中国上市公司金融工具投资收益的盈余管理研究

Research into Earnings Management of Chinese Listed Companies with Investment Income from Financial Instruments

本文对《企业会计准则(2006)》执行后,中国上市公司利用投资收益进行盈余管理的问题进行了实证研究发现:亏损的上市公司,如果其主营业务业绩下滑、成长性不足,更倾向于通过持有较多金融资产,并有选择性地出售来实现扭亏;业绩下滑的上市公司更倾向于通过有选择性地出售金融资产获取投资收益来平滑利润。因此,对于非金融行业,将投资收益从营业利润构成项目中移除,单独进行披露;重新设计非金融行业投资收益项目的构成要素;重新规定相关投资收益的列示途径;继续强化综合收益观,完善其他综合收益项目的应用。

The paper empirically studies the behaviour of Chinese listed companies to implement earnings management with investment income on the basis of Enterprise Accounting Standards(2006).According to the empirical results,if the listed companies at a loss face the situation of declining performance of main business and deficiency in growth,they are inclined to hold more financial assets and make selective sale to turn losses into profits;the listed companies with declining performance are more inclined to obtain investment income by selective sale of financial assets to smooth the fluctuation of profits.The author puts forward the following suggestions:for non-financial industries,investment income,including gain or loss from fair value changes,should be removed from the components of operating income and disclosed separately;the components of investment income item in non-financial industries should be re-designed;the itemized ways of investment-related income in financial statements should be re-regulated;the comprehensive income awareness should be enhanced,and the application of other comprehensive income items should be improved.