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以2010~2014年 A 股上市公司为研究样本,以修正 Jones 模型估计的操控性应计绝对值作为应计项目盈余管理的衡量指标,探讨上市公司独立董事日常工作所在地和上市公司所在地是否一致对公司盈余管理的影响。研究发现,独立董事本地化能抑制公司应计项目盈余管理。此外,研究进一步发现,独立董事本地化还能约束真实活动盈余操控,包括销售操控、生产操控和费用操控等行为。 相似文献
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我国的创业板市场于2009年正式开启,为新创高科技企业提供了有效的融资渠道,但由于监管制度的不完善,出现了发行价格偏高、市盈率虚高、超募率较高、风险较大等突出问题。2012年4月20日,深交所发布修订的《创业板上市规则》,完善了创业板的退市制度。本文从应计盈余管理和真实盈余管理两个视角,研究退市制度对创业板上市公司盈余管理行为的影响。结果显示,创业板上市公司有显著的盈余管理行为,但退市制度出台前后期间的盈余管理方式不同:退市制度出台前,公司主要实施应计盈余管理;退市制度出台后,公司的真实盈余管理显著增加,且主要实施销售操控的真实盈余管理方式,应计盈余管理显著减少。本文的研究结果丰富了创业板上市公司盈余管理的研究文献,初步证明了退市制度的有效性,为进一步强化对创业板上市公司的监管提供有效的经验证据。 相似文献
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会计盈余管理与独立审计质量 总被引:46,自引:4,他引:46
本文从盈余管理的角度考察了中国注册会计师独立审计的质量,发现中国的注册会计师能够在一定程度上鉴别会计盈余管理的程度,这种鉴别的能力与盈余管理的手段有关。相对操控的经营性应计利润而言,注册会计师在对以操控非经营性应计利润为手段的盈余管理行为的审计中表现出了较高的审计质量。另一方面,审计质量还和盈余管理的方向有关,虽然注册会计师对以增加利润为目的的正向盈余管理行为更加敏感,但是与对负向盈余管理行为的审计比较,并没有体现出更高的审计质量。 相似文献
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本文从收购方的视角,以2008~2010年在并购过程中采用股份支付方式的中国上市公司为样本,实证考察了中国上市公司在股份支付并购中的盈余管理机会主义行为以及对并购绩效的影响。研究结果发现:收购方在并购前半年存在显著正向应计盈余管理机会主义行为;在并购当期存在显著正向真实盈余管理机会主义行为;并购后一年公司业绩的下降程度受到应计盈余管理与真实盈余管理的交替影响;股份支付并购是促使公司管理层产生盈余管理的动机之一,并且对并购后一年绩效显著下降具有一定的解释力度。 相似文献
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通过Logistic回归分析应计盈余管理和真实盈余管理对公司财务困境的影响,深化利益相关者对盈余管理经济后果的理解.研究结果表明,应计盈余管理与公司陷入财务困境显著正相关,公司前三年进行正向应计盈余管理程度越大,公司更容易陷入财务困境.而实证结果没有得出真实盈余管理与财务困境显著的相关关系,这并不能说明真实盈余管理对公司陷入财务困境没有显著影响,只是真实盈余管理对公司财务状况的影响是一个长期的过程,短期内两者关系不能很好的得到反映. 相似文献
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以2009~2013年沪深两市 A 股上市公司为样本,研究应计盈余管理和真实盈余管理对审计师风险感知的影响,研究结论表明,审计师既能感知到应计盈余管理行为带来的风险,同时还能感知到真实盈余管理行为的风险,并会从审计意见类型和审计费用两个方面采取风险应对措施。相较于有限责任制会计师事务所,特殊普通合伙制会计师事务所的审计师对盈余管理行为的风险感知更敏感。 相似文献
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论文基于盈余管理的最新分类——真实盈余管理与应计盈余管理,选用我国沪深两市2007~2013年的上市公司为研究样本,实证检验了盈余管理对股票未来收益的影响,结果发现应计盈余管理对股票未来一到三年的收益影响虽显著为负,但程度均较小,而真实盈余管理则会严重降低股票未来一到三年的收益,损害投资者的利益. 相似文献
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This study investigates income manipulation through real earnings management, by listed companies in Malaysia, prior to being officially designated as “financially distressed”, by this country’s stock exchange listed rules. The hypotheses relate to whether the degree of upwards real earnings management, conducted during the four-year period prior to financial distress, can be explained by ownership structure (measured with three variables: managerial ownership, institutional ownership and foreign ownership). Using a sample of 1180 firm-year observations of financially distressed companies, over the investigation period 2001–2011, the findings suggest that the degree of real earnings management is not associated with ownership by management or institutional investors. Conversely, the evidence indicates that foreign shareholders are able to constrain upwards real earnings management related to discretionary expenditure but not the operating cycle. This study contributes to the importance of diversity of ownership structures in monitoring income manipulation among firms. 相似文献
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We examine whether and how political embeddedness influences financial reporting quality in China by investigating how government ownership and political connections affect Chinese listed firms’ choices of earnings management strategies. The results show that state-owned enterprises (SOEs), and in particular, central SOEs, are more likely to substitute accrual-based earnings management strategies with costlier but less detectable real earnings management strategies than non-SOEs. The results also indicate that politically connected enterprises (PCEs) are more likely to employ less detectable real earnings management strategies than non-PCEs, so much so that PCEs’ total earnings management level is higher than that of non-PCEs. 相似文献
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The purpose of this study is to investigate whether companies listed on the Jakarta Stock Exchange (JSE) conduct efficient or opportunistic earnings management and to examine the effect of ownership structure, firm size, and corporate-governance practices on it.Using multiple regressions, we find evidence that the type of earnings management selected by JSE listed firms tends toward efficient earnings management. This evidence is inconsistent with the common view that earnings management in Indonesia is opportunistic. Family ownership has a significant influence on the type of earnings management selected. Firms with a high proportion of family ownership and non-business groups are more inclined to choose efficient earnings management than other types of firms. We find inconsistent evidence with regard to the impact of institutional ownership, firm size, and corporate-governance practices on type of earnings management. 相似文献
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将盈余管理方式分为应计盈余管理与真实活动盈余管理,以深沪两市19个行业的企业2009~2013年数据为样本,研究发现强势企业较弱势企业进行了相对较高的真实盈余管理与较低的应计盈余管理。有政治关系的强势企业比无政治关系的强势企业进行了较高的应计盈余管理。从真实盈余管理的方向来看,强势企业利用隐蔽的盈余管理方式将业绩做大使得其强者表现更强。 相似文献
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Jesper Haga Henrik Höglund Dennis Sundvik 《Journal of Accounting and Public Policy》2018,37(5):420-435
This study analyzes real earnings management among privately held versus publicly listed firms. Our first finding is that public firms engage in more earnings management through operating activities. When a clear incentive to manage earnings in a specific direction is present we continue to find that public firms manage their earnings more than private firms. We reason that capital market pressure and ownership characteristics drive our results. Additional analyses reveal that public firms employ more real earnings management as a proportion of the total earnings management strategy. Furthermore, we find that mitigating factors of real earnings management have stronger impact in public firms. This study contributes to literature on non-accrual earnings management and to the broader understanding about the private vis-à-vis public firm reporting and operating behavior. Finally, we contribute by identifying an important societal cost of stock market listing, which is the increase in potentially value-destroying real earnings management. 相似文献
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This article analyzes firm- and country-level determinants of the earnings management for a sample of Latin American companies from 1997 to 2015 by using panel data to deal with the endogeneity and heterogeneity problems. Results show that dividend pay-outs impact positively on earnings management. The ownership structure, however, is a double-edged sword as a controlling mechanism that may constrain earnings manipulation but may also exacerbate it. Concerning country-level variables, we found that the development of the financial system behaved opposite of expectation. Consequently, before inefficient financial markets in Latin America, managers had more room for manipulation of financial statements. The legal and regulatory system, however, proved itself to be efficient in reducing the opportunistic behavior of managers. 相似文献
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盈余管理在西方被称为“市场参与者的游戏”,近年来日益受到我国会计学界的关注。证券市场的迅速发展要求上市公司提供高质量的会计信息,由于盈余管理与会计信息质量关系密切,使得对上市公司盈余管理问题的研究成为投资者、债权人、政府主管部门以及会计准则制定机构关注的重点。另一方面,证券市场经验数据证明,股价的波动也同盈余管理密切相关,而利益相关者很可能利用盈余管理手段来影响股价从而获取利益。因此,加强我国上市公司盈余管理和股价相关性的研究,对提高上市公司会计信息质量和改善证券市场资源优化配置功能有着重要意义。本文运用实证分析方法,选取了竞争性强的家电行业和竞争性弱的石油行业的上市公司,从盈余管理度量着手,研究竞争性不同行业的上市公司盈余管理对股价的影响大小,并对投资者的行为提出相关建议。 相似文献
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董事高管责任保险在董事和高管遭受民事诉讼时具有“兜底”效应,降低了董事高管的执业风险.选取2002-2014年中国A股上市公司为样本,实证检验董事高管责任保险对公司盈余管理的影响,进一步分析在不同公司治理水平下,董事高管责任保险与公司盈余管理的关系是否存在差异.研究结果表明:董事高管责任保险的引入会加剧公司盈余管理行为;随着公司治理水平提高,董事高管责任保险与公司盈余管理的正相关关系减弱. 相似文献