摘要
2004年以来,我国房地产市场呈现上升趋势,为了抑制房价,保障普通居民的住房需求,政府出台了一系列控制房价的政策。研究了政府在2005年公布的《关于切实稳定住房价格的通知》以及其后两年间的政策调整对房地产企业公司价值和会计行为的影响。运用2001～2006年的混合数据研究发现:房地产企业的公司价值在政策出台期间受到显著的负面影响;同时,房地产企业出于自身利益的考虑,通过降低应计项目的手法,进行盈余管理,降低报告利润,从而达到降低政治成本的目的。
Since 2004,China＇s real estate market is on the rise with prices soaring up.In order to curb housing prices and to protect the housing needs of the general population,Chinese government has enacted a series of policies to control housing prices.This paper investigates the influences of policy which is enacted in 2005 and the policies ajusted the following two years on the market value of real estate firms and their accounting behaviors.Using the pool data between 2001 and 2006.We find that during the period of the policy enacted,real estate firms＇ market value are negatively effected.Meanwhile,they make efforts to reduce profits through earnings management in order to reduce the political costs.
出处
《经济问题》
CSSCI
北大核心
2011年第3期11-15,共5页
On Economic Problems
关键词
经济政策
公司价值
盈余管理
政治成本
economic policy
firm value
earnings management
political costs
