中国上市公司业绩操纵研究

【作者】 刘洪；

【导师】 张汉亚；

【作者基本信息】 中国社会科学院研究生院 ， 投资经济， 2002， 博士

【摘要】 本文对中国股票市场存在的一个主要问题——上市公司业绩操纵现象进行了多角度系统性的研究。 首先，本文率先对所研究的概念(如：业绩和操纵)的内涵、外延进行了规范的定义，并与国外相关概念(如：错误、雇员舞弊、管理舞弊、盈余管理)进行了详细的比较，从而确立了本文独特的考察对象。然后，对国外相关的理论、学派和国内外研究方法进行了回顾，尤其对当前在西方比较流行而在中国方兴未艾的实证研究方法进行了详细的介绍。 其次，从世界各国会计差异的成因出发，对不同的会计模式进行了比较，突出了中国会计制度的特色。在此基础上，讨论了中国会计信息的质量特征和把握原则，并提出程序理性应是中国会计信息真实性的鉴别标准。 再次，重点分析了中国上市公司业绩操纵的原因。分析角度共包括九个方面：财务会计信息本身的局限性、会计信息研究技术的局限性、股票市场的虚拟性、操纵成本与收益的博奕分析、信息经济学的解释、不良的公司治理、股权结构的缺陷、董事会的不力、政府的不当管理导致寻租的现象等。 另外，以111个案例详细剖析了近些年中国上市公司的操纵手法。涉及：具体的财务账务处理、操纵动机的揭示、操纵陷阱的分析、针对性的会计法规和财务制度的介绍、不同操纵手法对会计报表及信息使用者的影响等。 最后，阐述了信息披露的质量规范机制，并从十二个方面提出对业绩操纵防范的政策建议。同时，对二级市场投资者提出了应对策略。更多还原

【Abstract】 Tbis dissertation is focused on the earnings manipulation problem ofChinese listed companies in the Chinese stock market. It defines the relevantconcepts, introduces the research methods concemed in and out of China, dePicts thecharacteristics of the Chinese accounting system, analyzes the causes of this problern,exposes the manipulating methods, and provides some suggestions to curb theproblem.To begin with, some concepts, such as eamings and manipulation are definedand compared with other concepts, such as errof, staff fraud, management fraud, andeamings management. Some relevant theories, academic schools, and researchmethods domestic and abroad, especially the prevailing empirical research method inaccounting, are reviewed.Secondly, this paper describes the causes of intemational accountingdifferences, different accounting mode classifications, and the characteristics of theChinese accounting system. Based on the above motioned, it shows what should bethe major quality characteristics of the Chinese corporate financial information, andwhy procedural rationality rather than substantive rationality should be the criterion toidentify the truthfulness of the Chinese financial infOrmation.In addition, the problem of earnings manipulation in China results fromnine factors, including: the limitation of financial information itself, imperfectlless ofresearch method, stock market being the simulation of real economy, moremanipulation benefit than costs, explanation from the view of information theorypoor corporate governance, weakness in the equity structure, incaPability of board ofdirectors, and rent-seeking phenomenon resulting from the improper management ofthe government.How do the Chinese listed companies manipulate financial infOrmation?The answer lies in one hundred and eleven cases, illustrated case by case, whichinvolves the details of accoUnting techllques, disclosure of mhaPulators’ motivations,analyses on the financial risks, illtrOduction of the relevan Chinese financialregUlations, and the effects of different mwhpulation methods on the financial rePortsand the infOrmation users.TO conclude, ths paPer exPlains the quality regUlation mechAnsm on thefinancial information disclosure, suggests how to curb the endngs manipulationproblem in tWelve aspects, and provides the investors with some strategies to contrOIthe risks in the stock market.更多还原