MBO过程中的盈余管理行为——基子中国上市公司的实证研究

The Earning Management during the MBO——The Empirical Evidences Come from Chinese Listed Companies

本文选取截至2002年底公认实行了MBO而又可获取资料的15家公司，研究其在MBO过程中是否存在减少报告盈余的应计会计处理。通过扩展的Jones模型进行实证分析，发现有证据支持管理层在MBO前一年采用了减少会计应计的统计证据。同时针对线下项目和费用的统计发现MBO公司和对照样本相比，在MBO的前一年度和当年度中，前者的投资收益、补贴收入和营业外利润比后者小，而前者的管理费用、销售费用比后後者大。这些证据表明在MBO过程中确实存在着盈余管理行为。

This paper evaluates whether firms that would benefit from MBO attempt to manage earnings through discretionary accruals or underline terms during MBO period. We test fifteen finns which operated MBO by the end of 2002. Compared with controlled samples, we find the MBO companies tend to decrease discretionary accruals before the MBO year. Some evidence also suggests that MBO Companies tend to use underline terms to reduce their earnings before MBO.