中国上市公司盈余管理季度分布特征研究
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摘要
盈余管理是财务会计理论研究的一个重要课题,也是会计准则制定者和证券市场监管者非常关注的问题之一。现有的盈余管理研究大多以年度盈余为基础展开,而对短于一个会计年度的中报盈余管理问题的研究则比较少。本文通过对中国上市公司盈余管理季度分布特征的分析和检验,揭示中国上市公司中报的盈余质量及其主要影响因素,从而为我国中报会计准则的制定及中报会计信息的监管提供一定的参考。
现有的盈余管理研究大多只注重分析盈余管理的动因,并证明盈余管理的存在性,常常忽视了对盈余管理机会的分析。本文则从盈余管理的机会和动因两个维度来分析盈余管理季度分布特征形成的原因。通过检验我国2003-2008年间沪深两地上市公司样本数据,发现中国上市公司盈余管理季度分布特征明显,总体而言第四季度与前三季度在盈余管理方面存在显著差异。
本文还分析和检验了在亏损年度、股权再融资年度和进行了中期审计的年度三种情形下盈余管理季度分布特征,以进一步验证契约动因、资本市场动因以及体现盈余管理机会的审计因素对盈余管理季度分布特征的影响。检验得到的结论是：盈余管理激励因素是导致上市公司进行盈余管理的主要原因,审计对盈余管理的抑制作用非常有限。
从性质上讲,盈余管理既有机会主义的成分,也有传递经理层私人信息的“好”的一面。本文通过分析和检验盈余构成中操控性应计利润的价值相关性,来比较前三季度盈余管理和第四季度盈余管理性质上的差异,得到的结果与预期一致,中期操控性应计利润中私人信息传递的成分更多,第四季度操控性应计利润则机会主义成分更多。
总体看来,中国上市公司中期报告中的盈余管理并没有因审计等制约措施的不足而变得异常严重。在正常情形下,我们无需强制上市公司进行中报审计,但是在股权再融资等资本市场动因存在的情形下,有必要加强对上市公司中报信息披露质量的监管。在中报会计准则的制定方面,可以适当向“一体观”原则倾斜,以提高中报会计信息的相关性。
Earnings management is an important research topic on financial accounting theory, and also concerned by accounting standards setters and securities market regulators. The existing researches on earnings management are mostly based on annual accounting earnings; topic on earnings management in interim accounting report is seldom deeply studied. Based on analysis and test to the quarterly distribution characteristics of earnings management in China's listed companies, this dissertation is to reveal listed companies' interim earnings quality and main effecting factors, thereby provide certain reference for China's accounting standards setting and interim accounting information supervising.
Unlike most of current researches about earnings management, which paid most attention to analysis the motivations and proved the existence of earnings management, often neglected opportunities analysis of earnings management, this dissertation analyzed the causes of quarterly distribution characteristics of earnings management meanwhile from two dimensions of opportunity and motivation. Through the investigation of company sample listed on Shanghai and Shenzhen Stock Exchange during 2003-2008, this dissertation found that quarterly distribution characteristics of earnings management of Chinese listed companies are obvious. Generally speaking, earnings management in the fourth quarter is significantly different from that in the first three quarters.
In order to further corroborate the influence of contract and capital market motivations, and audit factor that reflect an important opportunity of earnings management, this dissertation also analyzed and tested quarterly distribution characteristics of earnings management in three specific circumstances:annual loss, seasoned equity offering and interim audit. The conclusion is that main reasons why listed companies manage their earnings are motivations of earnings management; the restraint effect of auditing is very limited.
From nature, earnings management contained both the component of opportunism and "good" aspect, through which management can signal their private information. By analyzing and testing the value relevance of discretionary accruals, which is one of components of earnings, this dissertation compared the difference of earnings management in nature between first three quarters and the fourth quarter. In accord with our expectations, discretionary accruals of interim earnings contain more private information transmission components, and discretionary accruals in the fourth quarter contain more opportunistic components.
Overall, earnings management in interim financial report is not very serious in Chinese listed companies in spite of deficiency of audit and other control measures. Under normal circumstances, it is not necessary to impose listed companies to have their interim report audited; however, under the circumstances of capital market motivation, such as seasoned equity offering, it is necessary to strengthen supervision to the quality of listed companies reported information disclosure. As for the accounting standards formulating, interim financial report may aptly emphasize integral view principle, in order to improve the relevance of the accounting information.
现有的盈余管理研究大多只注重分析盈余管理的动因,并证明盈余管理的存在性,常常忽视了对盈余管理机会的分析。本文则从盈余管理的机会和动因两个维度来分析盈余管理季度分布特征形成的原因。通过检验我国2003-2008年间沪深两地上市公司样本数据,发现中国上市公司盈余管理季度分布特征明显,总体而言第四季度与前三季度在盈余管理方面存在显著差异。
本文还分析和检验了在亏损年度、股权再融资年度和进行了中期审计的年度三种情形下盈余管理季度分布特征,以进一步验证契约动因、资本市场动因以及体现盈余管理机会的审计因素对盈余管理季度分布特征的影响。检验得到的结论是：盈余管理激励因素是导致上市公司进行盈余管理的主要原因,审计对盈余管理的抑制作用非常有限。
从性质上讲,盈余管理既有机会主义的成分,也有传递经理层私人信息的“好”的一面。本文通过分析和检验盈余构成中操控性应计利润的价值相关性,来比较前三季度盈余管理和第四季度盈余管理性质上的差异,得到的结果与预期一致,中期操控性应计利润中私人信息传递的成分更多,第四季度操控性应计利润则机会主义成分更多。
总体看来,中国上市公司中期报告中的盈余管理并没有因审计等制约措施的不足而变得异常严重。在正常情形下,我们无需强制上市公司进行中报审计,但是在股权再融资等资本市场动因存在的情形下,有必要加强对上市公司中报信息披露质量的监管。在中报会计准则的制定方面,可以适当向“一体观”原则倾斜,以提高中报会计信息的相关性。
Earnings management is an important research topic on financial accounting theory, and also concerned by accounting standards setters and securities market regulators. The existing researches on earnings management are mostly based on annual accounting earnings; topic on earnings management in interim accounting report is seldom deeply studied. Based on analysis and test to the quarterly distribution characteristics of earnings management in China's listed companies, this dissertation is to reveal listed companies' interim earnings quality and main effecting factors, thereby provide certain reference for China's accounting standards setting and interim accounting information supervising.
Unlike most of current researches about earnings management, which paid most attention to analysis the motivations and proved the existence of earnings management, often neglected opportunities analysis of earnings management, this dissertation analyzed the causes of quarterly distribution characteristics of earnings management meanwhile from two dimensions of opportunity and motivation. Through the investigation of company sample listed on Shanghai and Shenzhen Stock Exchange during 2003-2008, this dissertation found that quarterly distribution characteristics of earnings management of Chinese listed companies are obvious. Generally speaking, earnings management in the fourth quarter is significantly different from that in the first three quarters.
In order to further corroborate the influence of contract and capital market motivations, and audit factor that reflect an important opportunity of earnings management, this dissertation also analyzed and tested quarterly distribution characteristics of earnings management in three specific circumstances:annual loss, seasoned equity offering and interim audit. The conclusion is that main reasons why listed companies manage their earnings are motivations of earnings management; the restraint effect of auditing is very limited.
From nature, earnings management contained both the component of opportunism and "good" aspect, through which management can signal their private information. By analyzing and testing the value relevance of discretionary accruals, which is one of components of earnings, this dissertation compared the difference of earnings management in nature between first three quarters and the fourth quarter. In accord with our expectations, discretionary accruals of interim earnings contain more private information transmission components, and discretionary accruals in the fourth quarter contain more opportunistic components.
Overall, earnings management in interim financial report is not very serious in Chinese listed companies in spite of deficiency of audit and other control measures. Under normal circumstances, it is not necessary to impose listed companies to have their interim report audited; however, under the circumstances of capital market motivation, such as seasoned equity offering, it is necessary to strengthen supervision to the quality of listed companies reported information disclosure. As for the accounting standards formulating, interim financial report may aptly emphasize integral view principle, in order to improve the relevance of the accounting information.
引文
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