公允价值下的盈余管理:平稳利润下的危机——以A上市公司为例

Earnings Management under Fair Value:Crisis behind the Smoothing Profit——A Case Study of A Company

公允价值计量有助于提高财务报告的决策有用性,但也增大了业绩调节的空间,因而是企业各相关利益方关注的重点。文章以A上市公司为研究对象,细致分析企业通过公允价值计量的资产进行盈余管理的动因、手段和后果,发现:(1)业绩压力、制度环境与融资需求加大管理层盈余管理的动机;(2)管理层通过可供出售的金融资产处置逐步释放"隐藏"的利润,弥补业绩下滑导致的利润损失;(3)盈余管理达到缓解公司融资需求、保护管理层薪酬水平的目的。

Focused by stakeholders,the fair value improves relevance and comparability of financial reports,and increases the space for earnings management as well. The paper investigates the incentives,means and consequences of earnings management under fair value on the case of A company. The results show that performance evaluation,institution environment and financing demands promote earnings management,that the management smooth over losses by selling available-for-sale securities,and that earnings management contributes to alleviating financing demands and protecting management compensation.