政府补贴和收入平滑

IF 3.2 3区 管理学 Q1 BUSINESS, FINANCE Contemporary Accounting Research Pub Date : 2024-05-08 DOI:10.1111/1911-3846.12947
Kostas Pappas, Martin Walker, Alice Liang Xu, Cheng (Colin) Zeng
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引用次数: 0

摘要

本研究以美国上市公司为样本,探讨了政府补贴与收入平滑之间的关系。我们发现,与未受补贴的公司相比,受补贴的公司更积极地平滑其收益。这一发现符合以下推理:接受补贴的公司要承担更高的政治成本,因此更有动力平滑收益以避免公众关注。此外,当补贴通过非税收渠道发放时,受补贴企业的收入平滑现象比通过税收渠道发放时更为明显,而且政府补贴与收入平滑之间的正相关对于公众监督程度较高、信息环境透明度较低的企业来说更为强烈。进一步的分析表明,受补贴企业平滑收益的主要目的是混淆收益,而平滑收益的受补贴企业倾向于在未来继续获得补贴。总之,我们的研究结果有助于解释政府补贴对企业会计和信息披露选择的影响。
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Government subsidies and income smoothing

This study examines the relationship between government subsidies and income smoothing using a sample of US-listed firms. We find that subsidized firms smooth their earnings more aggressively than their unsubsidized peers. This finding is consistent with the reasoning that subsidized firms bear higher political costs and have more incentives to smooth earnings to avoid public attention. In addition, smoothing by subsidized firms is more pronounced when the subsidies are granted through non-tax-related channels than through tax-based channels, and the positive association between government subsidies and income smoothing is stronger for firms under higher public scrutiny and with less transparent information environments. Further analysis shows that smoothing by subsidized firms serves mainly to obfuscate earnings and that subsidized firms that smooth earnings tend to continue receiving subsidies in the future. Overall, our results help explain the role of government subsidies in shaping firms' accounting and disclosure choices.

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来源期刊
CiteScore
6.20
自引率
11.10%
发文量
97
期刊介绍: Contemporary Accounting Research (CAR) is the premiere research journal of the Canadian Academic Accounting Association, which publishes leading- edge research that contributes to our understanding of all aspects of accounting"s role within organizations, markets or society. Canadian based, increasingly global in scope, CAR seeks to reflect the geographical and intellectual diversity in accounting research. To accomplish this, CAR will continue to publish in its traditional areas of excellence, while seeking to more fully represent other research streams in its pages, so as to continue and expand its tradition of excellence.
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