可操纵应计的市场反应——来自中国证券市场的实证证据

Pricing of Discretionary Accruals——Evidence from Chinese Security Market

基于应计制核算的净利润和经营活动现金流量之间的差异,可以分为不可操纵应计和可操纵应计,后者为企业管理层提供了一种重要的盈余管理手段。本文利用中国证券市场的数据,证明中国上市公司平均而言通过操纵应计项目进行了正的盈余管理,而且证券市场对可操纵应计作出了价格反应。

The difference between accrual-basis accounting income and net cash flow from operations is accruals, which can be divided into undiscretionary (normal) accruals and discretionary (abnormal) accruals. The latter provides an important way for corporate managers to manage earnings. Using data from Chinese security market, we find evidence that on average, Chinese listed companies manage discretionary accruals positively, and the market does price such kind of activities.