商誉减值计提动因及其外部审计监管——来自沪深A股上市公司的经验证据

商誉计提减值可以较好地为报表使用者提供商誉价值和企业资产价值的真实信息,但是由于商誉计提减值的过程中涉及大量的估计和判断,计提减值准备的动机使得上市公司在稳健性的名义下仍可能存在盈余管理的空间。本文选择了2007-2008年沪深A股上市公司为研究样本,实证检验了商誉减值计提的动因及其外部审计监管。研究发现,新会计准则实施后,上市公司商誉减值的计提是基于其未来收益能力的下降而非盈余管理行为,商誉减值计提越多的上市公司越倾向于选择高质量审计师。这也从侧面进一步验证了资产减值准则的实施效果。     

公司治理结构、盈余管理动机与长期资产减值转回——来自我国上市公司的经验证据

本文在新《资产减值准则》的研究框架下,结合公司治理理论,对我国上市公司的公司治理特征、盈余管理动机与长期资产减值转回相互关系进行了实证分析。本文以2001年至2004年所有A股上市公司为样本,实证研究发现:(1)董事会和总经理两职合一、管理层薪酬外部竞争优势弱化、未设置独立审计委员会的公司越倾向于长期资产减值转回进行盈余管理;(2)具有扭亏动机、配股动机的公司越倾向进行长期资产减值转回,具有大清洗动机和利润平滑动机的公司越倾向长期资产减值不转回;(3)未来收益能力和经济环境不影响长期资产减值转回。文章还对政府经济管理部门、上市公司监管部门、上市公司利益相关者及上市公司管理层提出了建议。     

公允价值与盈余管理关系研究

正公允价值计量属性的运用是会计信息真实性与公允价值主观性相博弈的结果。在会计计量属性中它最能反映资产和负债的真实价值,但同时它也具有很强的主观性,这种主观性增加了其运用过程中的可操作性。在我国,公允价值在提高会计信息真实性方面具有不可比拟的优势,但其自身的主观性特征也让公司管理层看到了盈余管理的可能。因为在实际运用过程中,一方面企业有更大的自主权去选择会计政策,依据自身对经济的预期来调整会计政策,这给企业管理层进行盈余管理提     

我国新资产减值准则实施效果的实证分析

研究结果表明:2006年新资产减值准则颁布的当年,我国上市公司中确实存在着大量转回以前年度已计提的长期资产减值准备的现象;新资产减值准则的颁布和实施抑制了上市公司利用长期资产减值准备为工具而进行的盈余管理行为。     

新会计准则对上市公司盈余管理影响的相关性研究

2007年我国会计准则发生重大变革,目前的研究对于上市公司如何利用新准则公允价值进行盈余管理等问题缺乏研究,因此研究新会计准则公允价值计量对上市公司盈余管理的影响具有重要的理论意义。文章采用新准则体系实施后的上市公司样本数据,加入了资产减值准备和公允价值变动等多个变量,对100家公司的盈余管理进行了相关性研究。研究结果表明,首先,公司利用营业外收支进行盈余管理活动。其次,上市公司仍存在利用资产减值准备进行盈余管理的情况。最后通过论述现行会计准则与上市公司盈余管理之间的关系,提出完善我国会计准则建设的相关建议。     

浅谈资产减值政策与我国上市公司盈余管理

我国上市公司中普遍存在的盈余管理行为已经严重影响了资本市场资源配置的效率,侵害了广大中小投资者的利益。虽然现行资产减值政策一定程度上遏制了上市公司盈余管理的行为,但是针对企业的实际情况,现行资产减值政策仍有不足,给上市公司留有盈余管理的空间。本文会计准则和公司内外部环境三个层面,提出改进措施和建议,完善资产减值政策,消除上市公司盈余管理行为。     

盈余管理动机、信息质量与政府监管

长期资产减值和公允价值计量属性是新旧会计准则衔接期争论较大的两个话题,本文首先研究了上市公司是否会在2006年新旧准则衔接期大量转回减值准备,以及准则颁布前后计提和转回减值准备的动机是否存在差异;其次比较了新旧准则下会计信息质量差异;最后研究了公允价值计价是否会提高会计信息的定价能力。研究表明,新准则中禁止长期资产减值准备转回的做法有利于提高会计信息的相关性和稳健性,并且由于财政部、证监会在准则衔接期政策实施得当,抑制了上市公司在新准则实施前突击转回已计提的长期资产减值准备的动机,从而未出现上市公司"赶集"转回长期资产减值准备的现象。同时,我们的研究还发现,按新准则调整后的股东权益比旧准则有较高的价值相关性,公允价值计量能够提供增量的价值相关信息。我们的研究整体表明,新旧准则转换过程是平稳、有序的,会计信息质量也得到了提升。     

新会计准则对公司盈余管理的影响

财政部颁布的新会计准则已于2007年1月1日开始在上市公司中推行。本文通过对从公允价值计量的采用、资产减值准备的计提、无形资产和企业合并等四方面会计政策改变的分析,来阐述新准则对公司盈余管理的影响,并提出在新准则下规范公司盈余管理的对策。     

资产减值与盈余管理——论《资产减值》准则的政策涵义

2006年2月15日我国颁布了《资产减值》准则,规定已确认的资产减值不得转回。本文研究了上市公司的资产减值与盈余管理之间的关系,发现减值前亏损的公司存在以转回和计提资产减值进行盈余管理的行为, 一方面是为了避免亏损,另一方面是为了进行大洗澡(big bath);同时有较弱的证据说明减值前盈利的公司也存在以转回和计提资产减值进行盈余管理的行为,一方面是为了利润平滑化,另一方面是为了达到盈余增长。     

上市公司财务报告目的评估价值相关性研究——来自A股市场的经验证据

公允价值在会计准则中的广泛运用引致了以财务报告为目的的评估业务需求。本文选取了2004~2008年上市公司为研究样本,检验了以财务报告为目的的资产评估总体价值相关性以及基于资产减值测试的评估价值的市场反应。研究结果表明,新会计准则实施后的价值相关性显著提高,而资产减值的计提受投资者的关注度则有所减弱。这说明以财务报告为目的的评估有效地提高了会计信息的质量和信息含量,并在一定程度上抑制了滥用公允价值进行盈余管理的行为。从长远来看,深化经济的市场化程度,努力构建一个完整、统一、开放、充分竞争的市场,实现评估界与会计审计界的良性互动,同时加强会计监管及行业自律并对滥用公允价值及虚假评估行为予以严惩,仍是未来一段时期的重中之重。     

资产减值与盈余管理——基于长期资产减值转回的实证研究

2006年2月15日《企业会计准则第8号：资产减值》的颁布，作为我国会计准则与国际会计准则的实质性差异之一，长期资产减值能否转回问题又成为人们瞩目的焦点。本文试图利用实证研究论证我国上市公司确实有利于资产减值转回（尤其是长期资产减值转回）进行盈余管理的行为，旨在为《资产减值》准则的制定与实施提供一些经验数据。同时重点关注上市公司2006年对于以前年度计提的长期资产减值准备的处理方式，以观测新准则的发布和实施对于上市公司的影响程度，以及是否的确出现了部分学者预言的“最后的疯狂”——上市公司资产减值转回的“赶集”现象。     

Do Trading and Power Operations Mix?

The author uses the case of Constellation Energy to show the challenges, and pitfalls, of running an energy and power trading unit as a profit center within a large power company. Sophisticated trading and risk management operations do play important supporting roles in power companies that face competitive wholesale markets. The complicated dynamics of power prices and the complex operations of generation assets and supply obligations require careful assessment of risks and returns. Trading operations can help extract more value from physical assets and supply obligations. But problems are bound to arise when companies attempt to manage the trading function as a stand‐alone profit center. Determining the amount of capital required for proprietary trading portfolios and other elements of trading businesses is complicated. It is easy to underestimate the capital required and so exaggerate the profitability of trading. When profit center trading operations share a balance sheet with other business units—especially units with physical assets like generation—the natural tendency is for the trading operation to piggyback on the capital of the other units. The actual amount of capital consumed becomes apparent only in times of crisis. We have seen this mistake made repeatedly in the short history of trading operations in U.S. power companies. Only truly independent trading operations, with their own balance sheets, can be evaluated clearly and held accountable.     

管理层利用董事会报告可读性配合盈余管理了吗

依据2007-2018年中国上市公司数据,考量管理层是否会利用董事会报告可读性配合盈余管理。结果显示：上市公司存在管理层利用董事会报告可读性配合其盈余管理行为,表现为盈余管理程度较高的公司董事会报告可读性较差,盈余管理程度较低的公司董事会报告可读性较好;且当年董事会报告可读性较差的公司下一年盈余管理程度较高,当年董事会报告可读性较好的公司下一年盈余管理程度较低。此外,国有上市公司管理层利用董事会报告可读性配合其盈余管理的动机会更强。     

保险公司资产组合与最优投资比例研究

保险公司收益主要来源于承保利润和投资收益,其中承保利润受政策变动、市场条件等外部环境的影响较大,而投资收益则更多地取决于保险公司的投资能力,因此保险公司如何构建资产组合、如何确定最优投资比例就是获取投资收益最大化的重要因素。本文通过理论推导得出了保险公司的资产组合模型并运用非线性规划求解出最优投资比例,进而根据保险公司的投资数据进行了实证研究,为我国保险公司的资产组合及最优投资比例提供了一个可借鉴的思路。     

HOW TO FIX ACCOUNTING—MEASURE AND REPORT ECONOMIC PROFIT

Bending accounting rules has become so ingrained in our corporate culture that even ethical business leaders succumb to the temptation to “manage” their earnings in order to meet analysts' demands for smoothly rising results. The author of this article argues that such behavior reflects not a general decline in ethical standards so much as executives' growing sense that accounting itself has become “unhinged from value.” For example, clearly valuable expenditures on R&D, customer acquisition, and employee training are generally expensed immediately against earnings. And reported corporate income is often further reduced by provisions for losses that most companies never expect to incur, by “book” taxes they never expect to pay, and by depreciation charges on assets that are actually increasing in value. At the same time, the opportunity costs associated with employee stock options and the corporate use of equity capital are not reflected in the accountant's measure of profit. To improve the quality of corporate governance and revitalize the public's faith in reported earnings, the author proposes a complete overhaul of GAAP accounting to measure and report economic profit, or EVA. Stated in brief, the author's concept of economic profit begins with an older, but now seldom used, definition of accounting income known as “residual income,” and then proposes a series of additional adjustments to GAAP accounting that are designed to produce a reliable measure of a company's annual, sustainable cash‐generating capacity. Besides expensing the cost of equity capital as well as stock options, the author recommends bringing off‐balance‐sheet items such as pension assets and liabilities back onto the balance sheet, eliminating reserve accounting, capitalizing R&D and other expenditures on intangible assets, and recording economic rather than accounting depreciation. Such changes, by replacing the accountants' current flawed definition of earnings with a comprehensive new statement of value added, could restore investor confidence in financial statements. Even more important, managers would be less likely to pursue their now common practice of boosting earnings by making value‐reducing operating and investment decisions and more likely to use financial reporting not to mislead the market but as an opportunity to communicate relevant, forward‐looking information.     

中国亏损上市公司盈余管理手段有效性研究

本文选取我国沪深A股亏损上市公司为研究样本,对2010年首次亏损而在2011年扭亏的上市公司是否会在扭亏年度内进行盈余管理,以及运用何种手段进行盈余管理及并对其有效性进行分析.运用模型以及多元线性回归方法进行实证研究发现：首次亏损上市公司财务报表中的营业外收支、资产减值准备、营业成本、投资收益及管理费用等更容易受到企业的操控.因此建议,为提高各方对会计信息的识别能力,企业的股东、债权人和监管机构等利益相关者要警惕此类指标的异常变动.     

新会计准则实施后营业利润的信息质量研究

以新会计准则实施对营业利润信息质量的影响为研究对象,利用2001～2010年A股上市公司数据,从会计信息的持续性、稳健性和相关性三个方面综合评价新会计准则实施对营业利润信息质量的影响,同时分析了资产减值损失、公允价值变动收益和投资收益的并入对营业利润信息质量的影响。实证结果显示新准则对营业利润的综合影响结果是价值相关性提高,但持续性和稳健性下降。     

A Better Way to Measure Operating Performance (or Why the EVA Math Really Matters)

Most companies rely heavily on earnings to measure operating performance, but earnings growth has at least two important weaknesses as a proxy for investor wealth. Current earnings can come at the expense of future earnings through, for example, short‐sighted cutbacks in investment, including spending on R&D. But growth in EPS can also be achieved by investing more capital with projected rates of return that, although well below the cost of capital, are higher than the after‐tax cost of debt. Stock compensation has been the conventional solution to the first problem because it's a discounted cash flow value that is assumed to discourage actions that sacrifice future earnings. Economic profit—in its most popular manifestation, EVA—has been the conventional solution to the second problem with earnings because it includes a capital charge that penalizes low‐return investment. But neither of these conventional solutions appears to work very well in practice. Stock compensation isn't tied to business unit performance—and often fails to provide the intended incentives for the (many) corporate managers who believe that meeting current consensus earnings is more important than investing to maintain future earnings. EVA doesn't work well when new investments take time to become profitable because the higher capital charge comes before the related income. In this article, the author presents two new operating performance measures that are likely to work better than either earnings or EVA because they reflect the value that can be lost either through corporate underinvestment or overinvestment designed to increase current earnings. Both of these new measures are based on the math that ties EVA to discounted cash flow value, particularly its division of current corporate market values into two components: “current operations value” and “future growth value.” The key to the effectiveness of the new measures in explaining changes in company stock prices and market values is a statistical model of changes in future growth value that captures the expected effects of significant increases in current investment in R&D and advertising on future profits and value.