退市制度对上市公司盈余管理影响的实证研究

An Empirical Research on How the Delisting Rules Influence the Profit Management of Listed Companies

在退市制度的不同发展阶段,上市公司的盈余管理行为会发生不同的变化。实证结果表明,1998年后,上市公司在被特别处理前一年明显存在调低利润的盈余管理行为;2001年后,在被特别处理后一至两年内存在显著调高利润的盈余管理行为,且主要采取调控非经常性损益项目的手段;2003年出台的"补充规定"使亏损上市公司的追溯调整行为较之2003年前明显减少,但盈余管理行为总体上无明显变化。该结论可为完善我国资本市场的退市制度提供实证参考。

The listed companies alter their profit management policies in different stages of delisting rules. According to empirical research results, the listed companies reported after 1998 an obviously underestimated profit in the previous year of being specially treated, whereas after 2001 they usually boasted their profit mainly through changing the non-recurring profit and loss items in the subsequent years of ST. The supplementary regulations launched in 2003 significantly reduced the retrospective adjustment cases of loss-incuring listed companies, and the companies kept their profit management policy relatively steady. The conclusion of this paper will provide an empirical reference for perfecting the delisting rules in China.