A股上市公司资产减值准备计提行为研究
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摘要
2000年底财政部颁布了《企业会计制度》,将计提减值准备的资产范围由原来的“四项”提升为“八项”,旨在更真实地反映资产质量,提高会计信息的价值相关性。这个初衷实现了吗?从近年来的会计实践来看,出现了诸如科龙电器、四川长虹、南方证券等利用减值准备的计提进行盈余管理的事件。那么,是哪些因素影响了上市公司的计提行为?上市公司在什么时间点有可能采用什么方法利用减值准备的计提进行盈余管理?作为审计上市公司会计报表的注册会计师,能否揭示这种异常的计提行为?投资者能否对上市公司的会计数据进行有效识别?这便是本文要探讨的重点内容。
首先,从行业环境、自身业绩与盈余管理动机三方面因素对微利上市公司计提减值准备行为的影响进行了分析。研究表明:微利公司基于提升业绩动机会减少计提减值准备比率,但采取转回减值准备方法的可能性并不显著,而发生高层管理者变动及在下一年度亏损的微利公司在亏损年度会加大计提减值准备比率且更可能采取正向计提减值准备的方法。同时,发现自身业绩因素与计提减值准备率呈负相关,但公司所在行业的盈利能力对其计提行为影响不显著。
其次,从横向与纵向的角度对先盈后亏公司计提减值准备的盈余管理行为进行了分析。结果表明,先盈后亏公司在亏损年度的计提减值准备率和正向计提减值准备的可能性显著大于盈利年度及连续两年盈利公司的后一年,但二者在资产质量水平比较上无显著差异,这在一定程度上说明,公司在亏损年度的异常计提行为更有可能是盈余管理动机所致,并非据实减值。同时,研究并未发现公司在盈利年度存在明显的盈余管理行为。
再次,基于审计师的视角,对上市公司计提资产减值准备的审计鉴证进行了分析。结果表明,公司正向计提减值准备率越高以及在亏损年度,被注册会计师出具非标准无保留意见的概率越大,但在盈利年度没有显著相关性。同时发现,出具非标准无保留审计意见的转回减值准备率均值显著小于出具标准无保留审计意见的均值。这在一定程度上说明,注册会计师能有效识别公司的异常计提行为。
最后,基于投资者的视角,对上市公司计提资产减值准备的会计信息价值相关性进行了分析。结果表明,上市公司计提减值准备后的会计信息价值相关性较计提前更高,但这种差异不显著(全样本除外);计提的减值准备数据在一定程度上不能有效反映资产价值减损情况,不具有增量价值相关性(非亏损公司除外);亏损上市公司的会计盈余信息价值相关性显著低于非亏损上市公司,但净资产指标的价值相关性在二者之间没有显著性差异。同时发现,亏损上市公司的净资产指标较会计盈余指标对投资者决策的影响作用更大,但非亏损公司与转回减值准备公司的情况则相反。此外,还发现投资者不能有效识别巨亏公司与通过转回减值准备方式盈利的公司的会计盈余质量,而对微利公司却能有效识别。
To reflect the quality of enterprise assets truly, and improve the value relevance of accounting information,the new"Accounting system for business enterprises"that formulated by Ministry of Finance at the end of 2000,expanded the range of the assets write-downs that promoted assets write-downs as "eight items"by "four items". However, did this original intention realise? From the accounting practice of recent years, some events that some companies such as Kelong electricals,Sichuan ChangHong and Southern Securities used the promoted assets of assets write-downs to carry on the earnings management. Therefore, what factors affect the actions of promoted assets of listed companies? What time point for the listed companies might adopt what method to make the earnings management using promoted assets of preparation of assets write-downs? Whether the CPA who audits the accounting statements of listed companies can reveal the abnormal actions of promoted assets or not? And can the investors effectively recognize the accounting data of listed companies? These are the key contents to be studied.
At first, the influence to promoted assets action of listed companies with small profits from three factors of industry environment, self achievement and motivation of earnings management is analyzed in this paper. It indicates that the company with small profits reduces the ratio of preparation of promoted write-downs based on improving the motivation of achievements, but possibility of adopting the method of turning back the assets write-downs preparation is not evident, while the companies with small profit whose top manager is changing and are deficit in next year will increase the ratio of promoted assets write-downs and is more likely to adopt the method of forward promoted asset write-downs preparation. Meanwhile, the companies find out that the factor of self achievement is negative revelant with the ratio of promoted assets write-downs preparation, however, the influence of the earnings ability of industry which the company is in to its promoted action is not evident.
Secondly, from the horizontal and vertical angle, the earnings management action of promoted assets write-downs preparation of the companies who are profitable first and then loss is analyzed. It is shown that the ratio of the promoted assets write-downs preparation of the companies who are profitable first then loss in loss year and the possibility of forward promoted assets write-downs preparation is remarkably more than that in profitable year and the second year of the two continuous profitable years, but there is no remarkable difference between them in assets quality, which to some extent indicates that the abnormal promoted action in loss year is more likely induced by the motivation of earnings management, but not the asset depreciation for the fact. Meanwhile, the research didn't find out that there is earnings management in the profitable years.
Thirdly, from the view of auditor, the auditing identification of promoted assets write-downs preparation is analyzed. The results indicate that higher ratio of forward promoted assets write-downs preparation and that in loss year, the more probability of CPA presenting the non-standard and clean opinion, but in the profitable years, there is no remarkable relevance. The results also find out the average value of the ratio of turning back assets write-downs preparation when presenting the non-standard and clean opinion is evidently less than that when presenting the standard and clean opinion, which to some extent shows that the CPA can effectively recognize the the abnormal promoted action.
At last, from the view of investors, the value relevance of accounting earnings information of promoted assets write-downs preparation is analyzed. The results indicate that the value relevance of accounting information after preparation of promoted assets write-downs of listed companies is higher than that before promoted, but this difference is not remarkable(except for the whole companies); the data of promoted assets write-downs preparation to some extent does not effectively reflect the the loss of assets write-downs, and does not have the value relevance of increment(except for the loss companies); the value relevance of accounting earnings information of loss listed companies is more lower than that of non-loss companies, but value relevance of net assets index between them is not notably different. The results also find that the effect that the net assets index of loss listed companies to investors' decision is more than that the accounting earnings index to investors' decision, however, it is opposite for the the non-loss companies and the companies of turning back the assets write-downs preparation. In addition, it is also shown that the investors cannot effectively recognize the accounting earnings quality of the large loss companies and the profitable companies by turning back the assets write-downs preparation, while they can effectively recognize the companies with thin profits.
首先,从行业环境、自身业绩与盈余管理动机三方面因素对微利上市公司计提减值准备行为的影响进行了分析。研究表明:微利公司基于提升业绩动机会减少计提减值准备比率,但采取转回减值准备方法的可能性并不显著,而发生高层管理者变动及在下一年度亏损的微利公司在亏损年度会加大计提减值准备比率且更可能采取正向计提减值准备的方法。同时,发现自身业绩因素与计提减值准备率呈负相关,但公司所在行业的盈利能力对其计提行为影响不显著。
其次,从横向与纵向的角度对先盈后亏公司计提减值准备的盈余管理行为进行了分析。结果表明,先盈后亏公司在亏损年度的计提减值准备率和正向计提减值准备的可能性显著大于盈利年度及连续两年盈利公司的后一年,但二者在资产质量水平比较上无显著差异,这在一定程度上说明,公司在亏损年度的异常计提行为更有可能是盈余管理动机所致,并非据实减值。同时,研究并未发现公司在盈利年度存在明显的盈余管理行为。
再次,基于审计师的视角,对上市公司计提资产减值准备的审计鉴证进行了分析。结果表明,公司正向计提减值准备率越高以及在亏损年度,被注册会计师出具非标准无保留意见的概率越大,但在盈利年度没有显著相关性。同时发现,出具非标准无保留审计意见的转回减值准备率均值显著小于出具标准无保留审计意见的均值。这在一定程度上说明,注册会计师能有效识别公司的异常计提行为。
最后,基于投资者的视角,对上市公司计提资产减值准备的会计信息价值相关性进行了分析。结果表明,上市公司计提减值准备后的会计信息价值相关性较计提前更高,但这种差异不显著(全样本除外);计提的减值准备数据在一定程度上不能有效反映资产价值减损情况,不具有增量价值相关性(非亏损公司除外);亏损上市公司的会计盈余信息价值相关性显著低于非亏损上市公司,但净资产指标的价值相关性在二者之间没有显著性差异。同时发现,亏损上市公司的净资产指标较会计盈余指标对投资者决策的影响作用更大,但非亏损公司与转回减值准备公司的情况则相反。此外,还发现投资者不能有效识别巨亏公司与通过转回减值准备方式盈利的公司的会计盈余质量,而对微利公司却能有效识别。
To reflect the quality of enterprise assets truly, and improve the value relevance of accounting information,the new"Accounting system for business enterprises"that formulated by Ministry of Finance at the end of 2000,expanded the range of the assets write-downs that promoted assets write-downs as "eight items"by "four items". However, did this original intention realise? From the accounting practice of recent years, some events that some companies such as Kelong electricals,Sichuan ChangHong and Southern Securities used the promoted assets of assets write-downs to carry on the earnings management. Therefore, what factors affect the actions of promoted assets of listed companies? What time point for the listed companies might adopt what method to make the earnings management using promoted assets of preparation of assets write-downs? Whether the CPA who audits the accounting statements of listed companies can reveal the abnormal actions of promoted assets or not? And can the investors effectively recognize the accounting data of listed companies? These are the key contents to be studied.
At first, the influence to promoted assets action of listed companies with small profits from three factors of industry environment, self achievement and motivation of earnings management is analyzed in this paper. It indicates that the company with small profits reduces the ratio of preparation of promoted write-downs based on improving the motivation of achievements, but possibility of adopting the method of turning back the assets write-downs preparation is not evident, while the companies with small profit whose top manager is changing and are deficit in next year will increase the ratio of promoted assets write-downs and is more likely to adopt the method of forward promoted asset write-downs preparation. Meanwhile, the companies find out that the factor of self achievement is negative revelant with the ratio of promoted assets write-downs preparation, however, the influence of the earnings ability of industry which the company is in to its promoted action is not evident.
Secondly, from the horizontal and vertical angle, the earnings management action of promoted assets write-downs preparation of the companies who are profitable first and then loss is analyzed. It is shown that the ratio of the promoted assets write-downs preparation of the companies who are profitable first then loss in loss year and the possibility of forward promoted assets write-downs preparation is remarkably more than that in profitable year and the second year of the two continuous profitable years, but there is no remarkable difference between them in assets quality, which to some extent indicates that the abnormal promoted action in loss year is more likely induced by the motivation of earnings management, but not the asset depreciation for the fact. Meanwhile, the research didn't find out that there is earnings management in the profitable years.
Thirdly, from the view of auditor, the auditing identification of promoted assets write-downs preparation is analyzed. The results indicate that higher ratio of forward promoted assets write-downs preparation and that in loss year, the more probability of CPA presenting the non-standard and clean opinion, but in the profitable years, there is no remarkable relevance. The results also find out the average value of the ratio of turning back assets write-downs preparation when presenting the non-standard and clean opinion is evidently less than that when presenting the standard and clean opinion, which to some extent shows that the CPA can effectively recognize the the abnormal promoted action.
At last, from the view of investors, the value relevance of accounting earnings information of promoted assets write-downs preparation is analyzed. The results indicate that the value relevance of accounting information after preparation of promoted assets write-downs of listed companies is higher than that before promoted, but this difference is not remarkable(except for the whole companies); the data of promoted assets write-downs preparation to some extent does not effectively reflect the the loss of assets write-downs, and does not have the value relevance of increment(except for the loss companies); the value relevance of accounting earnings information of loss listed companies is more lower than that of non-loss companies, but value relevance of net assets index between them is not notably different. The results also find that the effect that the net assets index of loss listed companies to investors' decision is more than that the accounting earnings index to investors' decision, however, it is opposite for the the non-loss companies and the companies of turning back the assets write-downs preparation. In addition, it is also shown that the investors cannot effectively recognize the accounting earnings quality of the large loss companies and the profitable companies by turning back the assets write-downs preparation, while they can effectively recognize the companies with thin profits.
引文
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