会计准则、资本市场监管规则与盈余管理之遏制:来自上市公司债务重组的经验证据

Accounting Standards,Capital Market Regulation Rules and the Containing of Earnings Management:Evidences from Debt Restructuring of Listed Companies

本文利用1999年、2001—2007年上市公司债务重组的数据来研究会计准则和资本市场监管规则在遏制公司盈余管理方面的作用。本文通过分析认为,为遏制上市公司的盈余管理,从上市公司盈余管理的动机端入手更为有效。就上市公司盈余管理主要为满足资本市场监管要求之动机而言,应该从资本市场监管规则的改进入手。而会计准则因其公共合约性质和不完备性,既没有责任也没有能力去遏制上市公司的盈余管理行为。1999年、2001—2007年间上市公司的债务重组行为支持本文的这一观点,来自上市公司债务重组的经验证据显示,是资本市场监管规则而非会计准则在影响和制约着上市公司是否利用债务重组来进行盈余管理。

Based on the listed companies' debt restructuring data of 1999,2001-2007,the paper investigates which of 'accounting standards' and 'capital market regulation rules' plays more effective role in containing earnings management.I believe that it would be more effective to contain earnings management by alleviating or eliminating the earnings management motivation.Up to now,in China,the main motivation of earnings management is to meet the capital regulation rules.As a result,the containing of earnings management should be based on the improvement of capital market regulation rules.In my view,as the result of public contract nature of accounting standards and their natural incompleteness,accounting standards are not responsible for and capable of containing earnings management.The listed companies' debt restructuring data of 1999,2001-2007 support the above inferences.The empirical evidences show that it is capital market regulation rules that really influence whether listed companies use debt restructuring as earnings management instrument or not.