税收成本约束下的企业盈余管理行为研究
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摘要
盈余管理作为实证会计研究的一个重要领域,一直都是国内外研究人员关注的热点问题之一。但是长期以来,对盈余管理的大部分研究主要集中于企业行为等微观层面的影响因素,很少涉及到经济政策等宏观层面的影响因素,而我国又是一个非常注重宏观调控的国家,因此,研究宏观经济政策对企业盈余管理行为的影响,就具有一定的理论价值和现实意义。本文主要选取了税收政策这一与企业密切相关的宏观经济政策作为研究对象,具体研究了企业所得税政策变动所带来的税收成本变动对企业盈余管理行为产生的影响。
本文首先对盈余管理的概念进行了重新界定,并从崭新的视角分析了盈余管理的特征和利弊。在此基础上,从组织行为学的角度出发,借鉴舞弊三角理论,构建了一个由能力、动机和机会三个因素构成的盈余管理分析框架,并主要运用契约理论对这三个因素进行了更加深入的理论分析,同时阐明了税收政策对企业盈余管理行为的影响机理。其次,分别从公司治理、税收政策和会计准则三个方面回顾了国内外有关盈余管理的主要文献,这三个方面的研究成果分别反映了能力、动机和机会三个因素对盈余管理产生的影响,另外还回顾了与盈余管理的识别和计量有关的文献,为本文具体的研究思路和研究方法提供了参考和借鉴。再次,以我国A股上市公司为研究样本,综合运用多元线性回归分析、两配对样本t检验以及盈余频数分布法等方法,分别从盈余管理的幅度、手段和频数三个方面,具体研究了我国2008年所得税政策变动所引起的税收成本变动对企业盈余管理行为产生的影响。最后,对本文的研究过程和研究结果进行总结,作出研究结论,并对税收政策的制定和盈余管理的治理提出了相应的建议。
本文的研究发现：(1)当企业由高税率时期进入低税率时期时,企业的盈余管理幅度会显著增大。而且企业通过应税项目进行盈余管理的幅度会明显增加,而通过非应税项目进行盈余管理的幅度并没有显著变化。同时还发现,基于保盈避亏动机而进行盈余管理的企业数量在税率降低后出现了显著的增加。(2)当企业由低税率时期进入高税率时期时,企业的盈余管理幅度虽然有所降低,但是统计意义上并不显著。而且企业通过应税项目进行盈余管理的幅度虽然有所降低,但是统计意义上也并不显著,而企业通过非应税项目进行盈余管理的幅度则显著增加。另外,基于保盈避亏动机而进行盈余管理的企业数量在税率升高后有所减少,但是变化并不十分明显。(3)当企业处于税率相对稳定的时期时,企业盈余管理的幅度没有发生显著变化,企业通过应税项目和非应税项目进行盈余管理的幅度均没有发生显著变化,而且基于保盈避亏动机而进行盈余管理的企业数量也没发生显著变化。总的来说,本文的研究表明,税率的降低能够显著地刺激大部分企业的盈余管理行为,税率的升高虽然在一定程度上可以抑制企业的盈余管理行为,但是这种抑制作用并不显著,而相对稳定的税率则不会对企业的盈余管理行为产生显著影响。
As an important research field in positive accounting, earnings management has always been one of hot issues for researchers at home and abroad. But for a long time, most researches on earnings management have been foucusing on the factors in micro level such as enterprise behavior and few refers to the factors in macro level such as economy policy. Meanwhile China is a coutry which attaches great importance to macroeconomic control and therefore it must has some theoretical and actual value to research the inssue how macroeconomic polices will impact on enterprises' earnings management behaviors. This thesis chosen tax policy which is one of macroeconomic policies closely related to enterprises to be the research object and specifically researched the inssue how the change of tax cost caused by the change of enterprise income tax policy would impact on enterprises'earnings management behaviors.
First of all, the thesis redefined the concept of earnings management and analysed the characteristics and the advantages and disadvantages of earnings management from a new perspective. And on that basis, from the view of organizational behavior and using fraud triangle theory for reference, the thesis structured a theoretical framework containing such three factors as ability, motivation and opportunity for analysing earnings management. Then the thesis analysed the three factors advancedly mainly using contract theory and clarified the mechanism of the tax policy impacting on the enterprises' earnings management behaviors. Secondly, the thesis reviewed the main literatures about earnings management at home and abroad from three aspects:corporate governance, tax policy and accounting principle. And these three research fields separately reflected the impacts on earnings management from the three factors:ability, motivation and opportunity. Also the thesis reviewed the literatures about identifying and measuring earnings management. All these reviewing works were to supply optional ideas and proper methods for the advancedly research. Thirdly, the thesis researched the inssue how the change of tax cost caused by the change of enterprise income tax policy in China in2008impacted on enterprises' earnings management behaviors from such three aspects as magnitude, approach and frequency, using the methods such as multiple linear regression, two paired sample t test, frequence distribution method and etc, and taking listed companies in China's A-share market as samples. Finally, the thesis summarized the research process and results, made a conclusion, and offerred proposals about making tax policy and governing earnings management.
The research found that:(1) when the enterprises went into a low income tax rate period from a high income tax rate period, they would increase the magnitude of earnings management observably. And specifically, the magnitude of earnings management through taxable items increased observably but the magnitude of earnings management through non-taxable items had occurred with no significant change. Meanwhile, the number of enterprise which implemented earnings management in order to avoid loss grew observably after the income tax rate had declined.(2) When the enterprises went into a high income tax rate period from a low income tax rate period, they would decrease the magnitude of earnings management but it's not statistically significant. And specifically, the magnitude of earnings management through taxable items decreased with no statistically significance and the magnitude of earnings management through non-taxable items increased with statistically significance. Meanwhile, the number of enterprise which implemented earnings management in order to avoid loss dropped after the income tax rate had rose but it's not obvious.(3) When the enterprises were in a period with a relative stable income tax rate, the magnitude of earnings management didn't change obviously. And specifically, the magnitude of earnings management through both taxable items and non-taxable items didn't change obviously. Meanwhile the number of enterprise which implement earnings management in order to avoid loss didn't change obviously too. In general, the research in this thesis shows that, the fall of income tax rate will stimulate most enterprises' earnings management behaviors, the rise of income tax rate will restrain enterprises' earnings management behaviors to some extent but it's not obvious, and a relative stable income tax rate will not observably influence enterprises'earnings management behaviors.
本文首先对盈余管理的概念进行了重新界定,并从崭新的视角分析了盈余管理的特征和利弊。在此基础上,从组织行为学的角度出发,借鉴舞弊三角理论,构建了一个由能力、动机和机会三个因素构成的盈余管理分析框架,并主要运用契约理论对这三个因素进行了更加深入的理论分析,同时阐明了税收政策对企业盈余管理行为的影响机理。其次,分别从公司治理、税收政策和会计准则三个方面回顾了国内外有关盈余管理的主要文献,这三个方面的研究成果分别反映了能力、动机和机会三个因素对盈余管理产生的影响,另外还回顾了与盈余管理的识别和计量有关的文献,为本文具体的研究思路和研究方法提供了参考和借鉴。再次,以我国A股上市公司为研究样本,综合运用多元线性回归分析、两配对样本t检验以及盈余频数分布法等方法,分别从盈余管理的幅度、手段和频数三个方面,具体研究了我国2008年所得税政策变动所引起的税收成本变动对企业盈余管理行为产生的影响。最后,对本文的研究过程和研究结果进行总结,作出研究结论,并对税收政策的制定和盈余管理的治理提出了相应的建议。
本文的研究发现：(1)当企业由高税率时期进入低税率时期时,企业的盈余管理幅度会显著增大。而且企业通过应税项目进行盈余管理的幅度会明显增加,而通过非应税项目进行盈余管理的幅度并没有显著变化。同时还发现,基于保盈避亏动机而进行盈余管理的企业数量在税率降低后出现了显著的增加。(2)当企业由低税率时期进入高税率时期时,企业的盈余管理幅度虽然有所降低,但是统计意义上并不显著。而且企业通过应税项目进行盈余管理的幅度虽然有所降低,但是统计意义上也并不显著,而企业通过非应税项目进行盈余管理的幅度则显著增加。另外,基于保盈避亏动机而进行盈余管理的企业数量在税率升高后有所减少,但是变化并不十分明显。(3)当企业处于税率相对稳定的时期时,企业盈余管理的幅度没有发生显著变化,企业通过应税项目和非应税项目进行盈余管理的幅度均没有发生显著变化,而且基于保盈避亏动机而进行盈余管理的企业数量也没发生显著变化。总的来说,本文的研究表明,税率的降低能够显著地刺激大部分企业的盈余管理行为,税率的升高虽然在一定程度上可以抑制企业的盈余管理行为,但是这种抑制作用并不显著,而相对稳定的税率则不会对企业的盈余管理行为产生显著影响。
As an important research field in positive accounting, earnings management has always been one of hot issues for researchers at home and abroad. But for a long time, most researches on earnings management have been foucusing on the factors in micro level such as enterprise behavior and few refers to the factors in macro level such as economy policy. Meanwhile China is a coutry which attaches great importance to macroeconomic control and therefore it must has some theoretical and actual value to research the inssue how macroeconomic polices will impact on enterprises' earnings management behaviors. This thesis chosen tax policy which is one of macroeconomic policies closely related to enterprises to be the research object and specifically researched the inssue how the change of tax cost caused by the change of enterprise income tax policy would impact on enterprises'earnings management behaviors.
First of all, the thesis redefined the concept of earnings management and analysed the characteristics and the advantages and disadvantages of earnings management from a new perspective. And on that basis, from the view of organizational behavior and using fraud triangle theory for reference, the thesis structured a theoretical framework containing such three factors as ability, motivation and opportunity for analysing earnings management. Then the thesis analysed the three factors advancedly mainly using contract theory and clarified the mechanism of the tax policy impacting on the enterprises' earnings management behaviors. Secondly, the thesis reviewed the main literatures about earnings management at home and abroad from three aspects:corporate governance, tax policy and accounting principle. And these three research fields separately reflected the impacts on earnings management from the three factors:ability, motivation and opportunity. Also the thesis reviewed the literatures about identifying and measuring earnings management. All these reviewing works were to supply optional ideas and proper methods for the advancedly research. Thirdly, the thesis researched the inssue how the change of tax cost caused by the change of enterprise income tax policy in China in2008impacted on enterprises' earnings management behaviors from such three aspects as magnitude, approach and frequency, using the methods such as multiple linear regression, two paired sample t test, frequence distribution method and etc, and taking listed companies in China's A-share market as samples. Finally, the thesis summarized the research process and results, made a conclusion, and offerred proposals about making tax policy and governing earnings management.
The research found that:(1) when the enterprises went into a low income tax rate period from a high income tax rate period, they would increase the magnitude of earnings management observably. And specifically, the magnitude of earnings management through taxable items increased observably but the magnitude of earnings management through non-taxable items had occurred with no significant change. Meanwhile, the number of enterprise which implemented earnings management in order to avoid loss grew observably after the income tax rate had declined.(2) When the enterprises went into a high income tax rate period from a low income tax rate period, they would decrease the magnitude of earnings management but it's not statistically significant. And specifically, the magnitude of earnings management through taxable items decreased with no statistically significance and the magnitude of earnings management through non-taxable items increased with statistically significance. Meanwhile, the number of enterprise which implemented earnings management in order to avoid loss dropped after the income tax rate had rose but it's not obvious.(3) When the enterprises were in a period with a relative stable income tax rate, the magnitude of earnings management didn't change obviously. And specifically, the magnitude of earnings management through both taxable items and non-taxable items didn't change obviously. Meanwhile the number of enterprise which implement earnings management in order to avoid loss didn't change obviously too. In general, the research in this thesis shows that, the fall of income tax rate will stimulate most enterprises' earnings management behaviors, the rise of income tax rate will restrain enterprises' earnings management behaviors to some extent but it's not obvious, and a relative stable income tax rate will not observably influence enterprises'earnings management behaviors.
引文
① 通常认为,Healy于1985年发表在《会计与经济学学刊》的《分红计划对会计选择的影响》一文,是盈余管理研究的开山之作。
② 确切地说,早期的实证会计研究实际上是指20世纪60年代末到70年代初关于美国资本市场的会计研究,这一时期的会计研究通常被称为经验会计研究(empirical accounting research)。实证会计研究(positive accounting research)的概念是在1976年由美国罗彻斯特大学的Michael C.Jensen正式提出,主要是关于会计选择的研究。由于这两类研究所使用的主要方法基本相同,而且研究的内容逐渐出现交叉,因此我国的学者不再对两者进行区分,统称为实证会计研究。
① 有关这一研究框架的详细论述,参见姜国华和饶品贵发表于《会计研究》2011年第3期的文章《宏观经济政策与微观企业行为——拓展会计与财务研究新领域》。本文的研究在很大程度上受到该文的启发。
①Healy(1985)之前的早期相关研究主要包括Watts和Zimmerman(1978):Hagerm和Zmijewski(1979)； Holthausen(1981)；Zmijewski和Hagerman(1981)；Collins,Rozeff和Dhaliwal(1981)；Bowen,Noreen和Lacey(1981)等。
① 我国《公司法》第二百一十七条明确规定：“高级管理人员,是指公司的经理、副经理、财务负责人、上市公司董事会秘书和公司章程规定的其他人员。”董事会具有对这些人员聘任和解聘的权力。
② 公认会计原则(Generally Accepted Accounting Principles,简称GAAP)是美国会计规范体系中产生最早也是最重要的组成部分,并在以后的演化过程中逐渐将会计规范之类的文献全部包括进来。美国历史上三个公认会计原则制定机构(会计程序委员会、会计原则委员会和财务会计准则委员会)所发布的会计研究公报、会计原则委员会意见书、财务会计准则公告等所有有效文件,都成为公认会计原则的重要组成部分。我国虽然没有将公认会计原则的概念引入会计规范体系,但是从现实情况来看,我国的会计准则和会计制度以及其他会计规范所构成的整体与美国现时公认会计原则的含义并无多大差异。另外,由于世界各国的会计规范内容和具体称谓各不相同,因此,使用“公认会计原则”的称谓则更具有一般意义。
③ 关于会计规则制定权合约安排的详细论述,参见谢德仁发表于《会计研究》1997年第9期的论文《会计规则制定权合约安排的范式与变迁——兼及会计准则性质的研究》以及发表于《经济研究》2000年第5期的论文《会计信息的真实性与会计规则制定权合约安排》。
① 关于会计信息失真“三分法”的详细论述,参见吴联生发表于《会计研究》2003年第1期的论文《会计信息失真的“三分法”：理论框架与证据》。
① 公共利益理论认为政府部门是以实现社会福利最大化为己任的社会组织,因此可以代表社会公众的利益。
① 常用来分析盈余管理的经济学理论主要包括新制度经济学中的产权理论、契约理论、交易费用理论,信息经济学中的委托代理理论、信息不对称理论、信号传递理论等。然而这些理论对盈余管理的解释力和侧重点是不同的,已有的研究文献并没有通过对这些理论的运用构建一个相对系统和完整的盈余管理分析框架。
② 这些理论除了舞弊三角理论外,还包括冰山理论、GONE理论以及舞弊风险因子理论等。
① 激励和动机在英文中都是"motivation"一词,只是由于在不同的语境下产生了中文翻译上的差别。而且从激励和动机的关系来看,动机理论是激励理论的分析基础。
① 微观经济学中的支付能力与组织行为学中影响绩效的能力有所不同。影响绩效的能力主要受行为主体的先天禀赋和后天的学习及经验的影响,是一种主要依靠个人努力获取的内生的能力。而支付能力,实际上是一种法定权力,即法律赋予个体通过法定货币购买所需物品的权力,是一种外生的能力。但是这两种能力都是影响个体行为的重要因素,因此都可以纳入分析的范围。这一点在下文运用领导理论分析管理者能力的过程中有所体现。
① 具体而言,企业的社会契约理论存在两种竞争性的理论：合理性理论和利益相关者理论。两种理论都将企业定位为一个更为广泛的社会系统的一部分,企业对整个系统产生影响,同时也受社会中其他团体的影响。其区别在于,合理性理论认为企业需要不断保证其是在所处社会的边界和规范中运作,而这主要是通过遵循与社会签订的社会契约的形式来实现的,否则就会受到社会的制裁或惩罚,从而失去存在的合理性：而利益相关者理论则认为企业并不是与社会整体签订一份社会契约,而是与社会中不同的利益相关者分别签订不同的社会契约,来保证其存在的合理性的。本文的分析主要基于合理性理论。
① 将宪法、法律、法规等正式制度视作社会契约的观点是富有争议的。但是哲学和社会科学各个领域都不乏这一观点的支持者。在哲学和政治学领域,古希腊的哲学家如柏拉图、亚里士多德等以及早期的社会契约论者如霍布斯、洛克、卢梭等,都在其著作中闸述了法律源于社会契约的观点。在法学领域,美国宪法史学家考文(Edward S. Corwin)在其所著的《美国宪法的“高级法”背景》一书中提到,英国“《大宪章》的原始形式就不是一种制定法,而是一种契约”。在经济学领域,以布坎南为代表的公共选择学派视宪法为一套能改进所有人生活条件的一般性契约；我国学者张维迎(2005)也指出,与企业有关的正式契约分为两类：通用契约和特殊契约,前者适用十所有或大多数企业,包括由政府颁布的一整套法律、法规、条例,如公司法、破产法、劳动法、证券法等,后者适用于单个企业,包括公司章程、内部制度等。
② 此处引自张瑞玉翻译的中译本《资本主义与自由》,2004年7月第2版由商务印书馆出版。
③ 随着我国市场经济的不断发展,人们对企业承担社会责任的期望也变得越来越高,出现了很多企业因没有满足社会公众对其承担社会责任的期望而遭受经济损失的案例,其中的一例典型就是万科的“捐款门”事件。2008年5月12日,四川汶川地震发生当天,万科集团向灾区捐款200万元。但是社会舆论认为其捐赠的200万元与其年销售额1000亿元的形象并不相称。对此,万科董事长王石在5月15日进行了辩解,然而这却使万科彻底陷入舆论漩涡。据2008年9月13日华夏时报报道,受“捐款门”事件影响,万科A股从5月15日每股22.57元开始下跌,到5月23日已经跌到每股19.6元,公司市值蒸发了204亿元。另据世界品牌实验室发布的2008年《中国500最具价值品牌排行榜》,万科2008年品牌价值为181.23亿元,受“捐款门”事件影响,比上年缩水了12.31亿元。另外,2012年7月份接连发生的“什邡事件”和“启东事件”,都是因企业的环保问题而引发社会公众的极大不满和抗议,而最终都是社会公众获得胜利,涉事企业放弃投资并承担经济损失。
① 目前,世界上只有少数西方发达国家对企业在环境及社会责任方面的信息披露作出了明确的要求,如美国、加拿大、日本、澳大利亚、法国、德国等。
② 例如我国企业会计准则中,对石油天然气企业承担矿区废弃处置义务时发生支出的相关规定,就反映了我国企业承担环境责任的相关信息,而对一般企业的公益性捐赠、缴纳职工五险一金以及企业年金计划的相关规定,则反映了我国企业承担社会责任的相关信息。
① 通过安排真实交易活动来达到预期结果的事情在现实中也时常发生。本文写作期间,正值2012年第30届夏季奥运会在伦敦举行。北京时间8月1日,世界羽联宣布对在伦敦奥运会羽毛球女双比赛中发生消极比赛的8名涉案羽毛球选手提出正式指控,引起了各方的广泛关注。消极比赛行为的产生,就是在各种压力和利益的驱动下,由各国羽毛球运动管理当局在进行充分的利益权衡之后,充分利用比赛规则的不完全性,通过安排比赛活动来达到预期的比赛结果。虽然世界羽联规定了消极比赛是违规的,但是却没有明确判定消极比赛的标准,这就为消极比赛的产生提供了机会。然而与这一案例相比,企业通过安排真实交易活动来达到财务报告信息要求的行为是不容易被觉察和识别的,因为企业的交易活动和交易契约通常属于企业的商业机密,往往是不对外公开的。
② 私人交易合同内容可以理解为由通用契约条款和特殊契约条款构成。通用契约条款通常由法律规定,具有一定的刚性,而特殊契约条款由交易双方决定,具有一定的弹性。
① 从行为经济学的角度分析管理者的特质与盈余管理关系的研究,可参见大连理工大学李延喜教授主持的国家自然科学基金“基于管理者行为特征的盈余管理约束模型研究”(项目编号：70772087)的相关研究成果,以及张荣武和刘文秀(2008)；何威风,刘启亮和刘永丽(2011)等人的相关研究。
① 修正Jones模型的提出者Dechow, Sloan和Sweeny(1995),以及国内学者夏立军(2002)、吴联生和王亚平(2007)等人都强调了这一点。但是国内很多研究都直接套用修正的Jones模型来估计参数,从而导致估计出的参数存在一定的偏差。
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② 确切地说,早期的实证会计研究实际上是指20世纪60年代末到70年代初关于美国资本市场的会计研究,这一时期的会计研究通常被称为经验会计研究(empirical accounting research)。实证会计研究(positive accounting research)的概念是在1976年由美国罗彻斯特大学的Michael C.Jensen正式提出,主要是关于会计选择的研究。由于这两类研究所使用的主要方法基本相同,而且研究的内容逐渐出现交叉,因此我国的学者不再对两者进行区分,统称为实证会计研究。
① 有关这一研究框架的详细论述,参见姜国华和饶品贵发表于《会计研究》2011年第3期的文章《宏观经济政策与微观企业行为——拓展会计与财务研究新领域》。本文的研究在很大程度上受到该文的启发。
①Healy(1985)之前的早期相关研究主要包括Watts和Zimmerman(1978):Hagerm和Zmijewski(1979)； Holthausen(1981)；Zmijewski和Hagerman(1981)；Collins,Rozeff和Dhaliwal(1981)；Bowen,Noreen和Lacey(1981)等。
① 我国《公司法》第二百一十七条明确规定：“高级管理人员,是指公司的经理、副经理、财务负责人、上市公司董事会秘书和公司章程规定的其他人员。”董事会具有对这些人员聘任和解聘的权力。
② 公认会计原则(Generally Accepted Accounting Principles,简称GAAP)是美国会计规范体系中产生最早也是最重要的组成部分,并在以后的演化过程中逐渐将会计规范之类的文献全部包括进来。美国历史上三个公认会计原则制定机构(会计程序委员会、会计原则委员会和财务会计准则委员会)所发布的会计研究公报、会计原则委员会意见书、财务会计准则公告等所有有效文件,都成为公认会计原则的重要组成部分。我国虽然没有将公认会计原则的概念引入会计规范体系,但是从现实情况来看,我国的会计准则和会计制度以及其他会计规范所构成的整体与美国现时公认会计原则的含义并无多大差异。另外,由于世界各国的会计规范内容和具体称谓各不相同,因此,使用“公认会计原则”的称谓则更具有一般意义。
③ 关于会计规则制定权合约安排的详细论述,参见谢德仁发表于《会计研究》1997年第9期的论文《会计规则制定权合约安排的范式与变迁——兼及会计准则性质的研究》以及发表于《经济研究》2000年第5期的论文《会计信息的真实性与会计规则制定权合约安排》。
① 关于会计信息失真“三分法”的详细论述,参见吴联生发表于《会计研究》2003年第1期的论文《会计信息失真的“三分法”：理论框架与证据》。
① 公共利益理论认为政府部门是以实现社会福利最大化为己任的社会组织,因此可以代表社会公众的利益。
① 常用来分析盈余管理的经济学理论主要包括新制度经济学中的产权理论、契约理论、交易费用理论,信息经济学中的委托代理理论、信息不对称理论、信号传递理论等。然而这些理论对盈余管理的解释力和侧重点是不同的,已有的研究文献并没有通过对这些理论的运用构建一个相对系统和完整的盈余管理分析框架。
② 这些理论除了舞弊三角理论外,还包括冰山理论、GONE理论以及舞弊风险因子理论等。
① 激励和动机在英文中都是"motivation"一词,只是由于在不同的语境下产生了中文翻译上的差别。而且从激励和动机的关系来看,动机理论是激励理论的分析基础。
① 微观经济学中的支付能力与组织行为学中影响绩效的能力有所不同。影响绩效的能力主要受行为主体的先天禀赋和后天的学习及经验的影响,是一种主要依靠个人努力获取的内生的能力。而支付能力,实际上是一种法定权力,即法律赋予个体通过法定货币购买所需物品的权力,是一种外生的能力。但是这两种能力都是影响个体行为的重要因素,因此都可以纳入分析的范围。这一点在下文运用领导理论分析管理者能力的过程中有所体现。
① 具体而言,企业的社会契约理论存在两种竞争性的理论：合理性理论和利益相关者理论。两种理论都将企业定位为一个更为广泛的社会系统的一部分,企业对整个系统产生影响,同时也受社会中其他团体的影响。其区别在于,合理性理论认为企业需要不断保证其是在所处社会的边界和规范中运作,而这主要是通过遵循与社会签订的社会契约的形式来实现的,否则就会受到社会的制裁或惩罚,从而失去存在的合理性：而利益相关者理论则认为企业并不是与社会整体签订一份社会契约,而是与社会中不同的利益相关者分别签订不同的社会契约,来保证其存在的合理性的。本文的分析主要基于合理性理论。
① 将宪法、法律、法规等正式制度视作社会契约的观点是富有争议的。但是哲学和社会科学各个领域都不乏这一观点的支持者。在哲学和政治学领域,古希腊的哲学家如柏拉图、亚里士多德等以及早期的社会契约论者如霍布斯、洛克、卢梭等,都在其著作中闸述了法律源于社会契约的观点。在法学领域,美国宪法史学家考文(Edward S. Corwin)在其所著的《美国宪法的“高级法”背景》一书中提到,英国“《大宪章》的原始形式就不是一种制定法,而是一种契约”。在经济学领域,以布坎南为代表的公共选择学派视宪法为一套能改进所有人生活条件的一般性契约；我国学者张维迎(2005)也指出,与企业有关的正式契约分为两类：通用契约和特殊契约,前者适用十所有或大多数企业,包括由政府颁布的一整套法律、法规、条例,如公司法、破产法、劳动法、证券法等,后者适用于单个企业,包括公司章程、内部制度等。
② 此处引自张瑞玉翻译的中译本《资本主义与自由》,2004年7月第2版由商务印书馆出版。
③ 随着我国市场经济的不断发展,人们对企业承担社会责任的期望也变得越来越高,出现了很多企业因没有满足社会公众对其承担社会责任的期望而遭受经济损失的案例,其中的一例典型就是万科的“捐款门”事件。2008年5月12日,四川汶川地震发生当天,万科集团向灾区捐款200万元。但是社会舆论认为其捐赠的200万元与其年销售额1000亿元的形象并不相称。对此,万科董事长王石在5月15日进行了辩解,然而这却使万科彻底陷入舆论漩涡。据2008年9月13日华夏时报报道,受“捐款门”事件影响,万科A股从5月15日每股22.57元开始下跌,到5月23日已经跌到每股19.6元,公司市值蒸发了204亿元。另据世界品牌实验室发布的2008年《中国500最具价值品牌排行榜》,万科2008年品牌价值为181.23亿元,受“捐款门”事件影响,比上年缩水了12.31亿元。另外,2012年7月份接连发生的“什邡事件”和“启东事件”,都是因企业的环保问题而引发社会公众的极大不满和抗议,而最终都是社会公众获得胜利,涉事企业放弃投资并承担经济损失。
① 目前,世界上只有少数西方发达国家对企业在环境及社会责任方面的信息披露作出了明确的要求,如美国、加拿大、日本、澳大利亚、法国、德国等。
② 例如我国企业会计准则中,对石油天然气企业承担矿区废弃处置义务时发生支出的相关规定,就反映了我国企业承担环境责任的相关信息,而对一般企业的公益性捐赠、缴纳职工五险一金以及企业年金计划的相关规定,则反映了我国企业承担社会责任的相关信息。
① 通过安排真实交易活动来达到预期结果的事情在现实中也时常发生。本文写作期间,正值2012年第30届夏季奥运会在伦敦举行。北京时间8月1日,世界羽联宣布对在伦敦奥运会羽毛球女双比赛中发生消极比赛的8名涉案羽毛球选手提出正式指控,引起了各方的广泛关注。消极比赛行为的产生,就是在各种压力和利益的驱动下,由各国羽毛球运动管理当局在进行充分的利益权衡之后,充分利用比赛规则的不完全性,通过安排比赛活动来达到预期的比赛结果。虽然世界羽联规定了消极比赛是违规的,但是却没有明确判定消极比赛的标准,这就为消极比赛的产生提供了机会。然而与这一案例相比,企业通过安排真实交易活动来达到财务报告信息要求的行为是不容易被觉察和识别的,因为企业的交易活动和交易契约通常属于企业的商业机密,往往是不对外公开的。
② 私人交易合同内容可以理解为由通用契约条款和特殊契约条款构成。通用契约条款通常由法律规定,具有一定的刚性,而特殊契约条款由交易双方决定,具有一定的弹性。
① 从行为经济学的角度分析管理者的特质与盈余管理关系的研究,可参见大连理工大学李延喜教授主持的国家自然科学基金“基于管理者行为特征的盈余管理约束模型研究”(项目编号：70772087)的相关研究成果,以及张荣武和刘文秀(2008)；何威风,刘启亮和刘永丽(2011)等人的相关研究。
① 修正Jones模型的提出者Dechow, Sloan和Sweeny(1995),以及国内学者夏立军(2002)、吴联生和王亚平(2007)等人都强调了这一点。但是国内很多研究都直接套用修正的Jones模型来估计参数,从而导致估计出的参数存在一定的偏差。
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