我国上市公司盈余管理动机及实证研究

On the Motive for Earnings Management in Listed Companies in China and Its Empirical Analysis

管理后盈余分布法是研究上市公司盈余管理动机的一种方法。利用管理后盈余分布法研究了我国A股上市公司的盈余管理行为,发现我国上市公司为避免亏损或获得配股权及增发权,通过盈余管理将净资产收益率(ROE)维持在略高于0、6%与10%的区间上;进一步分析了总资产收益率(ROA)的分布,发现其与ROE的分布存在系统性差异,说明上市公司为了达到配股及格线可能操纵了净资产,进而提供了上市公司盈余管理行为随着配股政策和增发政策的演进而改变的证据。

The distribution of earnings after management is regarded as one of the approaches to the study on the motive for earnings management in listed companies, then it is used to study the earnings management behavior of those listed companies which have issued A shares on Chinese stock market. It was found that the net ROE shall be kept slightly higher than that in the intervals 0, 6% and 10% to avoid loss or to acquire the rights of right issue and seasoned equity offerings （SEO）. The distribution of total ROA is analyzed and the systematic difference between the distributions of ROA and ROE is found, which means that the listed companies are possible to rig the net equity so as to reach the passable level of right issue, thus providing the evidence to prove that the earnings management behavior of listed companies changes with the policy evolution of both right issue and SEO.