上市公司分类转移操控旨在迎合谁?——来自中国A股市场的经验证据

Who is the Purpose of Listed Companies'Classification Shifting Manipulation:An Empirical Evidence from A-share Market

本文利用2001~2017年我国A股上市公司数据,研究我国上市公司分类转移操控究竟是在迎合市场还是在迎合监管,研究发现:由于A股市场“孰低原则”的业绩监管等特点,我国上市公司分类转移操控主要是为了迎合监管。具体表现为:分类转移在净利润大于零的样本中存在,在净利润小于零的样本中几乎不存在;在净利润大于零的前提下,在扣非后的净利润大于零的样本中存在更大程度的分类转移;在净利润和扣非后的净利润都大于零的前提下,在扣非后净利润微利的样本中,分类转移操控的程度更高。本文从“孰低原则”业绩监管视角,为分类转移迎合监管动机提供了进一步的增量经验证据,丰富了分类转移操控动机研究的相关文献,研究结论对于市场监管者、审计师以及市场参与者等都具有一定的启示。

Based on the data of all A-share listed companies from 2001 to 2017,this paper studies whether the classification shifting of listed companies in China is to cater to the market or to supervision.Due to the supervision of the"lower principle"of A-share market,it is found that the classification shifting motivation of listed companies in China is mainly to cater to the supervision.The specific manifestations are as follows:(1)Classification shifting exists in the samples with net profit greater than zero,and hardly exists in the samples with net profit less than zero;(2)Under the premise of net income greater than zero,there is a greater degree of classification transfer in samples where the net income after deducting non-recurring gains and losses is greater than zero;(3)On the premise that both net income and net income after deducting non-recurring gains and losses are greater than zero,the classification shifting degree is higher in the samples with net income after deducting non-recurring gains and losses slightly greater than zero.From the perspective of performance supervision based on the"lower principle",this paper further provides incremental empirical evidence for catering to the supervision motivation of classification shifting.The research conclusions have certain enlightenment and reference for market regulators,auditors and investors.