供应链关系型交易会诱发企业分类转移盈余管理行为吗?
|
摘要
不同于传统的基于资本市场上投融资情境进行的分类转移盈余管理研究,本文将研究场景拓展至商品市场中企业的供应链层面,考察企业与主要供应商、客户之间的关系型交易模式是否会诱发其分类转移盈余管理行为。研究发现,越是依赖供应链关系型交易模式进行采购、销售活动的企业,越是偏好以分类转移方式进行盈余管理活动。进一步区分盈余管理方向之后的研究发现,较高的供应链关系型交易程度诱发了企业向上、向下两种分类转移盈余管理行为。本文研究结论也提示监管层、投资者及分析师在使用会计盈余信息进行相关决策时,要充分考虑企业供应链形态给其盈余结构管理行为可能带来的影响。
This paper explores the determinants of earnings management using classification shifting on the background of supply chain management in the commodity market,which is different from the traditional perspective of investment and financing in the capital market.It studies whether the firm's relationship transaction with its major suppliers and customers can affect the firm's earnings management using classification shifting.The study finds that firms,which are more dependent on the supply chain relationship transaction for purchasing and sales,implement more earnings management using classification shifting.Further research distinguishes the direction of earnings management,and finds that the higher degree of supply chain relationship transaction induces up and down earnings management using classification shifting.This article's research conclusion also reminds that regulators,investors and analysts,who use accounting earnings information to make decisions,should fully consider the impacts of supply chain form on the firm's earnings structure management.
This paper explores the determinants of earnings management using classification shifting on the background of supply chain management in the commodity market,which is different from the traditional perspective of investment and financing in the capital market.It studies whether the firm's relationship transaction with its major suppliers and customers can affect the firm's earnings management using classification shifting.The study finds that firms,which are more dependent on the supply chain relationship transaction for purchasing and sales,implement more earnings management using classification shifting.Further research distinguishes the direction of earnings management,and finds that the higher degree of supply chain relationship transaction induces up and down earnings management using classification shifting.This article's research conclusion also reminds that regulators,investors and analysts,who use accounting earnings information to make decisions,should fully consider the impacts of supply chain form on the firm's earnings structure management.
引文
[1]Baiman S,Rajan M.V.The Role of Information and Opportunism in the choice of Buyer-Supplier Relationships[J].Journal of Accounting Research,2002,40(2):247-278.
[2]Banerjee S,Dasgupta S,Yungson K.Buyer-Supplier Relationships and the Stakeholder Theory of Capital Structure[J].The Journal of Finance,2008,(5):2507-2552.
[3]Barua A,Lin S,Sbaraglia A M.Earnings Managament Using Discontinued Operations[J].The Accounting Review,2010,85(5):1485-1510.
[4]Bradshaw T,Sloan R.GAAP versus the Street:An Empirical Assessment of Two Alternative Definitions of Earnings[J].Journal of Accounting Research,2002,40(1):41-66.
[5]Dhaliwal D,Michas P.N,Naiker V,Sharma D.Major customer reliance and auditor going-concern decisions[R].Working Paper,2014,The University of Arizona.
[6]Fan B Y,Baram A,Cready W M,et al.Managing Earnings Using Classification Shifting:Evidence from Quarterly Special Items[J].The Accounting Review,2010,85(4):1303-1323.
[7]Holmstrom B,Roberts J.The Boundaries of the Firm Revisited[J].Journal of Economic perspectives,1998,12(4):73-94.
[8]Mc Vay S E.Earnings Management Using Classification Shifting:An Examination of Core Earnings and Special Items[J].The Accounting Review,2006,81(3):501-531.
[9]Mihov A,Naranjo A.Customer-base concentration and the transmission of idiosyncratic volatility along the vertical chain[J].Journal of Empirical Finance,2017,40:73-100.
[10]Patatoukas P.Customer-base Concentration:Implications for Firm Performance and Capital Markets[J].The Accounting Review,2012,87(2):363-392.
[11]Raman K,Shahrur H.Relationship-specific Investments and Earnings Management:Evidence on Corporate Suppliers and Customers[J].The Accounting Review,2008,83(4):1041-1081.
[12]Shleifer A,Vishny R.Liquidation Values and Debt Capacity:A Market Equilibrium Approach[J].Journal of Finance,1992,47(4):1343-1366.
[13]Williamson O E.The economic institutions of capitalism[M].New Y or k:Free Press,1985.
[14]薄仙慧,吴联生.国有控股与机构投资者的治理效应:盈余管理视角[J].经济研究,2009,(02):81-90.
[15]陈正林,王彧.供应链集成影响上市公司财务绩效的实证研究.会计研究,2014,(02):49-56.
[16]程富,王福胜.基于分类转移的盈余管理研究——来自中国上市公司的经验证据[J].财经研究,2015,41(07):81-92.
[17]邓妮媚.上市公司2015年非经常性损益情况及问题研究[J].证券市场导报,2016,(11):64-68.
[18]方红星,张勇.供应商/客户关系型交易、盈余管理与审计师决策[J].会计研究,2016,(01):79-86.
[19]贾巧玉,周嘉南.分类转移与市场定价研究——来自中国资本市场的经验证据[J].证券市场导报,2016,(08):33-39.
[20]李晓溪,刘静,王克敏.公开增发公司分类转移与核心盈余异象研究[J].会计研究,2015,(07):26-33.
[21]李增泉.关系型交易的会计治理——关于中国会计研究国际化的范式探析[J].财经研究,2017,43(02):4-27.
[22]陆宇建,蒋玥.制度变革、盈余持续性与市场定价行为研究[J].会计研究,2012,(01):58-67.
[23]王化成,程小可,李玲玲.亏损与非线性对会计盈余与股票回报关系的影响[J].中国会计评论,2004,2(01):105-137.
[24]王少飞,周国良,何小杨,于旭辉.关系型投资与审计行为[J].财经研究,2010,(05):16-25.
[25]夏立军,陈信元.市场化进程、国企改革策略与公司治理结构的内生决定[J].经济研究,2007,(07):82-95.
[26]张维迎,柯荣住.信任及其解释:来自中国的跨省调查分析[J].经济研究,2002,(10):59-70.
[27]张子余,张天西.“特殊损失项目”与“核心费用”之间的归类变更盈余管理研究[J].财经研究,2012,38(03):70-80.
[2]Banerjee S,Dasgupta S,Yungson K.Buyer-Supplier Relationships and the Stakeholder Theory of Capital Structure[J].The Journal of Finance,2008,(5):2507-2552.
[3]Barua A,Lin S,Sbaraglia A M.Earnings Managament Using Discontinued Operations[J].The Accounting Review,2010,85(5):1485-1510.
[4]Bradshaw T,Sloan R.GAAP versus the Street:An Empirical Assessment of Two Alternative Definitions of Earnings[J].Journal of Accounting Research,2002,40(1):41-66.
[5]Dhaliwal D,Michas P.N,Naiker V,Sharma D.Major customer reliance and auditor going-concern decisions[R].Working Paper,2014,The University of Arizona.
[6]Fan B Y,Baram A,Cready W M,et al.Managing Earnings Using Classification Shifting:Evidence from Quarterly Special Items[J].The Accounting Review,2010,85(4):1303-1323.
[7]Holmstrom B,Roberts J.The Boundaries of the Firm Revisited[J].Journal of Economic perspectives,1998,12(4):73-94.
[8]Mc Vay S E.Earnings Management Using Classification Shifting:An Examination of Core Earnings and Special Items[J].The Accounting Review,2006,81(3):501-531.
[9]Mihov A,Naranjo A.Customer-base concentration and the transmission of idiosyncratic volatility along the vertical chain[J].Journal of Empirical Finance,2017,40:73-100.
[10]Patatoukas P.Customer-base Concentration:Implications for Firm Performance and Capital Markets[J].The Accounting Review,2012,87(2):363-392.
[11]Raman K,Shahrur H.Relationship-specific Investments and Earnings Management:Evidence on Corporate Suppliers and Customers[J].The Accounting Review,2008,83(4):1041-1081.
[12]Shleifer A,Vishny R.Liquidation Values and Debt Capacity:A Market Equilibrium Approach[J].Journal of Finance,1992,47(4):1343-1366.
[13]Williamson O E.The economic institutions of capitalism[M].New Y or k:Free Press,1985.
[14]薄仙慧,吴联生.国有控股与机构投资者的治理效应:盈余管理视角[J].经济研究,2009,(02):81-90.
[15]陈正林,王彧.供应链集成影响上市公司财务绩效的实证研究.会计研究,2014,(02):49-56.
[16]程富,王福胜.基于分类转移的盈余管理研究——来自中国上市公司的经验证据[J].财经研究,2015,41(07):81-92.
[17]邓妮媚.上市公司2015年非经常性损益情况及问题研究[J].证券市场导报,2016,(11):64-68.
[18]方红星,张勇.供应商/客户关系型交易、盈余管理与审计师决策[J].会计研究,2016,(01):79-86.
[19]贾巧玉,周嘉南.分类转移与市场定价研究——来自中国资本市场的经验证据[J].证券市场导报,2016,(08):33-39.
[20]李晓溪,刘静,王克敏.公开增发公司分类转移与核心盈余异象研究[J].会计研究,2015,(07):26-33.
[21]李增泉.关系型交易的会计治理——关于中国会计研究国际化的范式探析[J].财经研究,2017,43(02):4-27.
[22]陆宇建,蒋玥.制度变革、盈余持续性与市场定价行为研究[J].会计研究,2012,(01):58-67.
[23]王化成,程小可,李玲玲.亏损与非线性对会计盈余与股票回报关系的影响[J].中国会计评论,2004,2(01):105-137.
[24]王少飞,周国良,何小杨,于旭辉.关系型投资与审计行为[J].财经研究,2010,(05):16-25.
[25]夏立军,陈信元.市场化进程、国企改革策略与公司治理结构的内生决定[J].经济研究,2007,(07):82-95.
[26]张维迎,柯荣住.信任及其解释:来自中国的跨省调查分析[J].经济研究,2002,(10):59-70.
[27]张子余,张天西.“特殊损失项目”与“核心费用”之间的归类变更盈余管理研究[J].财经研究,2012,38(03):70-80.