ST公司盈余管理的实证研究

【作者】 舒惜虞；

【导师】 黄宏辉；

【作者基本信息】 浙江大学 ， 会计学， 2003， 硕士

【摘要】 本论文对我国ST公司(1999年—2003年)在被特别处理前后年度以及被撤销特别处理前年度的盈余管理行为与特征进行实证研究。首先，通过对ST公司与控制公司会计指标的描述性分析，指出了ST公司在被特别处理前后年度以及被特别处理前年度的可能存在的盈余管理行为，并得出一些初步的假设性结论。接着，运用纵向对比模型和ST公司与控制公司的横向对比模型进一步验证ST公司盈余管理行为存在与否的总体情况。最后，运用分布检测法、回归分析法以及财务比率指标的纵向与横向分析，对ST公司在被特别处理前后年度以及被撤销特别处理前年度盈余管理具体项目的发生情况做了进一步的实证检验。研究结果表明，ST公司在被特别处理前一年度存在调减收益的盈余管理行为，在被特别处理当年存在调高收益的盈余管理行为，在被撤销特别处理前一年度存在调高收益的盈余管理行为。ST公司的盈余管理行为主要是通过对非经常性损益项目与资产减值准备项目进行的，而对于营运资本项目的盈余管理行为则基本上未得到有效证实。 本研究对前人工作的不足之处进行了改进，更加系统而完整地验证了ST公司盈余管理的行为与特征，为投资者和政策制订者提供了更加有效的决策依据。更多还原

【Abstract】 Earnings management of listed companies under special treatment (1999-2003 ) is studied in the paper. We find evidence that listed companies under special treatment have low earnings before the year of special treatment, and have high earnings in the year of special treatment and before the year of free from special treatment. First, description of the change of financial component is provided in the paper, which indicates possible earnings management in the researched years. Second, evidence of earnings management of listed company is provided as a whole by time-series models and cross-section models. Last, we researched the earnings management of three accrual-related items by distributing analysis, regression model and time-series models & cross-section models. The result suggests that listed companies under special treatment decreases earnings unnatural before the year of special treatment, and increases earnings in the year of special treatment, while increases earnings before the year of free from special treatment. We find evidence that two items, irregular item, reserve of devalue, are used to achieve increase or decrease in earnings. And it is no effective evidence that the item of working capital is used to manage earnings.The paper improved on the insufficiency of the previous research, and validated the earnings management of listed companies under special treatment more roundly, which makes the decision-making of investors and constitutors of policy more effective.更多还原