中国上市公司应计项目选择的实证研究

AN EMPIRICAL INVESTIGATION OF CHINESE LISTED FIRMS＇ CHOICE OF ACCRUALS

本论文研究了中国上市公司在应计项目上的选择。在流动性应计项目的基础上，以横截面Jones模型对反常应计项目进行估计，该模型优于以往有关中国会计问题研究中所使用的模型。实证结果表明，传统实证会计理论三大假设的替代变量、管制因素、公司治理结构以及公司生成应计项目的能力对中国上市公司在应计项目上的选择具有解释力。但是，就企业如何结合涉及线下项目的交易与反常应计项目来管理盈余而言，不存在前后一致的证据。本论文对中国会计研究文献的贡献在于增加了我们对中国这一新兴市场上会计选择的理解。在方法论方面，我发现反常应计项目的估计值与企业盈余业绩相关；并且，以反常应计项目作为因变量可能是效力较低的检验。这些发现有助于研究者考察中国企业的应计项目时改进其研究设计。

This paper investigates Chinese listed firms＇ choice of accruals. Abnormal accruals are estimated on the basis of current accruals by the cross-sectional Jones model, which is superior to models used in prior studies focusing on Chinese accounting issues. Empirical results show that variables used by proxy for three traditional positive accounting theory hypotheses, regulatory factors, corporate governance structures, and firms＇ accruals-generating ability provide explanatory power to Chinese firms＇ choice of accruals. However, there is no consistent evidence on how firms use abnormal accruals with transactions involving below-theline items to manage earnings. This paper contributes to the Chinese accounting research literature by improving our understanding of accounting choices in this emerging market. Methodologically, I find that estimated abnormal accruals are correlated with firms＇ earnings performance and the use of abnormal accruals as dependent variables are likely to be low-power tests. These findings can help researchers to improve their research design when they study Chinese firms＇ accruals.