Integrity,Earnings Management,and Public Evaluation:A Test onthe Public-Based Reputation Mechanism
- 2014年第7卷 
【中文摘要】诚信缺失已经成为我国社会一些领域急需解决的严重现实问题。声誉机制是一种重要的诚信建设机制。在当前社会技术环境下，声誉机制能否有效的重要前提是公众对诚信和不诚信究竟如何评价。本文利用我国上市公司数据，以公司股票价格代表公众评价，以公司注册地的诚信度得分作为公司诚信度水平的替代变量，以公司盈余管理代表公司的不诚信行为，实证检验了公众对公司诚信度和不诚信行为的评价。检验结果表明：公司诚信度越高，盈余管理程度越低；总体上公众对诚信度较高的公司给予了肯定评价，对公司盈余管理行为给予了否定评价；一般情况下公众对诚信度较高公司的盈余管理行为比较宽容，但更加不能容忍诚信度较高的公司在关键时刻（如会计准则变更过程中）趁机进行盈余管理。本文的研究结果再次印证了“群众的眼睛是雪亮的”，声誉机制具有坚实的公众基础。 【Abstract】Lack of integrity in some aspects of our society has become a severe and realistic problem which needs to be urgently solved. Reputation mechanism is an important mechanism that helps to rebuild integrity. Under current social and technological circumstances， the premise of whether reputation mechanism can be effective in restoring integrity is how the public distinguishes between integrity and non-integrity. This paper empirically tests public evaluations using stock prices of listed companies in China as the proxy for public evaluation， using the integrity level of the region in which a company registers as the proxy for the company's integrity level，and using earnings management as the proxy for the non-integrity behavior of the company. The results show thatthe higher a company's integrity level is, the lower the company's earnings management and that the public gives an overall positive evaluation to companies with high integrity levels whereas gives a negative evaluation to companies engaging in earnings management. We also find that the public is generally more tolerant for the earnings management behavior of companies with high integrity levels, but is intolerant for those companies engaging in earnings management during such transitional periods as the period for adopting changes in accounting standard.. These results corroborate the conventional Chinese wisdom that “People's eyes are sharp”， and suggest that the public-based reputation mechanism is effective in restoring integrity.