摘要
“ST”制度自1998年发布以来,一直旨在通过提醒投资者该股票存在风险,应谨慎投资以保护中小投资者的利益和促使企业管理层采取积极行动以提高经营和管理效率,进而改善业绩。但经过20年的市场探索与发展,并没有充分发挥作用。这一现状主要归咎于花样百出的盈余管理的“补救”,使得企业在摘、戴帽之间顺利弹跳。这种竭泽而渔的方式不具有持续性,会造成资源错配及证券市场的不良发展。南宁糖业作为国内最大的国有上市制糖企业,在2019年被实施ST后于次年成功摘星。本文通过揭示南宁糖业不当盈余管理的目的和手段,尝试对相关政策及该公司经营治理存在的隐患提出改进建议以减少企业的过度盈余管理行为。
Since its release in 1998,the“ST”system has been aimed at reminding investors that the stock is risky and should be invested cautiously to protect the interests of small and medium-sized investors,and to encourage management to take positive actions to improve operational and management efficiency,thereby improving performance.But after 20 years of market exploration and development,it has not fully played its role.This current situation is mainly attributed to the versatile“remedy”of earnings management,which allows enterprises to bounce smoothly between picking and wearing hats.This method of fishing with all one's might not be sustainable,leading to resource mismatch and negative development of the securities market.Nanning Sugar Industry,as the largest state-owned listed sugar manufacturing enterprise in China,successfully won the stars the following year after being implemented with ST in 2019.This article reveals the purpose and means of improper earnings management in Nanning Sugar Industry,and attempts to propose improvement suggestions for relevant policies and hidden dangers in the company's business governance to reduce excessive earnings management behavior.
作者
衣秀晨
吴燕华
YI Xiu-chen;WU Yan-hua(School of Economics and Management,Zhejiang A&F University,Hangzhou,Zhejiang 311300)
出处
《江苏商论》
2023年第7期92-95,共4页
Jiangsu Commercial Forum
基金
浙江农林大学科研发展基金项目:林业碳汇的金融支持研究(2019FR015)。
