上市公司盈余管理分析

【作者】 王清；

【导师】 张学谦；

【作者基本信息】 对外经济贸易大学 ， 会计学， 2004， 硕士

【摘要】 盈余管理就是企业管理当局在遵循会计准则的基础上，通过对企业对外报告中的会计收益信息进行控制或调整，以达到主体自身利益最大化的行为。盈余管理有诸多表现形式而目前我国上市公司盈余管理的现状怎么样?产生的原因是什么?该如何进防范?这是笔者进行该篇论文写作的最终目的。 论文正文分为四个章节。首先，第一章是对盈余管理的综述，介绍了国内外学者对盈余管理的不同定义以及影响盈余管理的四大理论：现代企业理论、信息经济学理论、产权理论和有效资本市场理论。 第二章中首先从盈余管理产生的动机(分为内部动机和外部动机)、表现形式、基本特征入手，分析了盈余管理的基本情况。然后分析了上市公司盈余管理的主要手段，手段主要包括会计手段和非会计手段以及地方政府的支持和保护，并且以美国安然公司为案例，简要分析了其中的盈余管理的手段。最后，根据国内外学者的研究成果介绍了四种盈余管理的识别模型。包括应计利润模型、琼斯及其扩展模型、K—S模型以及营运资金模型。 第三章是笔者认为比较重要的一章，在这一章中主要对我国上市公司的盈余管理现象进行了实证研究。首先，从2001—2003年的上市公司财务报表中选取了95家公司的财务数据作为样本，对其进行了总体分析，并针对性的利用Excel画出每股收益和净资产收益率的频数变动图。然后，笔者根据琼斯及其扩展模型并结合我国的特点设计出一个新模型。把2003年的上市公司的年报分为出具标准无保留意见的年报和出具非标准意见的年报两部分，在考虑行业规模的情况下从这两个部分中各选取28家公司的年报，作为分析对象的两个样本。从这两个样本中计算出模型需要的财务比率并对两个样本不同的计算结果进行分析。然后利用SPSS对其进行回归分析。最后笔者对2003年度被出具非标准报告的上市公司的成分进行了分析。 本文的最后一个部分，是对上市公司盈余管理的对策研究，包括完善监管政策、完善公司法人治理结构、完善会计准则制度以及相关的信息披露制度、充分发挥注册会计师等中介机构的作用、理顺政企关系规范政府行为及改革和完善公司经理人激励制度。更多还原

【Abstract】 Accounting information exposed by the listed company reflects the profit capability and financial state of a company. It is a very important basis for investors to value a company’s operating condition and developmental potential. However, because of the information asymmetry, in the securities market of our country, there are enormous hidden risks on the information disclosure of the listed company. Because the operator of listed company has strong motive to window-dress financial report by earnings management methods. At such an environment, we hope to discuss the phenomena of earnings management in china’s securities market.This paper mainly divided into four chapters. The first chapter presents the summery of earnings management and the relative four theories including Modern enterprise theory, Information economics theory, Property right theory and Effective capital market theory. The second chapter originally explains the motive (including inner motive and outer motive) and basic characters. It also analyzes the chief methods of earnings management among listed companies, which consists of accounting methods, non-accounting methods and the backup and protection of local government. Moreover it takes American Eron Company as an example to illustrate the above-mentioned methods. Atlast, it briefly introduces four kinds of measure models for earnings management.In the third chapter, we adopt the positive study approach. Having analyzed the phenomenon of earnings management in the china’s listed company. This paper regards listed companies of 2001-2003 years of Shanghai and Shenzhen as the research object. After observing the earnings per share (EPS) and return on net assets (ROE) of listed company, we examine the continuity of the index of the earnings during these 3 years at the same time. Afterwards, we choose the listed companies, which are drawn from the non-standard auditing opinions by CPA in 2003 as the studying sample, and the listed companies, which are drawn from the standard auditing opinions as the controlling sample. Through linear return analyses, we could verify that there are the phenomenons of earnings management in china’s listed company. Finally, it analyzes the component proportion of the studying sample. The last chapter that puts forward the corresponding countermeasure as to the earnings management’s current conditions: improving the efficiency of the capital market, perfecting accounting standard making, reforming company system of reward and outstanding achievement evaluation, etc.更多还原