEO 非正常变更、审计机构为非四大会计师事务所、非国有企业中更为显 著。 本文的边际贡献可能在于：聚焦中证网“可视化财报披露”板块这一新兴研 究场景，创新性地探究可视化年报被用作印象管理工具、配合企业应计盈余管理 行为的可能性，丰富策略性披露理论，为利益相关者的可视化财报使用及监管机 构的可视化财报披露要求制定提出靶向建议。
英文摘要：	Under the background of the registration-based reform of the capital market, the information disclosure of enterprises has become increasingly crucial, and regulatory authorities have put forward requirements such as "emphasizing graphical expression" and "enhancing the readability of annual reports". The China Securities Journal website has newly established a "Visualized Financial Report" section for enterprises to disclose voluntarily, and the "Shanghai Stock Exchange e-Interaction" platform has added a "Annual Report Video" column. In recent years, many enterprises have voluntarily disclosed visualized annual reports. The potential purposes underlying this type of voluntary information disclosure behavior, as well as whether enterprises may exploit such autonomous disclosure practices as an impression management tool out of self-interest motives, represent an issue worthy of investigation. This paper takes the panel data of Shanghai and Shenzhen A-share listed companies from 2019 to 2023 as the research sample to empirically study the impact of accrual-based earnings management on the disclosure behavior of visualized annual reports. The research findings are as follows: (1) The larger the numerical value of accrualbased earnings management of an enterprise, the higher the possibility that it discloses a visualized annual report. This conclusion has passed multiple robustness and endogeneity tests. (2) Financing constraints play a positive moderating role in the relationship between accrual-based earnings management and the disclosure of visualized annual reports by enterprises. The higher the degree of financing constraints, the greater the promoting effect of an upward change in accrual-based earnings management on the disclosure of visualized annual reports by enterprises. (3) The media attention received by enterprises plays a positive moderating role in the relationship between accrual-based earnings management and the disclosure of visualized annual reports. The higher the media attention, the greater the increase in the possibility of enterprises disclosing visualized annual reports after an upward change in accrual-based earnings management. (4) The results of the heterogeneity analysis indicate that the positive change in accrual-based earnings management has a more significant promoting effect on the release of visual annual reports in the following situations: when there was an abnormal change in the CEO in the previous accounting year, when the auditing firm is not one of the Big Four accounting firms, and when the enterprise is not a state-owned enterprise. The marginal contribution of this article may lie in: Focusing on the “Visualized Financial Report Disclosure” section of China Securities Network as an emerging research context, this paper innovatively explores the possibility of visualized annual reports being used as impression management tools and in conjunction with the accrual earnings management behavior of enterprises, This paper enriches the theory of strategic disclosure, and puts forward targeted suggestions for the use of visualized financial reports by stakeholders and the formulation of visualized financial report disclosure requirements by regulatory authorities.
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