上市公司“微盈利”现象、盈余管理与年报可理解性
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摘要
以可理解性为切入点,研究"微盈利"上市公司的年报文本信息。通过对2010—2016年沪、深A股上市公司的相关年报数据进行实证检验发现,上市公司的"微盈利"与年报文本信息的复杂程度呈显著正相关关系。如果上市公司是借助盈余管理的手段来实现的微盈利,那么这种关系将会更强。进一步研究发现,中国证监会在2014年修订的退市制度取得了较好的政策效果,对存在违规倾向的上市公司管理者起到了一定的震慑作用,较好地保护了投资者的利益。
From the perspective of readability, this paper studies the annual reports of listed companies with micro-earnings. Based on the data of China's listed companies from 2010 to 2016,the textual information in annual reports of listed companies with micro-earnings prove to be more complicated and harder to understand compared to other enterprises, and this relationship is more significant if the micro-earnings are achieved by earnings management.Further study shows that the delisting system revised in 2014 by China Securities Regulatory Commission has achieved good results, which serves as a warning to managers of listed companies which have the tendency of violation, and also provides a good protection of normal investors' interests.
From the perspective of readability, this paper studies the annual reports of listed companies with micro-earnings. Based on the data of China's listed companies from 2010 to 2016,the textual information in annual reports of listed companies with micro-earnings prove to be more complicated and harder to understand compared to other enterprises, and this relationship is more significant if the micro-earnings are achieved by earnings management.Further study shows that the delisting system revised in 2014 by China Securities Regulatory Commission has achieved good results, which serves as a warning to managers of listed companies which have the tendency of violation, and also provides a good protection of normal investors' interests.
引文
[1]干胜道,钟朝宏,田艳.徽利上市公司盈余管理实证研究[J].会计研究,2006(6):59-64.
[2]侯巧铭,宋力,蒋亚朋.管理者行为、企业生命周期与非效率投资[J].会计研究,2017(3):61-67.
[3]BADERTSCHER B A.Overvaluation and the choice of alternative earnings management mechanisms[J].The Accounting Review,2011,86(5):1491-1518.
[4] LI F.The information content of forward-looking statements in corporate filings-a naive Bayesian machine learning approach[J].Journal of Accounting Research,2010,48(2):1049-1112.
[5]BENEISH M D,PRESS E,VARGUS M E.Insider trading and earnings management in distressed firms[J].Journal of Accounting Research,2011,29(1):191-220.
[6]LO K,RAMOS F,ROGO R.Eamings management and annual report readability[J].Journal of Accounting and Economics,2016,63(1):1-25.
[7]AJINA A,LAOUITI M,MSOLLI B.Guiding through the fog:does annual report readability reveal earnings management?[J].Research in International Business and Finance,2016,38(9):509-516.
[8]钱苹,罗玫.中国上市公司财务造假预测模型[J].会计研究,2015(7):18-25.
[9]DICKINSON V.Cash flow patterns as a proxy for firm life cycle[J].The Accounting Review,2011,86(6):1969-1994.
[10]杨志强,王华.公司内部薪酬差距、股权集中度与盈余管理行为——基于高管团队内和高管与员工之间薪酬的比较分析[J].会计研究,2014(6):57-65.
[11]COLLINS D W,PUNGALIYA R S,VIJH A M.The effects of firm growth and model specification choices on tests of earnings management in quarterly settings[J].The Accounting Review,2016,92(2):69-100.
[12]GRAHAM J R,HARVEY C R,RAJGOPAL S.The economic implications of corporate financial reporting[Z].NBER Working Paper No.10550,2004.
[13]RICHARDSON S A,SLOAN R G,SOLIMAN M T,et al.Accural reliability,earnings persistence,and stock prices[J].Journal of Accounting and Economics,2005,39(3):437-485.
[14]ROYCHOWDHURY S. Earnings management through real activities manipulation[J]. Journal of Accounting and Economics, 2006,42(3):335-370.
[15]ALHADAB M,CLACHER I,KEASEY K.A comparative analysis of real and accrual earnings management around initial public offerings under different regulatory environments[J].Journal of Business Finance and Accounting,2016,43(7-8):849-871.
[16]COHEN D,ZAROWIN P.Accrual-based and real earnings management activities around seasoned equity offerings[J]. Journal of Accounting Economics,2010,50(1):2-19.
[17]ZANG A Y.Evidence on the trade-off between real activity manipulation and accrual-based earnings management[J].The Accounting Review,2012,87(2):675-703.
[18]祁怀锦,黄有为.IPO公司盈余管理行为选择及不同市场间的差异[J].会计研究,2016(8):34-41.
[19]KIM J,LEE L H,LEE E.Dividend stickiness,debt covenants,and earnings management[J].Contemporary Accounting Research,2017,34(2):1232-1264.
[20]LEWIS N,PARKER L D,POUND G D,et al.Accounting report readability:the use of readability techniques[J].Accounting and Business Research,1986,16(63):199-213.
[21]TENNYSON B M,INGRAM R W,DUGAN M T.Assessing the information content of narative disclosures in explaining bankruptcy[J]. Journal of Business Finance and Accounting, 1990,17(3):391-440.
[22]JONES M J,SHOEMAKER P A.Accounting narratives:a review of empirical studies content and readability[J]. Journal of Accounting Literature,1994,13(1):142-184.
[23] BLOOMFIELD R.Discussion of “annual report readability,current earnings,and earnings persistence"[J].Journal of Accounting and Economics, 2008,45(2-3):248-252.
[24]LI F.Annual report readability, current earnings and earninga persistence[J].Journal of Accounting Economics,2008,45(2-3):221-247.
[25]LOUGHRAN T,MCDONALD B.When is a liability not a liability? Textual analysis,dictionaries,and 10-Ks[J].The Journal of Finance, 2011,66(1):35-65.
[26] DEMERS E,VEGA C.Soft information in earnings announcements:news or noise?[Z]. FRB International Finance Discussion Paper No.951,2011.
[27]DAVIS A K,TAMA-SWEET I.Managers'use of language across alternative disclosure outlets:earnings press release versus MD&A[J].Contemporary Accounting Research,2012,29(3):838-844.
[28]BAGINSKI S,DEMERS E,WANG C,et al.Contemporaneous verification of language:evidence from management earnings forecasts[J].Review of Accounting Studies,2016,21(1):165-197.
[29]谢德仁,林乐.管理层语调能预示公司未来业绩吗?——基于我国上市公司年度业绩说明会的文本分析[J].会计研究,2015(2):20-27.
[30]林乐,谢德仁.投资者会听话听音吗?——基于管理层语调视角的实证研究[J].财经研究,2016(7):28-39.
[31]肖浩,詹雷,王征.国外会计文本信息实证研究述评与展望[J].外国经济与管理,2016(9):93-112.
[32]HUANG X,TEOH S,ZHANG Y.Tone management[J].The Accounting Review,2014,89(4):1083-1113.
[33]曾庆生,周波,张程.年报语调与公司内部人交易:表里如一还是口是心非[C].大连:第十五届中国实证会计国际研讨会论文集,2016.
[34]CZARNITZKI D,KRAFT K.Capital control,debt financing and innovative activity[J].Journal of Economic Behavior and Organization,2009,71(2):372-383.
(1)参见:中国证监会《关于改革完善并严格实施上市公司退市制度的若干意见》,2014年。
(1)大多数投资者不具备财务分析能力,难以理解会计科目所代表的内涵与后果,因此会计科目出现次数多的年报可理解性低。
[2]侯巧铭,宋力,蒋亚朋.管理者行为、企业生命周期与非效率投资[J].会计研究,2017(3):61-67.
[3]BADERTSCHER B A.Overvaluation and the choice of alternative earnings management mechanisms[J].The Accounting Review,2011,86(5):1491-1518.
[4] LI F.The information content of forward-looking statements in corporate filings-a naive Bayesian machine learning approach[J].Journal of Accounting Research,2010,48(2):1049-1112.
[5]BENEISH M D,PRESS E,VARGUS M E.Insider trading and earnings management in distressed firms[J].Journal of Accounting Research,2011,29(1):191-220.
[6]LO K,RAMOS F,ROGO R.Eamings management and annual report readability[J].Journal of Accounting and Economics,2016,63(1):1-25.
[7]AJINA A,LAOUITI M,MSOLLI B.Guiding through the fog:does annual report readability reveal earnings management?[J].Research in International Business and Finance,2016,38(9):509-516.
[8]钱苹,罗玫.中国上市公司财务造假预测模型[J].会计研究,2015(7):18-25.
[9]DICKINSON V.Cash flow patterns as a proxy for firm life cycle[J].The Accounting Review,2011,86(6):1969-1994.
[10]杨志强,王华.公司内部薪酬差距、股权集中度与盈余管理行为——基于高管团队内和高管与员工之间薪酬的比较分析[J].会计研究,2014(6):57-65.
[11]COLLINS D W,PUNGALIYA R S,VIJH A M.The effects of firm growth and model specification choices on tests of earnings management in quarterly settings[J].The Accounting Review,2016,92(2):69-100.
[12]GRAHAM J R,HARVEY C R,RAJGOPAL S.The economic implications of corporate financial reporting[Z].NBER Working Paper No.10550,2004.
[13]RICHARDSON S A,SLOAN R G,SOLIMAN M T,et al.Accural reliability,earnings persistence,and stock prices[J].Journal of Accounting and Economics,2005,39(3):437-485.
[14]ROYCHOWDHURY S. Earnings management through real activities manipulation[J]. Journal of Accounting and Economics, 2006,42(3):335-370.
[15]ALHADAB M,CLACHER I,KEASEY K.A comparative analysis of real and accrual earnings management around initial public offerings under different regulatory environments[J].Journal of Business Finance and Accounting,2016,43(7-8):849-871.
[16]COHEN D,ZAROWIN P.Accrual-based and real earnings management activities around seasoned equity offerings[J]. Journal of Accounting Economics,2010,50(1):2-19.
[17]ZANG A Y.Evidence on the trade-off between real activity manipulation and accrual-based earnings management[J].The Accounting Review,2012,87(2):675-703.
[18]祁怀锦,黄有为.IPO公司盈余管理行为选择及不同市场间的差异[J].会计研究,2016(8):34-41.
[19]KIM J,LEE L H,LEE E.Dividend stickiness,debt covenants,and earnings management[J].Contemporary Accounting Research,2017,34(2):1232-1264.
[20]LEWIS N,PARKER L D,POUND G D,et al.Accounting report readability:the use of readability techniques[J].Accounting and Business Research,1986,16(63):199-213.
[21]TENNYSON B M,INGRAM R W,DUGAN M T.Assessing the information content of narative disclosures in explaining bankruptcy[J]. Journal of Business Finance and Accounting, 1990,17(3):391-440.
[22]JONES M J,SHOEMAKER P A.Accounting narratives:a review of empirical studies content and readability[J]. Journal of Accounting Literature,1994,13(1):142-184.
[23] BLOOMFIELD R.Discussion of “annual report readability,current earnings,and earnings persistence"[J].Journal of Accounting and Economics, 2008,45(2-3):248-252.
[24]LI F.Annual report readability, current earnings and earninga persistence[J].Journal of Accounting Economics,2008,45(2-3):221-247.
[25]LOUGHRAN T,MCDONALD B.When is a liability not a liability? Textual analysis,dictionaries,and 10-Ks[J].The Journal of Finance, 2011,66(1):35-65.
[26] DEMERS E,VEGA C.Soft information in earnings announcements:news or noise?[Z]. FRB International Finance Discussion Paper No.951,2011.
[27]DAVIS A K,TAMA-SWEET I.Managers'use of language across alternative disclosure outlets:earnings press release versus MD&A[J].Contemporary Accounting Research,2012,29(3):838-844.
[28]BAGINSKI S,DEMERS E,WANG C,et al.Contemporaneous verification of language:evidence from management earnings forecasts[J].Review of Accounting Studies,2016,21(1):165-197.
[29]谢德仁,林乐.管理层语调能预示公司未来业绩吗?——基于我国上市公司年度业绩说明会的文本分析[J].会计研究,2015(2):20-27.
[30]林乐,谢德仁.投资者会听话听音吗?——基于管理层语调视角的实证研究[J].财经研究,2016(7):28-39.
[31]肖浩,詹雷,王征.国外会计文本信息实证研究述评与展望[J].外国经济与管理,2016(9):93-112.
[32]HUANG X,TEOH S,ZHANG Y.Tone management[J].The Accounting Review,2014,89(4):1083-1113.
[33]曾庆生,周波,张程.年报语调与公司内部人交易:表里如一还是口是心非[C].大连:第十五届中国实证会计国际研讨会论文集,2016.
[34]CZARNITZKI D,KRAFT K.Capital control,debt financing and innovative activity[J].Journal of Economic Behavior and Organization,2009,71(2):372-383.
(1)参见:中国证监会《关于改革完善并严格实施上市公司退市制度的若干意见》,2014年。
(1)大多数投资者不具备财务分析能力,难以理解会计科目所代表的内涵与后果,因此会计科目出现次数多的年报可理解性低。
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