【作者】 刘丹；

【导师】 于晓谦；

【作者基本信息】 西南财经大学 ， 财务管理， 2009， 硕士

【副题名】基于2007年扭亏公司的实证分析

【摘要】 盈余管理问题是会计理论的重要组成部分,也是会计实务界所关心的核心问题之一。在上市公司的盈余管理活动中,非经常性损益往往成为其惯用的重要手段。近年来我国有相当多的上市公司盈利质量普遍较低,许多上市公司利用非经常性损益粉饰业绩,使非经常性损益在利润中所占的比重越来越大,业绩水平受到严重的扭曲。尤其是亏损上市公司,为了保牌和避免退市惩罚,往往利用易于操纵的非经常性损益来调节利润,达到扭亏为盈的目的。由于非经常性损益包含的内容多种多样,利用其进行调节利润的手段也不可避免的呈现多样化,但是不同公司在不同阶段会依据不同准则的要求选择不同的非经常损益方式来管理盈余,以满足特定时期特定需求。2006年新会计准则颁布并于2007年1月1日在上市公司执行,与此配合,证监会修订了非经常性损益信息披露规范。新准则和新规范的实施,必定会对上市公司的盈余管理行为产生影响。亏损上市公司在新规定约束下,是否存在利用非经常性损益指标进行盈余管理的行为,以达到扭亏为盈的目的;在利用非经常性损益项目来实现扭亏计划时,偏好于选择何种手段,其手段偏好的顺序如何,与以往相比有何变化;鉴于此研究目的,本文以我国2007年扭亏上市公司为研究对象,运用规范和实证相结合的研究方法,将扭亏公司的盈余状况与2006年状况做纵向的对比,并与其配比公司做横向的对比分析,来验证其非经常性损益盈余管理的存在性,同时构建适当模型来实证其偏好的手段;重点关注在2006年新准则出台以及各相关政策向其靠拢的背景下,扭亏上市公司利用非经常性损益来管理盈余的态度及其手段的变化。本文共有六个章节,可分为绪论、理论基础,实证检验和研究结论四大部分。第一章系本文的绪论部分,对所研究问题的目的、意义、方法、内容和框架做了简要介绍,并指出本文研究新颖之处;第二、第三章系本文的理论基础部分;在第二章,本文系统回顾和总结了非经常性损益和盈余管理的相关文献,认为以往国内学者对非经常性损益盈余管理问题的研究,其数量不多,研究方法也过于单一;以扭亏公司作为研究对象的很少,在新准则背景下来研究非经常性损益盈余管理行为的就更少了。这就为本文的研究提供了发挥的空间;在第三章,本文论述了所研究问题的制度背景,分别就非经常性损益、亏损上市公司和最新企业会计准则相关规定展开介绍;指出2007年2月份最新修订的非经常性损益披露规范中对非经常性损益项目范围进行的调整,证监会关于亏损上市公司特别处理和退市的规定以及新准则与旧准则的差异。相关制度背景的介绍为本文主体部分的展开奠定了基础。随后针对亏损上市公司非经常性损益盈余管理动机和手段做了较详细的阐述,认为亏损公司选择非经常性损益作为盈余管理的手段是因为非经常性损益的易用性、易操控性和相关法规较难规范性;在非经常性损益盈余管理的手段论述中,分别就长期资产处置、非货币性交易、减值准备、财政补贴、债务重组、新准则启用有利时机等展开讨论,并辅以最新数据支撑,从而为亏损公司非经常性损益盈余管理行为的研究做了理论上的知识准备。第四、第五章系本文的实证检验部分;首先阐明了实证设计的相关内容,如研究思路,数据的收集和整理,以及数据的初步分析,为核心的实证过程做铺垫。在数据的初步分析阶段,本文分别对2006年、2007年扭亏样本和配比样本相关数据进行描述性对比分析,肯定了所选样本的适当性。其后提出了本文的两个假设;假设1:亏损上市公司在其扭亏为盈的年度,会利用非经常性损益做出调增盈余的会计处理。假设2:扭亏上市公司在其非经常性损益盈余管理方式的选择上存在偏好。实证部分即围绕以上两个假设展开,主要针对非经常性损益盈余管理行为存在性以及手段偏好做检验,分别运用了分布检测法和回归分析的方法。实证结果表明,2007年度扭亏上市公司普遍存在运用非经常性损益来进行盈余管理的行为,以达到扭亏为盈的目的。扭亏上市公司在非经常性损益调节利润手段的选择上存在偏好,主要偏好的手段依次为资产处置、债务重组、非货币性资产交换、政府补贴等。新准则和新政策在一定程度上对个别手段有遏制作用,如对资产减值准备转回的限制,利用减值准备来调节利润的空间缩小,但同时也为其他新手段如公允价值的运用提供了契机;第六章系本文的研究结论部分;针对以上研究结果,本文给出了结论和启示。认为亏损上市公司在其扭亏为盈的年度,存在利用非经常性损益做出调增盈余的会计处理,同时在非经常性损益盈余管理方式的选择上存在偏好。指出上市公司利用非经常性损益进行盈余管理的新特征以及以后的发展趋向。认为(1)资产减值准备的运用手法在2006、2007年形成起落;(2)公允价值将会在非经常性损益构成中人为扭曲。由于会计准则具有不完备性,必然导致会计准则被恶意利用,以此提出了适合我国国情的亏损上市公司非经常性损益盈余管理问题解决方案,提议完善会计准则的制定,加强证监会的监管政策,尤其要加强非经常性项目的确认和披露的力度等等。同时,指出本研究的不足之处以及今后研究的发展空间。本文的创新及贡献在于:(1)研究对象新颖:以往有关非经常性损益盈余管理的研究文献大多针对上市公司或者亏损公司展开,而本文试图探讨一类特殊的上市公司,即在考察年度之前亏损而在本年度已成功扭亏的那部分上市公司,研究其利用非经常性损益进行盈余管理的情况。(2)研究方法全面:从理论和实证两个层面对扭亏上市公司是否利用非经常性损益来管理盈余的现象进行分析和检验;在实证方法上,本文尝试综合运用分布检测法和建立模型并回归分析的方法进行。突破了大多文献选择单一研究方法的局限。(3)样本的时间特殊:本文研究的样本选取自2007年,这是一个弃旧迎新的特殊时期;也即新旧准则交替时期;新准则首次在上市公司执行,其效果如何,对非经常性损益盈余管理行为将产生怎样的影响,这是本文兴趣所在。(4)研究过程力求严谨细致:本文手工收集了非经常性损益的分项数据,并将配比公司和样本公司进行比较,来探讨新准则背景下,亏损上市公司在利用非经常性损益盈余管理时所偏好的手段的变化。数据的收集整理谨慎而力求准确,以确保实证研究过程的可靠性,增强本文结论的说服力。本文研究局限在于:(1)本文研究模型中的非经常性损益各项目金额均是来自于上市公司年度报告中的第一手资料,但因准则的执行尚不规范,很多样本公司披露非经常性损益的内容和格式都比较随意,对经常性损益和非经常性损益区分不明,披露的非经常性损益项目和金额不够准确,导致用这些数据做回归分析的结果不够精确。因此,本研究关于上市公司非经常性损益盈余管理常用手段的结论也不完全准确。(2)由于部分公司分项目披露了所得税影响数,部分公司没有披露,为求各公司和各年度间的可比性,因此本研究全部采用扣除所得税影响前的数据,因此忽略了所得税因素对盈余管理结果的影响。(3)由于最新会计准则只执行一年,我们只能收集到执行新准则和新规范的一期资料,样本期间短,样本数量少,这是本文一个无法克服的客观局限。由于以上研究局限系本文在特定研究时间、研究对象、研究范围内所无法克服的障碍;因此,建议进一步的研究可以通过严格筛选符合标准的研究对象、考虑所得税因素并扩大研究时间跨度的方法展开,更深入的分析扭亏公司运用非经常性损损益盈余管理的行为;随着最新企业会计准则的全面实施和上市公司披露行为的规范化,以后的研究将更加严谨,更加具有政策指导性和现实意义。更多还原

【Abstract】 Earning management (EM) is not only an important part of accounting theory but also a concern of the key issues in accounting practice circles. Among the various means of the earnings management activities, extraordinary items(EI)often become an important one used by Listed Companies. In recent years, a considerable number of listed companies in china generally show low quality of earnings. As many listed companies tend to use extraordinary items to whitewash their operation performance, the share of EI in ending profits is growing, thus the level of performance is seriously distorted. This phenomenon is more popular in the loss-making enterprises as they have strong motivation to retain a license in the stock market and avoid punishment from CSRC. In order to turn around, those loss-making enterprises are easy to control the non-recurring gains and losses to regulate profit. At the same time, this kind of profit-conditioning means has become more diversified and under different accounting standards, different companies in different stages will be apt to use different ways of EI to regulate profits. All these actions aim to meet the specific needs of a particular period.In 2006, the new accounting standards were promulgated and would be implemented in the listed companies on January 1, 2007. Following from that, the Commission revised the disclosure norms about EI information. The new criteria and the implementation of the new norms would be felt by the listed companies and have an impact on their earnings management behavior. Whether the loss-making enterprises under the new bound use EI to manage earnings, what are their preferred means and how do these means change when they do use them to adjust their profits, all these questions above are concerned by this thesis. In view of the purpose of this study, this paper regard the listed companies which have turned losses into profits in 2007 as subjects and discussed their earnings management behavior making use of the combination of normative research and empirical research methods. After the implement of new standard, all related policies move towards to it and fair value is also introduced. Based on the discussion of the earnings management behavior using of EI in 2006 after the introduction of new guidelines, this study is mainly concentrated on the development of adjustment means of profit.This article have six chapters which can be divided into four sections, these are introduction,the theoretical foundation, empirical testing and its major conclusions.First of all, in the introduction part, this article briefly discussed a series of issues on the purpose, significance, methods, contents and framework of this study, meanwhile, this paper have pointed out its novelty.In the Second part, the article firstly discussed the system background of these issues, systematically reviewed and summed up related literature about EI and earnings management. Then it pointed out that the preferred studies of scholars were not only rare in their amount but also single in their research methods. The studies on the subject of listed companies which have turned from losses to profit are few and even fewer in the context of the new guidelines. All these lacks provide a study room for this paper.Third, this paper illustrated the related contends of empirical research, such as the idea of research, data collection and collation, as well as the preliminary analysis of the data, as the basis of the next core part of the Research. The empirical research part is concentrate on the test of the existence and development tendency of EI earning management making use of both the distribution of the test and regression analysis methods. It concluded that the companies which have turned into profit from losses in 2007 broadly use EI as means to manage their earning. The new guidelines and new policies inhibited some individual means to a certain extent, such as the forbidden use of turn back of impairment on assets. Overall, new standard environment is beneficial for narrowing the space of earning management, but at the same time new means appear as some new requirements were introduced, such as the use of fair value which provide an opportunity to manage profits.Finally, based on the above findings, the paper pointed out the changes of preferred means of regulating profits used by loss-making enterprises and its development trend. Then it put forward some solutions which suitable for our state conditions. At the same time, it pointed out this study’s shortcomings as well as the space for such research development in the future.The innovation and contribution of this article lie in: (1) new object; (2) a comprehensive research method; (3) samples come from a special time; (4) rigorous and detailed studies course. The shortcoming of this paper is the lack of precise data and shortage of horizon. The number of samples is small; this is one of the limitations that this article can not overcome. Due to the above limitations in this article, it is therefore recommended that further research can make strictly screening criteria, consider income tax and expand the time span of research methods. Along with the full implementation of the latest corporate accounting standards and the disclosure standard among listed companies, this kind of research will be more stringent and more significant for policy formulation and practical operation.更多还原