成果名称：《Do firms manipulate earnings after winning public-private partnership bids? Evidence from China》
成果摘要：We examine whether firms manipulate their reported earnings after winning investment project bids. China's adoption of the public-private partnership (PPP) provides a unique setting for our analysis. Using the PPP announcements to identify the firms participating in PPP projects, we find that firms conduct both accrual-based and real earnings management after PPP participation. Our findings survive difference-in-differences design with different matching methods. We document that PPP-participating firms have strong incentives to manipulate earnings because of abnormal administrative expenditure and greater short-term performance pressure than non-PPP-participating firms. The auditors respond by charging higher audit fees due to the increased risk. Moreover, government subsidies relieve performance pressure and decrease the likelihood of earnings management among PPP-participating firms. Overall, this study documents the unintended consequences of PPP participation.
成果链接：https://doi.org/10.1016/j.ememar.2021.100880
作者简介：安驰，浙江工商大学国际商学院副教授、硕士生导师；
晏超（通讯作者）：中南财经政法大学会计学院讲师、硕士生导师，会计系副主任；
钟慧洁，中南财经政法大学会计学院讲师、硕士生导师，中级财务会计教研室副主任。
期刊简介：《Emerging Markets Review》是Elsevier发行的专门刊登新兴市场财务与会计领域的国际知名期刊，偏好基于国际和区域视角的比较研究、单个国家或地区的深度政策研究、基于制度分析的财务研究、新兴市场相关研究等议题。期刊影响因子4.073，BUSINESS & FINANCE领域SSCI一区期刊。
