盈余管理策略与财务危机的关系研究——基于持续经营审计意见和特别处理的视角

Earnings management strategies and financial crisis:a study based on going-concern opinion and special treatment

首先根据我国资本市场上有关企业财务危机的两种特殊情形——特别处理和持续经营审计意见,将财务危机划分为三个不同的阶段。然后以2007—2013年沪深两市A股主板上市公司为研究样本,研究了盈余管理对企业不同阶段财务危机的影响。研究结果表明,应计盈余管理程度越高,企业财务危机的程度越严重;而真实盈余管理程度越高,企业存在财务危机的可能性越小;应计盈余管理和真实盈余管理同时存在于企业的经营活动中,两者对财务危机发生概率的作用并不受对方的影响;制度环境的改善能在一定程度上抑制应计盈余管理和财务危机间的正向关系。

Based on two objective financial signals of special treatment and going-concern opinion in the Chinese stock market,this paper first defines a four-stage financial crisis concept that includes financial health,going concern-opinion only,special treatment only,and both going concern opinion and special treatment.It then tests the relationship among accrual based earnings management,real earnings management and financial crisis,using listed companies sampled from A share main board market in China.The results show a positive relationship between accrual based earnings management and financial crisis,and a negative relationship between real earnings management and financial crisis;and no observable relationship is found between the two kinds of earnings management,which means that they influence financial crisis dependently.