鑑於中國政府努力建立永續環境，本文以2017年至2021年281家中國企業為樣本，檢視碳排放對裁決性盈餘管理的影響。實證結果顯示，中國企業碳排放程度與裁決性盈餘管理存在顯著正向關聯性。當企業碳排放量較高，裁決性盈餘管理的程度會較低。實證結果亦顯示，碳排放與裁決性盈餘管理之關聯性因企業是否為國有企業而有所不同。然而，碳排放與裁決性盈餘管理關聯性並未因企業總部所在地而有所差異。敏感性分析顯示，高碳排放企業會減少實質盈餘管理程度。實證結果亦顯示，碳排放與實質盈餘管理關聯性會因企業是否為國有企業而有所差異。企業總部的所在地不會影響碳排放與實質盈餘管理之關聯性。

As China government makes its effort to build a sustainable environment, this paper aims to explore the impacts of carbon emissions on discretionary earnings management using 281 Chinese firms from 2017 to 2021 as a sample. The empirical results find a significant and positive relation between the magnitude of carbon emissions and accrual earnings management in Chinese companies. The magnitude of accrual earnings management is low when firms’ carbon emissions are high. The empirical results also show that the relationship between carbon emissions and accrual earnings management is affected by state ownership. However, the relationship between carbon emissions and accrual earnings management does not vary with the location of the firms’ headquarters. The sensitivity analyses indicate that companies with high carbon emissions will reduce the magnitude of real earnings management. The empirical results also indicate that the relationship between carbon emissions and real earnings management is affected by state ownership. The location of the firms’ headquarters does not impact the relationship between carbon emissions and real earnings management.

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