债务重组对盈余管理的影响研究——以*ST佳电摘帽为例

Research on the Impact of Debt Restructuring on Earnings Management——Taking *ST Jiadian Electric’s Capping As an Example

债务重组作为上市公司盈余管理的重要方法之一,尤其被ST类公司青睐,利用它实现“扭亏为盈”从而避免退市的风险。本文梳理了债务重组准则的历史变动,选择*ST佳电为例,以其被退市风险警示到成功摘帽的历程,研究债务重组对盈余管理的影响。最后阐述对最新发布的债务重组修订准则的浅析和思考,以期为公司治理结构的完善和债务重组准则的改进提供理论依据和指导意见。

As one of the important methods for earnings management of listed companies, debt restructuring is especially favored by ST companies, which can be used to achieve the risk of "turning losses into profits" and avoiding delisting. This paper sorts out the historical changes of the debt restructuring guidelines, selects *ST Jiadian as an example, and warns the delisting risk to the successful capping process, and studies the impact of debt restructuring on earnings management. Finally, it analyzes the latest revised debt restructuring guidelines in order to provide theoretical basis and guidance for the improvement of corporate governance structure and the improvement of debt restructuring guidelines.