“大小非”减持中的盈余管理

Earnings Management in Reduction of Original Non-tradable Share

本文以股权分置改革后"大小非"减持中的盈余管理为研究对象,考察我国证券市场是否存在资本市场动因的盈余管理行为。研究发现,在原非流通股股东所持股份解禁或减持之前的季度期间,公司的可操控应计显著为正,解禁或减持的规模越大盈余管理的程度也越强,并且盈余管理的程度与相应期间公司股票的市场表现正相关。这一发现表明,我国证券市场存在以配合减持为目的的盈余管理行为,这为理论界和实务界探讨"大小非"的交易监管和信息披露监管提供了新的思路。

This paper studies the earnings management after non-tradable share reform to find if there is capital market motivation earnings management in China. We find that just before the termination of sales limit or transferring of shares the quarterly discretionary accruals are positive, and the degree of income increasing earnings management is positively correlated to the stock return performance of corresponding period. These results indicate that the regulation to ban-lift and lessening of original non-tradable shareholding should be strengthened and improved.