盈余管理手段及经济后果研究——以亚太实业为例

Research on the Means of Earnings Management and Its Economic Consequences—Taking Hainan Yatai Industrial as an Example

盈余管理分为应计盈余、真实盈余和分类转移三类,不同盈余动机会给公司带来不一样的影响,机会主义型盈余管理会造成负面影响,而信息驱动型盈余管理能够传递积极的财务信息。我国资本市场上市公司过度盈余现象普遍存在,本文采用案例分析法对盈余管理的手段和经济后果进行了研究。研究发现:上市公司在经营过程中会使用多重盈余管理手段修饰财务报表,ST公司是基于机会主义动机进行盈余管理的一类典型公司。此外,投资者由于内部信息无法获得以及个人专业知识有限无法完全识别公司的盈余管理行为,产生错误定价。为进一步提高资源配置效率,本文建议投资者要提高专业素养、监管层应该完善市场制度、公司合理设置管理层薪酬。

Earnings management can be divided into three categories: accrual-based earnings management activities, real activities manipulation and classification shifting. Different earnings motives will have different effects on companies. Opportunistic earnings management will have negative effects, while information driven earnings management can transmit positive financial information. Excessive earnings management is a common phenomenon of Listed Companies in China’s capital market. This paper uses case analysis method to study the means and economic consequences of earnings management. The results show that: listed companies will use multiple means of earnings management to modify the financial statements in the process of operation, and ST company is a typical company based on opportunistic motivation for earnings management. In addition, due to the lack of internal information and limited personal expertise, investors can’t fully identify the earnings management behavior of the company, resulting in mispricing. In order to improve the efficiency of resource allocation, this paper suggests that investors should improve their professionalism, regulators should improve the market system, and companies should set reasonable management compensation.