盈余重述与真实活动操控——以高报盈余的重述公司为例

Earnings Restatement and Real Activity Manipulation: An Empirical Research on the Overstatement Companies Claiming Higher Earnings

近年来日趋频繁的盈余重述受到了投资者、学术界及监管当局的广泛关注,探究盈余重述发生的深层次动因成为提高会计信息披露质量必须要解决的问题。以高报盈余的重述公司为对象,通过分析盈余重述与真实活动盈余管理的关系后发现,与非重述公司相比,高报盈余的重述公司在财务报告发生错误的年度经营现金流较低,生产成本较高。这说明重述公司利用真实经济活动正向调整了盈余,盈余重述的主要原因是公司以前年度的盈余管理行为。

Increased earnings restatement in recent years has attracted investors,academics and regulatory authorities＇ wide attention.Exploring the deep motivation of earnings restatement has become a question that had to be solved to improve companies＇ accounting information quality.This paper analyses the relationship between earnings restatements and real earnings management activities by using the overstatement companies as samples.The results show that overstatement companies have low levels of cash flow from operations and high production costs compared with non-restatement companies in restated years,indicating that restatement companies have used real earnings management activities to positively manage the earnings in question.So most earnings restatement is the product of intentional earnings management.