中国上市公司资产减值的实证研究
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摘要
随着市场化进程的启动和深化,以及更加灵活的会计制度的实施,中国的上市公司是否有通过会计政策的选择达到特定目的行为呢?也就是说,当存在会计选择的机会时,中国的上市公司是否进行盈余管理?2001年开始实施的《企业会计制度》旨在更加稳健地反映企业价值,并首次对资产减值准备进行了全面系统的规范。一个重要的问题是:新制度颁布后的会计实践是否真的实现了财政部的初衷?如果偏离了初衷,那是为什么?
1999年开始实施的“四项资产减值准备”以及2001年实施的长期资产减值准备规定为本文提供了独特的研究机会。本文采用实证研究方法,通过对上市公司总体资产减值准备计提情况和长期资产减值会计政策执行的研究,来检测盈余管理的存在性状况,以及中国会计制度,尤其是具体会计规范的效果。
本文将研究期间锁定在2001和2002年;而且限于资料收集的困难,本文只研究了全部资产减值问题 (即“八项资产减值准备”),对长期资产减值的问题则只检验了“过度减值然后通过处置获利”这种特殊的盈余管理行为。
研究发现:(1)2001和2002年发生巨亏的公司并没有显著的提高资产减值的计提幅度,为将来的业绩进行“大洗澡”;(2)2001和2002年处于盈亏临界的微盈公司计提的资产减值幅度显著低于对照组,这些“微盈公司”可能充分利用了资产减值会计规定的模糊空间进行了提高当期收益的盈余管理;(3)连续发生亏损或者每股净资产略微高于1元的公司也可能利用资产减值会计政策进行了提高盈余或者净资产的机会主义行为;(4)在长期资产减值方面,2000年的资产负债比率高的公司更可能通过过度追溯计提长期资产减值准备,然后通过处置减值资产以增加当期盈利,尽管这些公司的资产盈利能力相对较好、上市的时间也较对照组公司要短。
本文的研究贡献主要体现在以下几方面:第一、判断公司是否具有减值动机的关键因素是寻找相对可靠的对照组,即那些最不可能利用资产减值进行盈余管理的公司。本文首次提出用“微亏公司”作为对照组,研究结果具有较高的可信度。
第二、案例研究是一种非常直观、务实的研究方法。本文使用案例分析的研究方法剖析了中国上市公司利用资产减值准备进行盈余管理的现象。尤其是南方证券于2004年1月2日被宣布行政接管后,各上市公司对投资南方证券股权的减值
准备计提五花八门,减值比率从20%到100%不等,跨度高达80%,而分析表明这些看似随意的减值准备计提实质上与盈余管理很有关联。这些案例分析表明:我国目前实施的资产减值会计制度急需具体会计准则在计量与确认方面进行详细具体的规范以增强会计信息的可比性。
第三、本文对上市公司利用资产减值管理盈余的动机进行了较全面的论述。分析表明,防止亏损和避免被“ST”是上市公司进行盈余管理的主要动机。这一研究结果对中国资本市场的监管制度和市场制度的建设具有重要意义,因为中国资本市场的上市资源非常宝贵,所以有必要制定客观、可靠的退市制度和其他处罚的制度,以便更好地发挥资本市场的资源配置功能并更好地保护投资者。
第四、以往的盈余管理文献的重心在“公司是否进行了盈余管理”和“何时进行了盈余管理”上,很少运用特定的应计变量进行盈余管理研究 (Healy and Whalen 1999)。本文研究了公司运用一种特定的应计变量(即长期资产减值准备)来进行盈余管理的现象。
第五、本文还检验了是否中国特有的制度因素加剧了上市公司利用资产减值准备进行盈余管理,我的研究为以下命题提供实证证据:发展中国家的会计准则国际化进步并不一定会导致国际化的会计实务;发展中国家的会计准则制定机构在会计改革过程中应权衡好会计信息的相关性和可靠性质量特征 (Chen 等 2002)。
第六、本文的研究结果可能对中国的金融市场管制机构有所帮助:在对利用资产减值准备进行盈余管理的公司所具备的特点形成一定认识后,管制机构应当更容易识别“问题”公司。
此外,中国的具体会计准则“资产减值”正在公开征求意见阶段,希望本文的研究能给准则制定者一些启迪。
After our market-orientated reform running through several phases, as well as the adoption of more flexible accounting systems, a problem begins to rise--- do our public companies begin to select specific accounting policies to achieve certain purpose? That is to say, do the public companies conduct earnings management behaviors when they are confronted with alternative accounting policies? Aiming at more conservative reflection of the business values, in 2001, Ministry of Finance enacted assets impairment in the new “Accounting System for Business Enterprises”, providing the first set of systematical rules for assets impairment accounting. An important question is raised: Did the accounting practice realize the initial goals set by the Ministry of Finance? If No.t, we would like to find the reasonable explanation.
The Four Items of Assets Impairment enforced in 1999, as well as the impairment for the long-term assets in 2001, have provided us a good research opportunity to examine the earning management situation in China. The present study adopts positive approach to evaluate the effect of implementation of the related new assets impairment rules among public companies.
Limited by the availability of the data, this paper restricted its research to the study on assets impairment in year 2001 and 2002 only. In addition, for the problem in long-term assets impairment, the author focused only on a special case of earnings managemen,i.e. “overly-impairing-then-gaining-from-disposal”.
In this study, (1) there is no. evidence supporting the “big-bath” expectation, i.e., there is no. evidence that the companies suffering great amount of loss in year 2001 and 2002 recognized impairment loss remarkably; (2) however, the companies that were close to“0 bottom-line” in year 2001 and 2002, tended to recognize less amount of asset impairment loss compared with the control group companies, indicating the possibility that those firms with small gain may exploit the ambiguity in the new impairment accounting standards to expand their earnings; (3) the companies that suffered consecutive periods of losses and the companies that had ”stockholder equity per share” just over 1 RMB, tended to inflate their earnings or stockholder equity by exploiting the assets impairment accounting standards; (4) as for long-lived assets impairment, those firms that had higher financial leverage in year 2000 tended to
overly impair their long-lived assets, then realize gains from the disposal of assets in the next year, even though those companies had higher return on assets (ROA) and shorter time period of being listed than the control group companies.
This study may contribute to the literature in following aspects:
(1) Firstly, the present study creatively uses the companies with minor losses as control group companies. This design is based on the assumption that the companies with minor lossestend to have the least motivation to manipulate the earnings.(2) Current study uses the methodology of case study providing evidence of earning management using assets impairment accounting among listed companies. Especially, after the government has taken over the “South Securities Corp.” on Jan. 2nd,2004, the public-company investors recognized assets impairment in strikingly various degrees, ranging from 20% to 100%. The analysis implies that there is strong relation between the assets impairment and earning management intention. Based on these case studies, the author has drawn the conclusions that the accounting policy of assets impairment currently enforced in China need to be deliberated by adding more detailed descriptions and guides to increase the comparability of accounting information.
(3) Thirdly, this paper has broadly analyzed the motivations of earning management by manipulating assets impairment and notes that the major incentives involve the fear of red “bottom-line” and of being “special treated”. This analysis would provide precious advice to the capital market regulators, since the capital market could pe
1999年开始实施的“四项资产减值准备”以及2001年实施的长期资产减值准备规定为本文提供了独特的研究机会。本文采用实证研究方法,通过对上市公司总体资产减值准备计提情况和长期资产减值会计政策执行的研究,来检测盈余管理的存在性状况,以及中国会计制度,尤其是具体会计规范的效果。
本文将研究期间锁定在2001和2002年;而且限于资料收集的困难,本文只研究了全部资产减值问题 (即“八项资产减值准备”),对长期资产减值的问题则只检验了“过度减值然后通过处置获利”这种特殊的盈余管理行为。
研究发现:(1)2001和2002年发生巨亏的公司并没有显著的提高资产减值的计提幅度,为将来的业绩进行“大洗澡”;(2)2001和2002年处于盈亏临界的微盈公司计提的资产减值幅度显著低于对照组,这些“微盈公司”可能充分利用了资产减值会计规定的模糊空间进行了提高当期收益的盈余管理;(3)连续发生亏损或者每股净资产略微高于1元的公司也可能利用资产减值会计政策进行了提高盈余或者净资产的机会主义行为;(4)在长期资产减值方面,2000年的资产负债比率高的公司更可能通过过度追溯计提长期资产减值准备,然后通过处置减值资产以增加当期盈利,尽管这些公司的资产盈利能力相对较好、上市的时间也较对照组公司要短。
本文的研究贡献主要体现在以下几方面:第一、判断公司是否具有减值动机的关键因素是寻找相对可靠的对照组,即那些最不可能利用资产减值进行盈余管理的公司。本文首次提出用“微亏公司”作为对照组,研究结果具有较高的可信度。
第二、案例研究是一种非常直观、务实的研究方法。本文使用案例分析的研究方法剖析了中国上市公司利用资产减值准备进行盈余管理的现象。尤其是南方证券于2004年1月2日被宣布行政接管后,各上市公司对投资南方证券股权的减值
准备计提五花八门,减值比率从20%到100%不等,跨度高达80%,而分析表明这些看似随意的减值准备计提实质上与盈余管理很有关联。这些案例分析表明:我国目前实施的资产减值会计制度急需具体会计准则在计量与确认方面进行详细具体的规范以增强会计信息的可比性。
第三、本文对上市公司利用资产减值管理盈余的动机进行了较全面的论述。分析表明,防止亏损和避免被“ST”是上市公司进行盈余管理的主要动机。这一研究结果对中国资本市场的监管制度和市场制度的建设具有重要意义,因为中国资本市场的上市资源非常宝贵,所以有必要制定客观、可靠的退市制度和其他处罚的制度,以便更好地发挥资本市场的资源配置功能并更好地保护投资者。
第四、以往的盈余管理文献的重心在“公司是否进行了盈余管理”和“何时进行了盈余管理”上,很少运用特定的应计变量进行盈余管理研究 (Healy and Whalen 1999)。本文研究了公司运用一种特定的应计变量(即长期资产减值准备)来进行盈余管理的现象。
第五、本文还检验了是否中国特有的制度因素加剧了上市公司利用资产减值准备进行盈余管理,我的研究为以下命题提供实证证据:发展中国家的会计准则国际化进步并不一定会导致国际化的会计实务;发展中国家的会计准则制定机构在会计改革过程中应权衡好会计信息的相关性和可靠性质量特征 (Chen 等 2002)。
第六、本文的研究结果可能对中国的金融市场管制机构有所帮助:在对利用资产减值准备进行盈余管理的公司所具备的特点形成一定认识后,管制机构应当更容易识别“问题”公司。
此外,中国的具体会计准则“资产减值”正在公开征求意见阶段,希望本文的研究能给准则制定者一些启迪。
After our market-orientated reform running through several phases, as well as the adoption of more flexible accounting systems, a problem begins to rise--- do our public companies begin to select specific accounting policies to achieve certain purpose? That is to say, do the public companies conduct earnings management behaviors when they are confronted with alternative accounting policies? Aiming at more conservative reflection of the business values, in 2001, Ministry of Finance enacted assets impairment in the new “Accounting System for Business Enterprises”, providing the first set of systematical rules for assets impairment accounting. An important question is raised: Did the accounting practice realize the initial goals set by the Ministry of Finance? If No.t, we would like to find the reasonable explanation.
The Four Items of Assets Impairment enforced in 1999, as well as the impairment for the long-term assets in 2001, have provided us a good research opportunity to examine the earning management situation in China. The present study adopts positive approach to evaluate the effect of implementation of the related new assets impairment rules among public companies.
Limited by the availability of the data, this paper restricted its research to the study on assets impairment in year 2001 and 2002 only. In addition, for the problem in long-term assets impairment, the author focused only on a special case of earnings managemen,i.e. “overly-impairing-then-gaining-from-disposal”.
In this study, (1) there is no. evidence supporting the “big-bath” expectation, i.e., there is no. evidence that the companies suffering great amount of loss in year 2001 and 2002 recognized impairment loss remarkably; (2) however, the companies that were close to“0 bottom-line” in year 2001 and 2002, tended to recognize less amount of asset impairment loss compared with the control group companies, indicating the possibility that those firms with small gain may exploit the ambiguity in the new impairment accounting standards to expand their earnings; (3) the companies that suffered consecutive periods of losses and the companies that had ”stockholder equity per share” just over 1 RMB, tended to inflate their earnings or stockholder equity by exploiting the assets impairment accounting standards; (4) as for long-lived assets impairment, those firms that had higher financial leverage in year 2000 tended to
overly impair their long-lived assets, then realize gains from the disposal of assets in the next year, even though those companies had higher return on assets (ROA) and shorter time period of being listed than the control group companies.
This study may contribute to the literature in following aspects:
(1) Firstly, the present study creatively uses the companies with minor losses as control group companies. This design is based on the assumption that the companies with minor lossestend to have the least motivation to manipulate the earnings.(2) Current study uses the methodology of case study providing evidence of earning management using assets impairment accounting among listed companies. Especially, after the government has taken over the “South Securities Corp.” on Jan. 2nd,2004, the public-company investors recognized assets impairment in strikingly various degrees, ranging from 20% to 100%. The analysis implies that there is strong relation between the assets impairment and earning management intention. Based on these case studies, the author has drawn the conclusions that the accounting policy of assets impairment currently enforced in China need to be deliberated by adding more detailed descriptions and guides to increase the comparability of accounting information.
(3) Thirdly, this paper has broadly analyzed the motivations of earning management by manipulating assets impairment and notes that the major incentives involve the fear of red “bottom-line” and of being “special treated”. This analysis would provide precious advice to the capital market regulators, since the capital market could pe
引文
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