*ST企业非经常性损益盈余管理手段和后果研究

Research on Means and Consequences of Non-recurring Profits and Losses in Earnings Management of *ST Enterprises

根据以往研究,盈余管理是*ST企业实现“摘帽”的目的、撤销风险预警的主要手段。2012年,我国新退市制度增加了*ST企业利用非经常性损益扭亏为盈的盈余管理动机。研究发现,在21项非经常损益项目中,*ST企业更倾向于采用非流动资产处置损益、债务重组等方式实现成功“摘帽”。然而,这些措施并没有真正提高企业的经营管理能力,只是实现了这类企业财务绩效的暂时性改善,帮助企业维持上市资质。

According to previous studies,earnings management is the main means for*ST enterprises to achieve the goal of removing special treatment and the revoke of risk warning.In 2012,the new delisting system in China increased the earnings management motivation for*ST enterprises to turn non-recurring gains and losses into profits.It is found that among 21 items of non-recurrent gains and losses,*ST enterprises are more inclined to use non-current assets to disposal gains and losses,debt restructuring and other ways to achieve its goal of removing special treatment.However,these measures did not really improve the business management ability of enterprises,only realized the temporary improvement of financial performance of such enterprises and helped enterprises maintain listing qualifications.