会计政策选择与盈余管理
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摘要
公司的盈余管理活动一直是学术界以及实务界研究探讨的不老话题,不仅因为随着经济的不断发展和复杂化而改变其实现途径,而且它会对信息使用者的决策产生误导,带来严重的经济后果。我国企业普遍利用会计政策的选择、关联交易、生产活动的调节这三方面来实施利润操纵,其中又以会计政策的选择作为我国上市公司实现盈余管理的主要手段。
会计政策的选择以会计准则的规定为基础和出发点,我国会计制度对企业进行会计政策变更的条件有两条,一是法律法规要求的统一变更,二是其变更后能更好地反映企业真实情况。我国2006年2月颁布了新的企业会计准则,更注重运用会计确认和计量的标准来判断交易是否符合会计准则和会计制度的要求,这种相对灵活的规定给企业进行盈余管理带来更大空间。
我国旧会计准则实施期间,经理论和实际现象验证,上市公司较多地采用资产减值准备的计提和转回、存货计量方法上的先进先出法和后进先出法等来进行盈余管理。但是新准则对此进行了针对性的修订,禁止绝大部分资产减值准备的转回,删除了存货计价的后进先出法,有效地抑制了上市公司的盈余管理活动。新准则的最大的特色之一是引入了公允价值计量属性,金融资产、投资性房地产、债务重组、非货币性资产交易等准则中均运用公允价值作为其主要计量手段。在没有公开市场时,公允价值的确定主要依靠估值技术,人为地进行价值确定,其主观性较强。我国曾在1999年将公允价值引入债务重组和非货币性资产交易两项准则中,但是由于当时的上市公司运用它进行盈余管理带来了严重的经济后果,财政部遂于2001年取消了公允价值计量。此次新准则在更大的范围内引入公允价值计量,毫无疑问也会带来上市公司借此进行盈余管理的机会。笔者对比了新旧准则,认为在有关公允价值计量的准则中变化最大的是金融资产和投资性房地产两类,但是准则对投资性房地产中成本模式和公允价值计量模式的转换有严格的限制,并要求调节期初余额,用来进行盈余操作的空间不大,因此笔者着重对金融资产进行了研究。通过阅读了相关文献,搜集了市场数据,笔者认为我国新企业会计准则对四类金融资产分类和计量上的规定为上市公司的盈余管理提供了很大的机会,本文也正是从这一点出发进行了分析和研究。
旧会计准则中将公司的投资活动分为长期投资和短期投资两类,前者又分为长期股权投资和长期债券投资；新准则对短期投资、长期债券投资以及部分特殊的长期股权投资运用金融资产的相关准则来进行规定。旧准则对投资的计量基本采用历史成本法,不存在操纵损益的空间,而新准则对四类金融资产采用了摊余成本法和公允价值计量法。持有至到期投资和应收账款、贷款运用摊余成本法,其本质与历史成本一样,而交易性金融资产和可供出售金融资产以公允价值计量。本文研究的重点不是两类金融资产利用公允价值在确认上的灵活性和主观性来进行盈余管理,而是这两类资产不同的核算方法带来的盈余管理机会。对于持有期间公允价值的变动,交易性金融资产将其计入当期损益“公允价值变动损益”,并且不计提减值准备,而可供出售金融资产将期间变动计入净资产“资本公积—其他资本公积”,在处置或计提减值准备时转入当期损益。后者具有将实现的损益储存起来的功能,待需要时通过出售来将其释放,调节当年的会计利润,具有一定的盈余管理作用。
我国新企业会计准则对金融资产在分类和计量上的规定和国际会计准则理事会(IASB)在1998年发布的《国际会计准则第39号—金融工具：确认与计量》(以下简称为IAS 39)基本相同,而2008年的金融危机将公允价值计量属性抬上了桌面,多数专家认为其是导致金融风暴的根源,2008年10月13日IASB对金融资产在重分类问题上的规定进行了简单的修改。2009年11月12日IASB发布了《国际财务报告准则第9号—金融工具》(以下简称IFRS 9),用三个阶段来完成对金融工具会计准则的修改,并完全替代IAS 39,其中的第一阶段已经完成,第二阶段涉及金融资产的减值技巧,第三阶段则与套期保值会计有关,IFRS 9将在2013年实施。IFRS 9对金融资产的分类、减值准备的计提、重分类等问题都进行了修改,其中笔者认为变更最大的是有关金融资产的分类依据和计量方法。旧准则中可供出售金融资产之所以能看作是盈余管理的一个安全隐蔽的工具,是因为公司对金融资产在初始确认时的分类主要是依照管理当局的主观判断,并且期间的公允价值变动首先计入资本公积,待出售时转入当期损益影响会计利润。而IFRS 9对金融资产的分类依据主要是依据业务模式测试和合同现金流量特征测试,把可供出售金融资产期间价值的变动计入其他综合收益,并引入FV-OCI模式,处置时不允许转入损益。这就能很好的控制其盈余管理的空间。
笔者阅读分析了有关盈余管理的文献,发现上市公司的利润操纵主要是为了再融资、扭亏为盈、利润平滑等目的,大多数文章是对我国旧企业会计准则下的盈余管理现象的研究。由于新准则实施至今不太长,相关文章主要是关于新旧准则的对比分析,而其中对金融资产的分类和计量与盈余管理关系的研究不太多,仅有的也集中是对其关系进行理论和会计实务操纵上的对比分析,说服力不够大,进行实证分析的文章不太多。我国上市公司已经由单纯的融资主体发展为重要的投资主体,证券投资收益占上市公司当年会计利润的比重也越来越大。国内现有文献已经指出我国部分上市公司有利用可供出售金融资产来进行盈余管理的行为,产生了一定的负面影响。联系国际会计准则理事会(IASB)颁布的IFRS 9对此有一定的抑制作用,而且我国会计准则的发展向国际会计准则的靠拢是必然趋势,笔者认为对我国上市公司金融资产的分类和计量与盈余管理关系的研究十分必要,可以让我们发现自身问题,也为我国会计准则的下一步修订更新做足准备。
本文以此作为出发点,首先分析概述了有关的盈余管理的理论、内外部诱因,并从会计准则出发,具体分析了旧准则下的存货准则以及资产减值准备准则,结合实例说明利用会计政策的选择来进行盈余管理行为。随后引出新企业会计准则,介绍了公允价值的引入带来的盈余管理的新手段和途径,对金融资产进行了重点介绍。通过对比IAS 39和IFRS 9、我国新旧会计准则下对投资活动的核算、交易性金融资产和可供出售金融资产的计量,指出我国上市公司在2007年A股牛市中存在利用可供出售金融资产进行盈余管理的可能,并随后进行了实证研究分析。由于数据来源的限制,笔者以2007年作为观察年度,又考虑到证券市场的走势也会对上市公司持有买卖金融资产的行为产生影响,因此将2008年作为对照组进行对比分析。在实证部分,笔者首先运用描述性统计分析观察了主要变量数据的分布情况,观察并检验上市公司是否会在相同条件下偏好于持有可供出售金融资产；随后,利用回归模型,检验上市公司是否有通过处置可供出售金融资产的收益来进行盈余管理的行为,并将处置交易性金融资产的收益作为另一个对照组进行相同的模型回归。实证结果表明,在相同条件下,上市公司偏向于持有可供出售金融资产,而不是交易性金融资产；描述性统计部分显示,不论在市场环境良好的2007年还是相对低迷的2008年,上市公司对可供出售金融资产的持有比例均大于对交易性金融资产的持有,并且公司通过处置可供出售金融资产获得的收益占总利润的大部分,说明该项非经常性损益对公司当年的盈利贡献颇大,公司具有通过这项非经常性损益来进行利润调节的动机。2007年的数据显示利润平滑和扭亏为盈作为盈余管理的动机对当年可供出售金融资产的处置有显著性影响；而交易性金融资产带来的收益占当期利润比重不大,并且几个重要变量没有通过显著性检验,说明其与盈余管理没有太多联系。
The company's earnings management activities have been one of the academic and practitioners old topics, not only because the economy develops and the way it applies becomes complicated, but also it could mislead information about the users'decision, leading to serious economic consequences. Chinese enterprises almost use three ways to manipulate their profit, such as the choice of accounting policy, related party transactions and regulation of production, among which the choice of accounting policy of listed companies as the primary means.
The choice of accounting policy bases on the provisions of accounting standards, the enterprises can change their accounting system conditions in accounting policy only when two happen, one is statutory and regulatory requirements of the Unified Change, second is that change can better reflect the real business situation. China issued new accounting standards in Feb 2006, more emphasis on the use of recognition and measurement criteria to determine whether the transactions comply with accounting standards, which provides a more flexible way of the enterprise for greater earnings space. During the implementation of the old accounting standards, verified by the theoretical and practical phenomenon, more listed companies adopt the provision for impairment of assets and reversal of inventory on a FIFO measurement method and LIFO, etc. But the new guidelines were targeted for this amendment to prohibit the vast majority of the reversal of asset impairment, removed the LIFO inventory valuation method, and effectively inhibited the listed companies'earnings management activities. The biggest new feature of the guidelines is the introduction of fair value measurement attributes, financial assets, investment property, debt restructuring, trade and other non-monetary assets are for the use of fair value measurement as its primary means. Without an open market, it mainly depends on the value techniques and it's subjective. In 1999, China has introduced the fair value to the debt restructuring and non-monetary transactions, but it was the use of a listed company earnings management and brought serious economic consequences, the Ministry of Finance in 2001 cancelled it.
The new guidelines bring in the fair value in a larger region; no doubt it will bring earnings management of listed companies to take this opportunity. The author compares the old and the new guidelines; found that the biggest fair value changes are the financial assets and investment real estate types. But the criteria for the change between cost model and fair value measurement model are too strict, so the author focused on the study of financial assets. Reading the literature, collecting market data of new corporate accounting standards on four categories of classification and measurement of financial assets, I find that the provisions on the earnings management of listed companies provide a great opportunity. These are the standpoints from which this paper starts from.
The old accounting standards divide the company's investment into two types as long-term investment and short-term investments. The former is further divided into long-term equity investments and long-term bond investments. New standards for short-term investments, long-term bond investments, and some special use of the long-term equity investment of financial assets are carried out the provisions of the relevant criteria. Old criteria emphasis the use of historical cost, and there is no manipulation space, but the new standards for four types of financial assets using the amortized cost method and fair value measurement method. Held to maturity investments and accounts receivable, loans, amortized cost method used, the cost of its nature and history, as the transaction available for sale financial assets and financial assets at fair value. This paper doesn't focus on the study of fair value, but on these two types of assets brought by a different method of accounting earnings management opportunities. The change in fair value during the holding period, trading of financial assets takes it into "fair value through profit or loss", and not impairment. But the available for sale financial assets take it into the net assets as "capital surplus", which has a store function, and can be released through the sale, and earnings management has a certain role.
Chinese new corporate accounting standards on the classification and measurement of financial assets are most the same as the international Accounting Standard39---Financial Instruments:Recognition and Measurement" issued by the IASB. The financial crisis in 2008 pushed the fair value measurement attributes waves, most experts believe that it is the root. IASB verifies the reclassification of financial assets in Oct 2008. On November12 2009, IASB issued the "International Financial Reporting Standards Financial Instruments 9", using three stages to complete the accounting standards on financial instruments, completely replace IAS 39. The first one has been completed, the second stage involves skill impairment of financial assets, and the third stage is related to the hedge accounting, IFRS 9 will be implemented in 2013. In IFRS 9, the classification of financial assets, provision for the impairment, re-classification and other issues have been modified, and I believe the biggest change is the classification of financial assets and measurement. In Old guidelines, the available for sale financial assets are secure, because the companies in the initial recognition of financial assets are mainly depended on the management's subjective judgments, and the changes of the fair value in the period are brought to capital surplus. The classification in IFRS 9 is mainly based on testing and contract business model based on cash flow characteristics of the test, the change of financial assets available for sale introduced the FV-OCI mode, which does not allow disposal profit or loss. This can be a very good room for earnings management control.
I read the analysis of the earnings management literature, find the listed companies manipulate the profit to refinancing, turnaround, profit smoothing purposes, etc. Most articles are related to the old accounting standards of the phenomenon of earnings management. The new guidelines implemented not for so long, the relevant articles are mainly comparative analysis of old and new, of which financial assets are classified and the earnings management research is not too much, and among these their focus are the relationship between theory and accounting for its comparative analysis on the practical manipulation, persuasion is not strong, and the empirical analysis of the article is not too much. Literature have pointed out that the listed companies in China use the available for sale financial assets as a tool, and the phenomenon reflects a negative impact, referring the IFRS 9 has some inhibitory effect, and the development of accounting standards closer to international accounting standards is inevitable, I believe that our listed companies on the classification of financial assets and earnings management research is necessary to allow us to find their own problems, but also for our country under the accounting standards further revised and updated to prepare.
This article take it as a starting point, and the first overview of the theory related to earnings management, internal and external incentives, from the accounting standards, analyzes the stock under the old criteria in the guidelines and criteria for impairment of assets, combined with exact examples of the use of accounting policy for earnings management. Then refer to the new accounting standards, introduced the fair value as a new means of earnings management, and finally, focus on the financial assets. Compare the IAS 39 and IFRS 9, then the old and new accounting standards on investment activities, the differences between the trading financial assets and financial assets available for sale. The author supposes that in 2007's bull market, there are possibility to use the financial assets available for sale for earnings management, and then carry out an empirical research and analysis. Been limited by the data sources, the author mainly observe the data in 2007, and taking into account that the trend of stock market may also conduct an impact, so the author takes the 2008 as a control group. In the empirical part, the author describes the statistical analysis of the key variables and verify whether the listed companies under the same conditions have a preference to holders of financial assets available for sale; Then, using the regression model to test whether the listed companies use the way of disposing the financial assets available for sale to make profit earnings management, and taking the trading financial assets as another model for the control group regression. The empirical results show that under the same conditions, listed companies tend to hold financial assets available for sale, not for trading financial assets; descriptive statistics section shows that both in a good and poor market environment, such as in 2007and2008, the listed companies' financial assets held for sale are in greater ratio than that of financial assets held for trading. The profit from the disposal of available for sale financial assets leads the majority of the total profits. The result show that the smooth and turnover to profitable as a motivation for earnings management on the current disposal of available for sale financial assets have significant impact, and the trading financial assets account for a very small proportion of profits, and they have little connection with the earnings management in the listed companies.
会计政策的选择以会计准则的规定为基础和出发点,我国会计制度对企业进行会计政策变更的条件有两条,一是法律法规要求的统一变更,二是其变更后能更好地反映企业真实情况。我国2006年2月颁布了新的企业会计准则,更注重运用会计确认和计量的标准来判断交易是否符合会计准则和会计制度的要求,这种相对灵活的规定给企业进行盈余管理带来更大空间。
我国旧会计准则实施期间,经理论和实际现象验证,上市公司较多地采用资产减值准备的计提和转回、存货计量方法上的先进先出法和后进先出法等来进行盈余管理。但是新准则对此进行了针对性的修订,禁止绝大部分资产减值准备的转回,删除了存货计价的后进先出法,有效地抑制了上市公司的盈余管理活动。新准则的最大的特色之一是引入了公允价值计量属性,金融资产、投资性房地产、债务重组、非货币性资产交易等准则中均运用公允价值作为其主要计量手段。在没有公开市场时,公允价值的确定主要依靠估值技术,人为地进行价值确定,其主观性较强。我国曾在1999年将公允价值引入债务重组和非货币性资产交易两项准则中,但是由于当时的上市公司运用它进行盈余管理带来了严重的经济后果,财政部遂于2001年取消了公允价值计量。此次新准则在更大的范围内引入公允价值计量,毫无疑问也会带来上市公司借此进行盈余管理的机会。笔者对比了新旧准则,认为在有关公允价值计量的准则中变化最大的是金融资产和投资性房地产两类,但是准则对投资性房地产中成本模式和公允价值计量模式的转换有严格的限制,并要求调节期初余额,用来进行盈余操作的空间不大,因此笔者着重对金融资产进行了研究。通过阅读了相关文献,搜集了市场数据,笔者认为我国新企业会计准则对四类金融资产分类和计量上的规定为上市公司的盈余管理提供了很大的机会,本文也正是从这一点出发进行了分析和研究。
旧会计准则中将公司的投资活动分为长期投资和短期投资两类,前者又分为长期股权投资和长期债券投资；新准则对短期投资、长期债券投资以及部分特殊的长期股权投资运用金融资产的相关准则来进行规定。旧准则对投资的计量基本采用历史成本法,不存在操纵损益的空间,而新准则对四类金融资产采用了摊余成本法和公允价值计量法。持有至到期投资和应收账款、贷款运用摊余成本法,其本质与历史成本一样,而交易性金融资产和可供出售金融资产以公允价值计量。本文研究的重点不是两类金融资产利用公允价值在确认上的灵活性和主观性来进行盈余管理,而是这两类资产不同的核算方法带来的盈余管理机会。对于持有期间公允价值的变动,交易性金融资产将其计入当期损益“公允价值变动损益”,并且不计提减值准备,而可供出售金融资产将期间变动计入净资产“资本公积—其他资本公积”,在处置或计提减值准备时转入当期损益。后者具有将实现的损益储存起来的功能,待需要时通过出售来将其释放,调节当年的会计利润,具有一定的盈余管理作用。
我国新企业会计准则对金融资产在分类和计量上的规定和国际会计准则理事会(IASB)在1998年发布的《国际会计准则第39号—金融工具：确认与计量》(以下简称为IAS 39)基本相同,而2008年的金融危机将公允价值计量属性抬上了桌面,多数专家认为其是导致金融风暴的根源,2008年10月13日IASB对金融资产在重分类问题上的规定进行了简单的修改。2009年11月12日IASB发布了《国际财务报告准则第9号—金融工具》(以下简称IFRS 9),用三个阶段来完成对金融工具会计准则的修改,并完全替代IAS 39,其中的第一阶段已经完成,第二阶段涉及金融资产的减值技巧,第三阶段则与套期保值会计有关,IFRS 9将在2013年实施。IFRS 9对金融资产的分类、减值准备的计提、重分类等问题都进行了修改,其中笔者认为变更最大的是有关金融资产的分类依据和计量方法。旧准则中可供出售金融资产之所以能看作是盈余管理的一个安全隐蔽的工具,是因为公司对金融资产在初始确认时的分类主要是依照管理当局的主观判断,并且期间的公允价值变动首先计入资本公积,待出售时转入当期损益影响会计利润。而IFRS 9对金融资产的分类依据主要是依据业务模式测试和合同现金流量特征测试,把可供出售金融资产期间价值的变动计入其他综合收益,并引入FV-OCI模式,处置时不允许转入损益。这就能很好的控制其盈余管理的空间。
笔者阅读分析了有关盈余管理的文献,发现上市公司的利润操纵主要是为了再融资、扭亏为盈、利润平滑等目的,大多数文章是对我国旧企业会计准则下的盈余管理现象的研究。由于新准则实施至今不太长,相关文章主要是关于新旧准则的对比分析,而其中对金融资产的分类和计量与盈余管理关系的研究不太多,仅有的也集中是对其关系进行理论和会计实务操纵上的对比分析,说服力不够大,进行实证分析的文章不太多。我国上市公司已经由单纯的融资主体发展为重要的投资主体,证券投资收益占上市公司当年会计利润的比重也越来越大。国内现有文献已经指出我国部分上市公司有利用可供出售金融资产来进行盈余管理的行为,产生了一定的负面影响。联系国际会计准则理事会(IASB)颁布的IFRS 9对此有一定的抑制作用,而且我国会计准则的发展向国际会计准则的靠拢是必然趋势,笔者认为对我国上市公司金融资产的分类和计量与盈余管理关系的研究十分必要,可以让我们发现自身问题,也为我国会计准则的下一步修订更新做足准备。
本文以此作为出发点,首先分析概述了有关的盈余管理的理论、内外部诱因,并从会计准则出发,具体分析了旧准则下的存货准则以及资产减值准备准则,结合实例说明利用会计政策的选择来进行盈余管理行为。随后引出新企业会计准则,介绍了公允价值的引入带来的盈余管理的新手段和途径,对金融资产进行了重点介绍。通过对比IAS 39和IFRS 9、我国新旧会计准则下对投资活动的核算、交易性金融资产和可供出售金融资产的计量,指出我国上市公司在2007年A股牛市中存在利用可供出售金融资产进行盈余管理的可能,并随后进行了实证研究分析。由于数据来源的限制,笔者以2007年作为观察年度,又考虑到证券市场的走势也会对上市公司持有买卖金融资产的行为产生影响,因此将2008年作为对照组进行对比分析。在实证部分,笔者首先运用描述性统计分析观察了主要变量数据的分布情况,观察并检验上市公司是否会在相同条件下偏好于持有可供出售金融资产；随后,利用回归模型,检验上市公司是否有通过处置可供出售金融资产的收益来进行盈余管理的行为,并将处置交易性金融资产的收益作为另一个对照组进行相同的模型回归。实证结果表明,在相同条件下,上市公司偏向于持有可供出售金融资产,而不是交易性金融资产；描述性统计部分显示,不论在市场环境良好的2007年还是相对低迷的2008年,上市公司对可供出售金融资产的持有比例均大于对交易性金融资产的持有,并且公司通过处置可供出售金融资产获得的收益占总利润的大部分,说明该项非经常性损益对公司当年的盈利贡献颇大,公司具有通过这项非经常性损益来进行利润调节的动机。2007年的数据显示利润平滑和扭亏为盈作为盈余管理的动机对当年可供出售金融资产的处置有显著性影响；而交易性金融资产带来的收益占当期利润比重不大,并且几个重要变量没有通过显著性检验,说明其与盈余管理没有太多联系。
The company's earnings management activities have been one of the academic and practitioners old topics, not only because the economy develops and the way it applies becomes complicated, but also it could mislead information about the users'decision, leading to serious economic consequences. Chinese enterprises almost use three ways to manipulate their profit, such as the choice of accounting policy, related party transactions and regulation of production, among which the choice of accounting policy of listed companies as the primary means.
The choice of accounting policy bases on the provisions of accounting standards, the enterprises can change their accounting system conditions in accounting policy only when two happen, one is statutory and regulatory requirements of the Unified Change, second is that change can better reflect the real business situation. China issued new accounting standards in Feb 2006, more emphasis on the use of recognition and measurement criteria to determine whether the transactions comply with accounting standards, which provides a more flexible way of the enterprise for greater earnings space. During the implementation of the old accounting standards, verified by the theoretical and practical phenomenon, more listed companies adopt the provision for impairment of assets and reversal of inventory on a FIFO measurement method and LIFO, etc. But the new guidelines were targeted for this amendment to prohibit the vast majority of the reversal of asset impairment, removed the LIFO inventory valuation method, and effectively inhibited the listed companies'earnings management activities. The biggest new feature of the guidelines is the introduction of fair value measurement attributes, financial assets, investment property, debt restructuring, trade and other non-monetary assets are for the use of fair value measurement as its primary means. Without an open market, it mainly depends on the value techniques and it's subjective. In 1999, China has introduced the fair value to the debt restructuring and non-monetary transactions, but it was the use of a listed company earnings management and brought serious economic consequences, the Ministry of Finance in 2001 cancelled it.
The new guidelines bring in the fair value in a larger region; no doubt it will bring earnings management of listed companies to take this opportunity. The author compares the old and the new guidelines; found that the biggest fair value changes are the financial assets and investment real estate types. But the criteria for the change between cost model and fair value measurement model are too strict, so the author focused on the study of financial assets. Reading the literature, collecting market data of new corporate accounting standards on four categories of classification and measurement of financial assets, I find that the provisions on the earnings management of listed companies provide a great opportunity. These are the standpoints from which this paper starts from.
The old accounting standards divide the company's investment into two types as long-term investment and short-term investments. The former is further divided into long-term equity investments and long-term bond investments. New standards for short-term investments, long-term bond investments, and some special use of the long-term equity investment of financial assets are carried out the provisions of the relevant criteria. Old criteria emphasis the use of historical cost, and there is no manipulation space, but the new standards for four types of financial assets using the amortized cost method and fair value measurement method. Held to maturity investments and accounts receivable, loans, amortized cost method used, the cost of its nature and history, as the transaction available for sale financial assets and financial assets at fair value. This paper doesn't focus on the study of fair value, but on these two types of assets brought by a different method of accounting earnings management opportunities. The change in fair value during the holding period, trading of financial assets takes it into "fair value through profit or loss", and not impairment. But the available for sale financial assets take it into the net assets as "capital surplus", which has a store function, and can be released through the sale, and earnings management has a certain role.
Chinese new corporate accounting standards on the classification and measurement of financial assets are most the same as the international Accounting Standard39---Financial Instruments:Recognition and Measurement" issued by the IASB. The financial crisis in 2008 pushed the fair value measurement attributes waves, most experts believe that it is the root. IASB verifies the reclassification of financial assets in Oct 2008. On November12 2009, IASB issued the "International Financial Reporting Standards Financial Instruments 9", using three stages to complete the accounting standards on financial instruments, completely replace IAS 39. The first one has been completed, the second stage involves skill impairment of financial assets, and the third stage is related to the hedge accounting, IFRS 9 will be implemented in 2013. In IFRS 9, the classification of financial assets, provision for the impairment, re-classification and other issues have been modified, and I believe the biggest change is the classification of financial assets and measurement. In Old guidelines, the available for sale financial assets are secure, because the companies in the initial recognition of financial assets are mainly depended on the management's subjective judgments, and the changes of the fair value in the period are brought to capital surplus. The classification in IFRS 9 is mainly based on testing and contract business model based on cash flow characteristics of the test, the change of financial assets available for sale introduced the FV-OCI mode, which does not allow disposal profit or loss. This can be a very good room for earnings management control.
I read the analysis of the earnings management literature, find the listed companies manipulate the profit to refinancing, turnaround, profit smoothing purposes, etc. Most articles are related to the old accounting standards of the phenomenon of earnings management. The new guidelines implemented not for so long, the relevant articles are mainly comparative analysis of old and new, of which financial assets are classified and the earnings management research is not too much, and among these their focus are the relationship between theory and accounting for its comparative analysis on the practical manipulation, persuasion is not strong, and the empirical analysis of the article is not too much. Literature have pointed out that the listed companies in China use the available for sale financial assets as a tool, and the phenomenon reflects a negative impact, referring the IFRS 9 has some inhibitory effect, and the development of accounting standards closer to international accounting standards is inevitable, I believe that our listed companies on the classification of financial assets and earnings management research is necessary to allow us to find their own problems, but also for our country under the accounting standards further revised and updated to prepare.
This article take it as a starting point, and the first overview of the theory related to earnings management, internal and external incentives, from the accounting standards, analyzes the stock under the old criteria in the guidelines and criteria for impairment of assets, combined with exact examples of the use of accounting policy for earnings management. Then refer to the new accounting standards, introduced the fair value as a new means of earnings management, and finally, focus on the financial assets. Compare the IAS 39 and IFRS 9, then the old and new accounting standards on investment activities, the differences between the trading financial assets and financial assets available for sale. The author supposes that in 2007's bull market, there are possibility to use the financial assets available for sale for earnings management, and then carry out an empirical research and analysis. Been limited by the data sources, the author mainly observe the data in 2007, and taking into account that the trend of stock market may also conduct an impact, so the author takes the 2008 as a control group. In the empirical part, the author describes the statistical analysis of the key variables and verify whether the listed companies under the same conditions have a preference to holders of financial assets available for sale; Then, using the regression model to test whether the listed companies use the way of disposing the financial assets available for sale to make profit earnings management, and taking the trading financial assets as another model for the control group regression. The empirical results show that under the same conditions, listed companies tend to hold financial assets available for sale, not for trading financial assets; descriptive statistics section shows that both in a good and poor market environment, such as in 2007and2008, the listed companies' financial assets held for sale are in greater ratio than that of financial assets held for trading. The profit from the disposal of available for sale financial assets leads the majority of the total profits. The result show that the smooth and turnover to profitable as a motivation for earnings management on the current disposal of available for sale financial assets have significant impact, and the trading financial assets account for a very small proportion of profits, and they have little connection with the earnings management in the listed companies.
引文
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42.王志强、刘星2003上市公司IPO盈余管理与其后期市场表现的实证分析经济管理18
43.王芷萱2010IFRS 9与IAS 39的差异比较及启示财会月刊06
44.魏明海2000盈余管理基本理论及其研究评述会计研究09
45.吴战篪2009证券投资收益的价值相关性与盈余管理研究会计研究06
46.王晖博弈论概论2003年10月 北京大学出版社
47.我国财政部网站http://www.mof. gov. cn/
48.魏涛、陆正飞、单宏伟2007非经常性损益盈余管理的动机、手段和作用研究—来自中国上市公司的经验证据管理世界01
49.王勇2009新会计准则下盈余管理空间变化的实证研究 科学技术与工程上海交通大学安泰经济与管理学院02
50.王雪娟2008可供出售金融资产会计处理探究与对比现代商业02
51.王建辉2008对盈余管理运用的利弊分析管理纵横12
52.王元芳、葛晓舰2009公允价值计量对盈余管理的影响财经界09
53.韦军宁2009公允价值应用对盈余管理的影响中国农业会计O1
54.王涛2010《国际财务报告准则》IFRS9---金融工具对我国会计准则的影响及对策金融会计05
55.薛永红2009《存货》准则、《资产减值准备》准则对上市公司盈余管理的影响经济师07
56.薛爽2003 上市公司权益融资选择的影响因素分析 财经问题研究11
57.徐锋2008新准则对资产减值与盈余管理关系的影响 财经视点09
58.许雯娜2011股权分置改革后股权结构与盈余管理的关系—基于制造业上市公司经验数据管理纵横02
59.熊黎、田野2010 ST上市公司盈余管理有效性的实证分析经营管理01
60.谢诗芬2004 公允价值：国际会计前沿问题研究
61.许志胜2010年金融工具分类体系与混合计量模式研究会计研究 11
62.杨海峰2009IASB与FASB金融工具会计准则联合改进项目的背景、进展及评价.会计研究08
63.余晨怡、叶建芳2010关于IFRSg金融工具分类的思考 国际视野 04
64.亚当·斯密2003道德情操论中国社会科学出版社
65.闫洁2010新会计准则对盈余管理的影响管理世界01
66.严玉康2010基于债务重组新准则的上市公司盈余管理实证分析财会通讯
67.叶丰滢2008新经济形式下长期股权投资盈余管理初探财会月刊10
68.叶建芳、周兰2009管理层动机、会计政策选择与盈余管理---基于新会计准则下上市公司金融资产分类的实证研究会计研究03
69.袁盛奇2009浅析公司盈余管理与分析师盈利预测的关系财务与会计07
70.于小雪、邓川2010后股权分置后上市公司盈余管理倾向与治理效应--基于分析师盈利预测的实证研究财会通讯02
71.杨臻黛2002年由“世通”事件话说会计中国证券期货08
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74.赵春光2006资产减值与盈余管理---论《资产减值》准则的政策涵义会计研究03
75.仲娜2008上市公司利用新会计准则进行盈余管理实例研究 财会月刊13
76.张静、冯治臣2009可供出售金融资产的选择与盈余管理现代经济信息15
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2黄世忠 资产减值准则差异比较及政策建议 会计研究 2005/01
1吴战篪 证券投资收益的价值相关性与盈余管理研究 会计研究 2009/06
1陆建桥中国亏损公司盈余管理实证研究会计研究 1999/09
2阿马蒂亚·森伦理与经济学1987
3亚当·斯密道德情操论中国社会科学出版社 2003
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1乔治·阿克劳夫柠檬市场：质量不确定性和市场机制 1970
2财务成本管理注册会计师考试辅导教材经济科学出版社2009
1王晖 博弈论概论 北京大学出版社 2003年10月
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1.阿马蒂亚·森 1987伦理与经济学
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3.程艳芬2004中国上市公司股权融资偏好分析中国人民大学 05
4..陈敏毅2008新会计准则下公司盈余管理初探现代商业14
5..陈妙霞2008我国上市公司的盈余管理研究 现代商业 29
6.曹倩倩2009公允价值会计政策选择的盈余管理动因分析—以短期证券投资为例商场现代化05
7.崔莉2009权益性可供出售金融资产对上市公司的影响商业会计19
8. 陈冬华、陈信元2005国有企业中的薪酬管制与在职消费经济研究02
9. 陈国欣2004我国上市公司盈余管理行为的实证分析南开管理评论05
10.蔡宁、米建华2010股权分置改革后盈余管理对IPO发行影响的实证研究上海交通大学系统管理学报04
11.陈琳、卜华2010IFRS 9的修订与我国金融工具会计准则的国际趋同环球瞭望 13
12.戴云、刘益平2010高管薪酬诱发盈余管理的实证研究工业技术经济01
13.方萍薛武昭2009年对IASB放宽金融工具重分类规定的思考财会月刊13
14.高珊2008交易性金融资产和可供出售金融资产处置核算的问题科学大众
15.高慧2010基于会计政策选择的企业盈余管理浅析新疆财经01
16.胡杨2003中国上市公司盈余管理的类型和方法研究西南交通大学学报01
17.黄财啸、张红舸2008可供出售金融资产限定条件和盈余管理杭州电子科技大学学报03
18.黄灵洁2010对我国银行业实施IFRS 9的思考金融与经济 12
19.黄世忠2005资产减值准则差异比较及政策建议会计研究01
20.金融时报网站http://www.financialnews.com.cn/2009年05月16日 我国会计准则公允价值计量和金融资产重分类规定不作调整
21.靳利军2009雅戈尔公司证券投资与其业绩的关联分析财会月刊11
22.蒋平2009我国上市公司盈余管理分析---基于Jones修正模型的实证分析会计之友08
23.康乐、齐励2010新准则下上市公司盈余管理空间的变化证券经纬02
24.孔鑫、王大庆2008会计政策选择与盈余管理综合管理03
25.刘永泽2008从新会计准则体系看会计理念的更新财会学习03
26.刘重2009新会计准则对我国上市公司盈余管理的影响山西财政税务专科学校学报01
27.梁亚玲2010监管制度对我国上市公司盈余管理的影响现代商业33
28.李丹2003会计准则对盈余管理动机作用实证分析黑龙江科技信息07
29.刘晓彦、隋立秋2009试析交易性金融资产与可供出售金融资产的区别生产力研究
30.陆建桥1999中国亏损公司盈余管理实证研究会计研究09
31.刘运国、曾富全2007盈余管理、审计费用与所得税会计政策选择---基于沪深A股上市公司年报数据的实证分析 财会通讯 11
32.孟焰、王伟2010上市公司非经常性损益扭亏盈余管理案例研究当代财经
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34.乔治·阿克劳夫 1970柠檬市场：质量不确定性和市场机制
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37.任玉龙2009金融资产重分类准则研究财会月刊03
38.任春艳2005盈余管理对会计准则制定的启示 当代财经05
39.沈烈、张西萍2007新会计准则与盈余管理会计研究02
40.宋力、张玉春2009股权分置改革后股权激励上市公司盈余管理变化分析 财会通讯11
41.王跃堂2000会计政策选择的经济动机---基于沪深股市的实证研究会计研究12
42.王志强、刘星2003上市公司IPO盈余管理与其后期市场表现的实证分析经济管理18
43.王芷萱2010IFRS 9与IAS 39的差异比较及启示财会月刊06
44.魏明海2000盈余管理基本理论及其研究评述会计研究09
45.吴战篪2009证券投资收益的价值相关性与盈余管理研究会计研究06
46.王晖博弈论概论2003年10月 北京大学出版社
47.我国财政部网站http://www.mof. gov. cn/
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49.王勇2009新会计准则下盈余管理空间变化的实证研究 科学技术与工程上海交通大学安泰经济与管理学院02
50.王雪娟2008可供出售金融资产会计处理探究与对比现代商业02
51.王建辉2008对盈余管理运用的利弊分析管理纵横12
52.王元芳、葛晓舰2009公允价值计量对盈余管理的影响财经界09
53.韦军宁2009公允价值应用对盈余管理的影响中国农业会计O1
54.王涛2010《国际财务报告准则》IFRS9---金融工具对我国会计准则的影响及对策金融会计05
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56.薛爽2003 上市公司权益融资选择的影响因素分析 财经问题研究11
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59.熊黎、田野2010 ST上市公司盈余管理有效性的实证分析经营管理01
60.谢诗芬2004 公允价值：国际会计前沿问题研究
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62.杨海峰2009IASB与FASB金融工具会计准则联合改进项目的背景、进展及评价.会计研究08
63.余晨怡、叶建芳2010关于IFRSg金融工具分类的思考 国际视野 04
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66.严玉康2010基于债务重组新准则的上市公司盈余管理实证分析财会通讯
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68.叶建芳、周兰2009管理层动机、会计政策选择与盈余管理---基于新会计准则下上市公司金融资产分类的实证研究会计研究03
69.袁盛奇2009浅析公司盈余管理与分析师盈利预测的关系财务与会计07
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75.仲娜2008上市公司利用新会计准则进行盈余管理实例研究 财会月刊13
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