非经常性损益盈余管理的动机、手段和作用研究——来自中国上市公司的经验证据

A Study of the Motivation, Means and Effect of Earnings Management by Means of Extraordinary Items

本文研究了我国上市公司利用非经常性损益进行盈余管理的行为,发现无论是亏损公司还是盈利公司的盈余管理相当倚重于非经常性损益。利用非经常性损益进行盈余管理动机各异:亏损公司主要是为了实现扭亏和避免亏损等,高盈利公司则是为了平滑利润和避免利润下降。实证结果还表明,非经常性损益确实对上市公司扭亏乃至后续年度是否继续亏损起到了重要作用,且其作用远大于扣除非经常性损益后的操控性应计利润。基于上述研究结果,建议将非经常性损益作为会计核算的一项独立内容纳入利润表,并进行具体、透明的表外披露;同时,也建议在监管政策实施中全面考虑非经常性损益的影响。

We have studied China's listed companies' behavior in earnings management exercised with extraordinary profit-loss items(EPLI), discovering that the earnings management of whether profitable or loss-making companies relies much on that of IPLI. The motivation of earnings management by EPLI varies: the motivation of loss-making companies mainly is to realize retrieval or avoidance of losses and the profitable companies intend to smooth income and avoid decline in earnings. Our case study also indicates that EPLI has indeed played an important role in listed companies' turning loss into gain and even in deciding whether loss-making companies will continue to make a loss in succeeding years, and that the effect of the said role has been far greater than the effect of the discretionary accrual after eliminating EPLI. Based on the result of the above-mentioned study, we suggest that EPLI be listed in income statement as independent items in accounting and be disclosed as specifically and transparently as possible, and that, in the process of carrying out the policy of supervision, the impact of EPLI should be comprehensively considered.