中国钢铁业上市公司并购中盈余管理研究—基于效率视角

On the Earnings Management of M&A among the Listed Companies of China's Steel Industry from the Perspective of Efficiency

本文通过改进度量盈余管理程度的Yoon-miller模型,测算2003-2009年中国钢铁业上市公司并购前后的可操纵性利润和全要素生产率,并对并购中盈余管理与效率的内在关系进行分析。结果表明:并购后一年全要素生产率有效的钢铁上市公司在并购当年存在向上的盈余管理,并购后一年及并购当年全要素生产率均有效的钢铁上市公司,在并购后一年容易进行较大幅度的向下盈余管理行为。

This article improved Yoon-miller model which measure earnings management degree, calculated the discretionary accruals （DA） and total factor productivity （TFP） in the mergers and acquisitions （M＆A） of listed companies of China＇s steel industry among the year 2003-2009, analyzed the inherent relationship between earnings management and efficiency in the M＆A. The result indicated that, listed companies which had the effective TFP one year after M＆A behavior, had the upward earnings management in the M＆A year; listed companies which had the effective TFP both M＆A year and next year, had the downward earnings management one year after the M＆A behavior.