避免亏损的盈余管理程度:上市公司与非上市公司的比较

The Extent of Earnings Management to Avoid Loss:Comparisons between Listed and Non-Listed Firms

本文以非上市公司盈余管理程度作为基准,运用参数估计的方法,对股票市场是否提高了公司盈余管理程度的问题进行研究。研究结论显示,1998年至2004年我国上市公司与非上市公司每年都存在避免亏损的盈余管理;在上市公司中,盈余管理公司比例为15.87%,它们提高ROA数据0.0122;在非上市公司中,盈余管理公司比例则只有5.49%,它们提高ROA数据0.0009。上市公司盈余管理频率大约为非上市公司的3倍,平均盈余管理幅度大约为非上市公司的13倍;两类公司盈余管理程度差异随着时间的推移而不断增大,因为非上市公司盈余管理程度在年度上的分布比较稳定,而上市公司盈余管理程度则随着时间的推移而不断增大。研究结论表明,股票市场提高了公司的盈余管理程度。

With the non-listed firms as benchmark,this paper studies whether the stock market increases the extent of earnings management of firms using the method of parameter estimation.The result shows that both listed and non-listed firms in China managed earnings to avoid reporting losses from 1998 to 2004.On the whole,there are 15.87% listed firms that employed earnings management,which is about three times of that of non-listed firms(5.49%).The average magnitude of earnings management of listed firms is 0.0122 which is about 13 times of that of non-listed companies(0.0009).The difference in the extent of earnings management between listed and non-listed firms increases along with the time from 1998 to 2004.The extent of earnings management of non-listed firms keeps stable,while the extent of earnings management of listed firms increases.The result suggests that the stock market increases the extent of earnings management of firms.