亏损上市公司是否会在第四季度平滑利润？

Do China's Listed Firms with Loss Smooth Income in the Fourth Quarter?

西方学者认为企业管理人员有平滑利润、降低收益波动性以此来取悦股东的动机,我们选取中国亏损上市公司作为样本,对其是否在第四季度平滑利润进行实证研究,结果发现这些亏损公司并未在第四季度平滑利润,相反他们更倾向于在第四季度"洗一个大澡",大亏一把,这样为下一年度扭亏为盈做好准备,进一步的研究同时表明,亏损越严重的企业在第四季度越倾向于"洗大澡",这与中国上市公司目前的公司治理、资本市场的运作效率以及证监会对亏损公司的管理规定不无关系。

Western researchers thought that managers of the companies will smooth income and decrease the fluctuation of earnings to avoid dissatisfaction of the stockholders. To testify this theory in China, we chose listed companies with loss in Shanghai and Shenzhen Stock Exchange as research sample and did an empirical study on income smoothing in the fourth quarter. However, we found that these companies with loss didn＇t smooth earnings in the fourth quarter and, on the contrary, they took a big bath to further decrease their earnings in the year of loss. Moreover, the firms with heavier loss would more likely to take a big bath. Corporate governance, efficiency of capital market and the regulation from China＇s Securities Regulation Committee are some important reasons for this.