首发上市盈利预测制度变迁与公司盈余管理研究

本文研究盈利预测制度由强制性向自愿性披露的变化对首发上市公司盈余管理的影响。研究发现,在控制其他首发上市制度影响条件下,自愿性盈利预测制度使首发公司披露盈利预测的偏好明显下降,盈利预测高估程度明显降低,且激进会计政策选择偏好明显下降,公司盈余管理水平显著降低。研究表明,市场化信息披露制度改革有助于缓解公司盈余管理行为。

The Regulation on IPO Earnings Forecasts and Earning Management of Listed Companies

This paper analysis how the institution change of earnings forecasts by IPO firms from mandatory disclosure to voluntary disclosure affects earning management.After controlling other institution changes,we find that voluntary earnings forecast strongly reduces the preference of disclosure and error of earning forecasts,and this institution change decreases incentives of aggressive choice of accounting policy and reduce earning management.These results suggest,market-orientated regulation of information disclosure institution can restrict behavior of earning management.