应计操纵、真实交易管理与会计稳健性——来自中国上市公司的经验证据

Discretional Accrual, Real Earnings Management and Accounting Conservatism from the Evidence of China's Listed Companies

我国上市公司报告的盈余的稳健性主要来自非操纵性应计,但操纵性应计和真实交易管理给盈余稳健性制造了噪音,尤其负向的应计操纵或正向的真实交易管理能拔高盈余稳健水平;会计准则中不断强化的会计稳健性原则在一定程度上能抑制应计盈余管理,但不能有效治理真实交易的盈余管理;上市公司应计操纵幅度越大,会计稳健性越高,但真实交易管理幅度越大而会计稳健性却越低。

The reported income of China＇s listed companies is conservative, which mainly derives from non-discretional accrual. However, discretional accrual and real earnings management make noises to earnings conservatism. Especially, decreasing profit through discretional accruals and increasing profit through real earnings management can raise accounting conservatism. The gradually intensified accounting conservatism principle can weaken discretional accrual, but it cannot effectively deal with real earnings management. The fact is the company with more discretional accruals, its accounting is more conservative. While the company with more real earnings management, its accounting is less conservative.