摘要
本論文研究企業經營產生的碳排量、碳密度以及企業公開的碳揭露數據對應計盈餘管理與實質盈餘管理的影響。使用台灣上市上櫃非金融業的公司樣本，樣本期間為 2013 年到 2022 年。實證結果顯示有揭露碳排的公司相對於沒有揭露碳排資訊的公司而言，因為法規對於碳揭露從規模較大的公司開始強制要求，故規模較大的公司績效較佳，進行較多的下調盈餘管理活動。而自願揭露的公司，相對於受到法規強制揭露的公司而言，由於是自願公開碳排數據，其公司資訊更為透明，較不受到碳排資訊揭露的負面影響，因此經理人意圖向下調整盈餘管理的幅度更大。進一步分析發現碳排放與碳密度不會用應計會計項目做向上盈餘管理，而是會透過實質盈餘管理做向上盈餘調整，表示企業較喜歡用實質盈餘去做操縱的行為，因為應計項目較易受到監管的作用。並且結果在使用碳密度的替代衡量方法、標準差產業分群估計模型、傾向得分匹配(Propensity Score Matching)與控制樣本選擇偏誤後，實證結果依然穩健。在樣本分群分析中，也發現高汙染產業的公司基於碳排量操縱盈餘管理的行為與非高汙染產業沒有顯著差異。在巴黎氣候協定後，公司基於總碳排量與碳密度越高而進行向上實質盈餘管理的程度會更強烈。最後，當公司盈餘為負時，經理人基於碳排量或碳密度越高時對於實質盈餘管理的向上調整盈餘的動作會越大。
並列摘要
This paper studies the impact of carbon emissions, carbon density and corporate carbon disclosure on accrual earnings management and real earnings management. Using a sample of non-financial companies listed on the TWSE and OTC in Taiwan, the sample period is from 2013 to 2022. Because the regulations impose mandatory requirements on carbon disclosure from larger companies, most of which have better performance. The empirical results show that companies that have disclosed carbon emissions carry out more downward earnings management activities. Further, companies that voluntarily disclose carbon emission have better corporate information transparency and are less negatively affected by carbon emission information disclosure. Therefore, managers intend to adjust more earnings management downward. Further analyses reveal that firms with higher carbon emissions and carbon density will not use accrual accounting items for upward earnings management, but use real earnings management to make upward earnings adjustments, indicating that companies prefer to use real earnings for manipulation, because accruals are more susceptible to regulation. And the results are still robust after using alternative measurements of carbon density, propensity score matching sample and controlling sample selection bias. In the subsample analysis, this study also find that the relationship between carbon emissions and earnings management is no significant difference between firms in high-pollution industries and firms in non-high-pollution industries. In addition, in the post-Paris agreement, companies with carbon emissions and higher carbon intensity have a stronger degree of upward real earnings management. Finally, for high carbon emissions firms with negative earnings, the phenomenon of upward real earnings management becomes greater.