新旧准则下资产减值盈余管理及其经济后果的对比分析

Comparison of earnings management and its economic consequences through asset impairment under the previous and current asset policies in China

以新旧资产减值政策为背景,对比研究在不同政策背景下企业计提资产减值的动机,特别是新准则的实施是否如预期有效遏制上市公司利用资产减值进行盈余操纵.检验表明,新准则下企业依然可以利用资产减值实现扭亏、配股等目标,这表明,在禁止部分资产减值转回的情况下,企业可能存在别的隐蔽渠道.盈余管理与市场反应的回归结果表明市场并没有对企业的盈余管理行为区别对待,或者说,市场并没有看穿企业利用资产减值实行盈余管理的行为.

The motivations of enterprises to conduct the provision for impairment o[ assets under the old and new asset impairment policies in China were compared, with an emphasis on whether the implementation of the new guidelines has achieved expected results, and whether it could effectively curb the earnings manipulation of listed companies through asset impairment. Tests conducted show that under the new guidelines, companies can still use asset impairment to achieve the goal of avoiding losses or meeting the financing conditions, which shows that there may be other hidden channels for companies to manipulate asset impairment. The regression results of earnings management and market response show that the market cannot identify whether companies have implemented earnings management.