不同视角下的盈余管理

文章以财务会计理论的基本问题为起点,对盈余管理存在的普遍性、管理者的行为动因与投资者的市场反应,以及盈余管理对会计信息披露质量进行分析,以期解决运用盈余管理协调会计信息时财务呈报与有效契约之间的矛盾,以满足企业管理者与市场投资者的利益需求。     

学术类会计领军人才项目“十年”:财务会计研究综述

以会计信息为核心,回顾和梳理全国会计领军(后备)人才(学术类)近十年的财务会计研究成果,包括会计准则国际趋同、盈余管理、管理者行为、会计信息对投资者的影响等重要研究主题,为我国财务会计的发展、改革和应用提供理论基础与经验证据,丰富会计信息的相关文献。     

论中国上市公司盈余管理

上市公司盈余管理的行为直接影响到会计信息的质量以及资本市场的发展.从盈余管理的动因出发,结合夏新电子股份有限公司的案例分析我国上市公司盈余管理的主要表现形式,并提出相应的治理对策,以期为投资者、债权人、政府监管部门等会计信息使用者正确认识企业盈余管理提供帮助.     

管理者过度自信、业绩滑坡与盈余管理

本文以2007~2010年间我国上市公司为研究样本,将管理者过度自信纳入盈余管理研究范式,考察管理者过度自信的经济后果及其对盈余管理的影响。研究结果表明:CEO越是过度自信,企业未来业绩下滑幅度越大,进而诱发激进的盈余管理行为。因此,深化资本市场改革,提高上市公司信息披露质量,进一步完善管理者经营决策的公司治理激励约束机制,对于保护投资者利益和治理盈余管理具有积极作用。     

基于盈余管理的公司业绩研究

文章分析了在新会计准则之下,盈余管理的动机、表现形式,研究了盈余管理对公司业绩的影响.从上市公司的管理者角度看,适度的盈余管理对上市公司的发展有帮助,从而提高公司业绩.而从投资者的角度看,盈余管理导致会计信息不真实,对上市公司的长期发展有消极影响.为此,文章提出应从完善公司业绩的评价系统、会计法规等方面抑制上市公司的盈余管理行为.     

试论规范企业盈余管理的对策

近年来,我国企业的盈余管理行为一直是人们瞩目的焦点。虽然在合理范围内的盈余管理可以减少企业的经营风险,均衡年度收益,增强公司经营的稳定性等,有利于进一步激励管理者的创新能力。但因盈余管理有悖于财务会计信息的质量特征,有悖于会计信息的中立性,会使会计信息失去公允性、可靠性和可比性,从而误导投资者并影响证券市场资源优化配置的功能,过度的盈余管理是有害的,因此必须积极防止其滥用。     

资产减值准备计提的规范与盈余管理的防范

资产减值准备的计提是稳健性原则的具体运用,它一方面可以提高资产的质量以及企业抵御风险的能力,对投资者和债权人是一种极大的保护;另一方面,它也给企业管理者进行利润操纵留下了余地,并给企业管理者提供了盈余管理的机会．从而导致虚假财务信息的产生,损害投资者和债权人的利益。因此应当规范资产减值准备计提的管理制度。加强外部监督．防范盈余管理,以确保会计信息真实可靠。     

上市公司盈余信息质量与资本配置效率关系实证研究——来自深市的经验数据

上市公司盈余信息是投资者决策的重要信息源,其可靠性受到监管部门和市场研究者的关注。为使报告盈余达到预期水准,公司管理者往往采用盈余管理这一手段。本文以2001年前深市上市的469家公司为样本,以2001-2007年作为研究样本区间,对上市公司年度报告盈余信息质量与资本配置效率关系进行了实证分析,发现盈余管理行为在导致盈余信息质量的低劣的同时,也降低了公司资本配置效率。     

关系型交易、盈余管理与盈余反应——基于主要供应商和客户视角的经验证据

以2005—2012年的制造业企业为研究对象,基于主要供应商和客户的视角,从财务信息内部“生产”和投资者反应两个方面研究了关系型交易对企业会计信息质量的影响。结果发现,在会计信息“生产”方面,为了降低会计盈余的波动性,越依赖关系网络进行交易的企业越倾向进行盈余管理;在投资者反应方面,关系型交易增加了外部投资者的解读成本,降低了盈余反应系数,并且这一现象在国有企业中表现较为明显。研究表明：关系型交易增强了企业的盈余管理动机,这一信息交流机制降低了企业的信息透明度,减少了企业盈余的信息含量,这对我们理解新兴市场国家中的关系型交易如何影响公司会计信息质量及其投资决策具有增量贡献。     

我国上市公司盈余管理问题及对策研究

盈余管理（earnings management）在经济行为中屡见不鲜,也成为机构投资者、债权人、资本市场乃至政府部门关注的热点。世界范围内出现盈余管理现象有着其深刻的经济动因和现实条件,只有深入地分析盈余管理的动机及手段,才能正确地认识盈余管理,更好地提高会计信息的质量。     

A cross‐country study on the relationship between financial development and earnings management

This study investigates whether a country's level of financial development is associated with earnings management in an international setting. Financial development is likely to heighten the monitoring and scrutiny of accounting numbers because of strengthened investor protection laws and regulations as well as sophisticated market participants. Therefore, we first hypothesize that both accrual‐based and real earnings management decrease with greater financial development. However, research shows that managers tend to apply real earnings management, instead of accrual‐based earnings management, under strict accounting standards, regulations, and close auditor scrutiny. Thus, we explore the alternative hypothesis that accrual‐based earnings management decreases but real earnings management increases along with higher financial development. We examine the relationship between financial development and both types of earnings management using 56,830 observations in 37 countries covering the period 2009–2012. The results indicate that both types of earnings management are more restrained under higher levels of financial development.     

Value relevance and the dot-com bubble of the 1990s

During the dot-com bubble of the 1990s, equity market valuation was a popular topic for investors, financial analysts and academics. Some questioned whether traditional accounting and financial information had lost its value relevance, as stocks traded at multiples of earnings well in excess of historic levels, leading Alan Greenspan to caution against “irrational exuberance.” This study examines the relation between market valuation and traditional accounting/financial information before, during and after the bubble. We confirm previous research that documents a decline in the relation between market value and traditional accounting information leading up to the bubble period. However, we also document that after the collapse of the bubble in 2000 this trend reverses. We also examine two related metrics that may provide a rational explanation for this phenomenon, including the quality of earnings, and the aggressiveness of financial analysts’ forecasts, finding some support that earnings quality may contribute to the changes in value relevance, but not the aggressiveness of analyst forecasts.     

Why More Forward-Looking Accounting Standards Can Reduce Financial Reporting Quality

A premise of standard setters and of much empirical research is that improving the quality of accounting standards and their implementation increases information in capital markets. This paper challenges this premise and shows that there are situations in which ‘better’, that is, more forward-looking, accounting standards reduce the information content of financial reports. The reason is that a forward-looking accounting standard affects the smoothness of reported earnings, which can conflict with the manager's smoothing incentive and her willingness to incorporate private information in the financial report. Although the manager could eliminate the effect by earnings management, it is too costly to do so. As a consequence, the capital market's ability to infer the financial and nonfinancial information in reported earnings declines. This finding should increase the awareness that an ‘improvement’ in accounting standards, without considering incentives and other information residing in firms, can adversely affect the quality of financial reporting.     

Capital market reactions to earnings announcements: empirical evidence on the difference in the information content of IAS-based earnings and EC-Directives-based earnings

Listing on a foreign stock exchange and the aim to attract international investors usually forces European quoted companies to adapt information supplied in financial statements to different information needs of international investors. Because of the dominance of the American stock market, this adaptation raises especially the question whether Anglo-American-oriented accounting standards (for instance IAS — International Accounting Standards) convey a higher information content for investors than continental-Europe-oriented accounting standards (for instance EC-Directives). The study examines the information content of earnings announcements, i.e. abnormal returns resulting from un-expected earnings, for a sample of Swiss quoted companies which have changed the accounting standard used for presenting Swiss GAAP consolidated financial statements to either EC-Directives or IAS and can therefore contribute to this discussion. The results of the study suggest that IAS-based earnings announce-ments convey a statistically significant higher information content than earnings announcements based on the Swiss GAAP if a variance-approach is used. For investors in the Swiss capital market, the switch from Swiss GAAP to IAS has therefore increased the information content of financial statements. But comparing IAS-based and EC-Directives-based earnings announcements, the results suggest that for investors IAS-based earnings do not possess a statistically significant higher information content than EC-Directives-based earnings. This result has been achieved despite the fact that for Swiss financial analysts financial statements based on IAS convey a significant higher information content than financial statements based on EC-Directives. Avoiding problems in specifying a model for unexpected earnings by standardizing the mean of the abnormal returns of each event window to a positive value does not lead to a different conclusion if the variance approach is used.     

盈余管理的概念及辨析

本文对盈余管理的概念作了界定,并对相关的概念——会计政策选择和财务舞弊作了辨析。本文认为,盈余管理是在法律和会计准则的范围内进行的,其方法主要是会计方法,但也包括非会计方法。盈余管理与会计政策选择的主要区别在于实施盈余管理的企业管理当局有操纵盈余的动机,而盈余管理与财务舞弊的区别在其合法性上。     

我国上市公司盈余管理的成因、手段及识别

上市公司通过盈余管理掩盖企业亏损,粉饰会计报告,造成会计信息失真,阻碍了证券市场的健康发展。本文通过对我国上市公司盈余管理的成因,手段分析,提出了识别盈余管理的方法。     

Accounting and the Truth of Earnings Reports: Philosophical Considerations

This paper investigates the philosophical nature of accounting reports of earnings. Standard setters' authoritative pronouncements (conceptual frameworks, GAAP, EITFs, etc.) hold to the realist philosophical view that true earnings reports are ex post representations of some ex ante out-there, preexisting, extra-linguistic real economic increase in the enterprise's wealth. Contra this view, in practice financial accounting executives, in league with investment analysts, routinely engage in earnings management and manipulation in order to satisfy the capital market's insatiable demands for earnings levels which will support and enhance the enterprise's stock market price. The paper considers this state of affairs from Harold Frankfurt's truth, lies and ‘bullshit’ treatise (2005, 2006). It sees earnings reports as ‘short of lies’, and so the accountants can only be faulted for their indifference to the truth and for giving the impression that they are trying to present the truth. A poststructuralist philosophical perspective, however, problematizes this conclusion on the basis that accounting language is not a transparent medium but rather is the material used to manufacture accounting ‘truths’. It sees accounting ‘truths’ as contingent upon linguistic doctrinal accounting discourses currently ceded place of privilege by standard setters and upon the subjective considerations of accountants when they produce reports of earnings. The paper concludes that both Frankfurt's perspective and that of poststructuralist philosophers can provide valuable insights into this ironic state of affairs.     

Valuation and Forecasting Roles of Dividends of Indonesian Listed Firms

We study the role of dividends in valuation and in forecasting future earnings in a low‐protection environment with highly concentrated ownership that is expected to yield low earnings quality. Using a sample of 372 distinct Indonesian firms listed on the IDX during the period 1995 to 2012 we show that dividends are reliably positively priced by the capital market, violating thus the dividend displacement theorem. This result persists even after controlling for some typical factors that affect firm value (capital structure, risk) and the effect of factors not separately identified, but priced by the Indonesian capital market (other information). Dividends replace accounting earnings entirely in valuation. Dividends are positively correlated to future earnings over and above current accounting earnings and other accounting and market variables. Both findings show that dividends play a central role on the Indonesian capital market. Finally, we show evidence consistent with the view that earnings management of Indonesian firms after 2002 is contractually efficient rather than opportunistic.     

Earnings Management and the Accrual Anomaly: Evidence from China

Using the unique Chinese setting in which the “delisting regulation” is based on accounting numbers, we separate earnings management into (1) earnings management responding to regulation and (2) earnings management prompted by market pressures and further document that earnings management responding to market pressures produces the accrual anomaly (Sloan, 1996) and earnings management responding to regulation does not. Initially unable to detect the accrual anomaly in China's stock market, we were reluctant to conclude that China's market is more efficient than that in the United States. After observing a disproportionate number of “big‐bath” loss firm‐years in the lowest decile of accruals for our sample, we estimated the apparent earnings distortion induced by the delisting regulation. When we excluded this distortion from our analysis, we documented the presence of the accrual anomaly in China's stock market. We conclude that the delisting regulation creates an artificial distribution of firm earnings in China that affects the market pricing of accruals and masks the accrual anomaly. The results have implications for policy makers and regulators in general, and those in emerging markets in particular.     

IFRS的强制趋同、盈余动机与应计及真实盈余操纵

本文运用我国2005年至2008年A股市场的数据,实证研究了新会计准则的实施、盈余动机与应计及真实盈余管理的关系。结果发现:与国际财务报告准则趋同的新准则强制实施以后,公司的应计盈余管理空间扩大了,公司的真实盈余管理也明显地增加了,其中应计盈余管理空间的扩大可能是由于会计稳健的结果;公司为满足盈余管理的各种动机需要,会灵活地同时使用应计与真实盈余管理来协调互补地达到恰当调节利润的目的;除了股票增发(Zengfa)动机以外,其余各种动机在一定程度上都利用了新会计准则的强制实施来进行应计或各种真实盈余管理,以达到操纵利润的目的。