制度实施后上市公司盈余管理的分项实证研究

Positive Research on Earnings Management of Listed Company after System Implemen tation

1999年非货币性交易准则和2001年关联方交易准备的实施在一定程度上限制了上市公司利用线下项目进行盈余管理的行为,同时,2002年中国宏观经济尚未走出通缩的阴影,这样必然导致上市公司盈余管理出现新特点。文章针对2002年上市公司年报线上应计项目和线下利润,并进一步将线上项目分解为营运资金应计项目和非营运资金应计项目,利用Jones修正模型加入行业控制变量对上市公司盈余管理的情况进行了研究,实证检验了企业利用营运资金应计项目和线下利润进行盈余管理的新特点,另外发现2002年处于存在配股动机极值点的企业具有明显的盈余管理降低ROE的现象,并给出相应的解释。

The Nonmonetary Transaction Guideline implemented in 1999 and The Relevant Parties Transaction Guideline implemented in 2001 have some restrictions on the listed companies to manage their earnings by using below-the-line accruals. In 2002 the economy of china was still in the shadow of deflation. These must induce new characteristics of earnings management. For above-the-line accruals and below-the-line accruals of 2002, I divided above-the-line-accruals into working capital accruals and nonworking capital accruals. Then I used modified Jones model by adding industry variables to study the new characteristics of earnings management in 2002. I found companies at the extremum of having issuing seasoned equity motives have significant earnings management evidence to lower their ROE, and I gave out my explanation.