上市公司“微盈利”现象、盈余管理与年报可理解性

Listed Companies' Micro-earnings Phenomenon,Earnirgs Management and Readability of Annual Reports

以可理解性为切入点,研究"微盈利"上市公司的年报文本信息。通过对2010—2016年沪、深A股上市公司的相关年报数据进行实证检验发现,上市公司的"微盈利"与年报文本信息的复杂程度呈显著正相关关系。如果上市公司是借助盈余管理的手段来实现的微盈利,那么这种关系将会更强。进一步研究发现,中国证监会在2014年修订的退市制度取得了较好的政策效果,对存在违规倾向的上市公司管理者起到了一定的震慑作用,较好地保护了投资者的利益。

From the perspective of readability,this paper studies the annual reports of listed companies with micro-earnings.Based on the data of China’s listed companies from 2010 to 2016,the textual information in annual reports of listed companies with micro-earnings prove to be more complicated and harder to understand compared to other enterprises,and this relationship is more significant if the micro-earnings are achieved by earnings management.Further study shows that the delisting system revised in 2014 by China Securities Regulatory Commission has achieved good results,which serves as a warning to managers of listed companies which have the tendency of violation,and also provides a good protection of normal investors’interests.