中国上市公司盈利管理实证研究
摘要
随着我国资本市场和会计市场的发展，目前有关上市公司盈余管理的问题已引起了前所未有的重视。
盈余管理是为了获得个人利益而对企业财务报告进行有目的的干涉，实际上是对上市公司所披露的会计信息的操纵，盈余管理行为会引起企业各个契约关系人之间财富的重新分配，甚至会引起他们之间新的利益冲突。加上过分的盈余管理行为很容易演变成舞弊、欺诈、内幕交易。在我国资本市场的发展历程中，诸如琼民源、郑白文、银广夏、麦可特等恶性事件时有发生，上市公司披露的会计信息是否真实?有无操纵盈余的问题?如何解决?这些问题一方面直接关系到证券市场能否有效发挥资源配置的功能，而且反映出政府监管政策的合理性以及能否保证我国证券市场健康、稳定、持续的发展。这不仅仅是一个单纯的经济问题，而且也是一个严肃的社会政治问题。因而，对中国上市公司盈余管理问题进行研究就显得十分必要和迫切。
本文采用实证研究的方法，选择中国A股上市公司1998—2000年度的净资产收益率(ROE)作为研究对象，对样本分布进行了定量的统计分析和假设检验，从理论和实践相结合的角度系统地论述了上市公司盈余管理形成的机制和实现方式，并对如何进一步健全我国证券市场提出了若干建议。
本文研究形成地结论如下：1．中国A股上市公司1998—2000年度确实存在严重的盈余管理行为并且具有明显的政策导向效应。2．盈余管理形成机制的主要因素包括：委托代理关系、债务契约关系、政治成本假设、非对称信息存在、会计政策选择、会计准则和会计制度的不完善、信息披露制度不完善、上市公司治理结构等。3．盈余管理实现的方式主要有关联交易、资产转让置换、巧用会计政策、资产重组、地方政府支持等。4．建议完善会计准则和会计制度、完善披露关联交易制度、修订暂停上市规定、改进配股资格的控制参数、完善证券市场相关监管政策等。
With the development of capital market and accounting market of China, The problem of earning management of listed companies has been caused to concern of universal at the present time.
Earning management is the interference behaviour to the finance report of the enterprise for personal benefits, In fact, It is the manipulation to the accounting information of the listed companies. It would lead to the redistribution of wealth of the covenanters, So much as cause the conflict of interests of the covenanters, The undue earning management can easily turn into malpractice, cheating, deal in secret during the developing of capital of China, such as "Qiongmingyuan", "zhengbaiwen", "yinguangxia", "maikete" have caused universal concern of all social. Whether the listed company has earning management problem, not only has the direct effect on the validity of the function of distribution resource of securities business, but also reflect the rationalization of management policies of the government. This can also decide whether the policy can ensure the healthiness, stabilization, and continuance of development of our country's securities business. The problem isn't purely an economy problem, even a serious social political problem. Accordingly, to study the earning management problem of listed company in our country is fully necessary and urgent.
This thesis researches the ROE of listed company of A Group from 1998 to 2000 through positive analysis. The thesis analyzes the sample distribution through quantificational and statistical way and hypothesis tests. The thesis discusses the mechanism that leads to the earning management of listed companies and the way through which the earning management come true. The thesis also proposes some suggestion about building up the securities business in our country.
The conclusions that can be drawn in this thesis are:
1) The heavy earning management of the listed company has taken place from 1998 to 2000, And it has obviously inflect of policies.
2) The principal factors result in earning management include: clientage-agent model, debt covenant, political cost covenant, asymmetrical information, accounting policy, faultiness of accounting standard and accounting system.
3) The ways by which the earning management can be brought about: Affiliated dealings, assets transfer and replacement, applying accounting policy with light hand, assets recombination, support by local government etc.
4) Suggestions'. Perfect the accounting standard and accounting system, disclose affiliated dealings, devise the stipulation on pause of coming into the market, ameliorate controlling parameter about share distribution, perfect supervision and management policy on securities business.
盈余管理是为了获得个人利益而对企业财务报告进行有目的的干涉，实际上是对上市公司所披露的会计信息的操纵，盈余管理行为会引起企业各个契约关系人之间财富的重新分配，甚至会引起他们之间新的利益冲突。加上过分的盈余管理行为很容易演变成舞弊、欺诈、内幕交易。在我国资本市场的发展历程中，诸如琼民源、郑白文、银广夏、麦可特等恶性事件时有发生，上市公司披露的会计信息是否真实?有无操纵盈余的问题?如何解决?这些问题一方面直接关系到证券市场能否有效发挥资源配置的功能，而且反映出政府监管政策的合理性以及能否保证我国证券市场健康、稳定、持续的发展。这不仅仅是一个单纯的经济问题，而且也是一个严肃的社会政治问题。因而，对中国上市公司盈余管理问题进行研究就显得十分必要和迫切。
本文采用实证研究的方法，选择中国A股上市公司1998—2000年度的净资产收益率(ROE)作为研究对象，对样本分布进行了定量的统计分析和假设检验，从理论和实践相结合的角度系统地论述了上市公司盈余管理形成的机制和实现方式，并对如何进一步健全我国证券市场提出了若干建议。
本文研究形成地结论如下：1．中国A股上市公司1998—2000年度确实存在严重的盈余管理行为并且具有明显的政策导向效应。2．盈余管理形成机制的主要因素包括：委托代理关系、债务契约关系、政治成本假设、非对称信息存在、会计政策选择、会计准则和会计制度的不完善、信息披露制度不完善、上市公司治理结构等。3．盈余管理实现的方式主要有关联交易、资产转让置换、巧用会计政策、资产重组、地方政府支持等。4．建议完善会计准则和会计制度、完善披露关联交易制度、修订暂停上市规定、改进配股资格的控制参数、完善证券市场相关监管政策等。
With the development of capital market and accounting market of China, The problem of earning management of listed companies has been caused to concern of universal at the present time.
Earning management is the interference behaviour to the finance report of the enterprise for personal benefits, In fact, It is the manipulation to the accounting information of the listed companies. It would lead to the redistribution of wealth of the covenanters, So much as cause the conflict of interests of the covenanters, The undue earning management can easily turn into malpractice, cheating, deal in secret during the developing of capital of China, such as "Qiongmingyuan", "zhengbaiwen", "yinguangxia", "maikete" have caused universal concern of all social. Whether the listed company has earning management problem, not only has the direct effect on the validity of the function of distribution resource of securities business, but also reflect the rationalization of management policies of the government. This can also decide whether the policy can ensure the healthiness, stabilization, and continuance of development of our country's securities business. The problem isn't purely an economy problem, even a serious social political problem. Accordingly, to study the earning management problem of listed company in our country is fully necessary and urgent.
This thesis researches the ROE of listed company of A Group from 1998 to 2000 through positive analysis. The thesis analyzes the sample distribution through quantificational and statistical way and hypothesis tests. The thesis discusses the mechanism that leads to the earning management of listed companies and the way through which the earning management come true. The thesis also proposes some suggestion about building up the securities business in our country.
The conclusions that can be drawn in this thesis are:
1) The heavy earning management of the listed company has taken place from 1998 to 2000, And it has obviously inflect of policies.
2) The principal factors result in earning management include: clientage-agent model, debt covenant, political cost covenant, asymmetrical information, accounting policy, faultiness of accounting standard and accounting system.
3) The ways by which the earning management can be brought about: Affiliated dealings, assets transfer and replacement, applying accounting policy with light hand, assets recombination, support by local government etc.
4) Suggestions'. Perfect the accounting standard and accounting system, disclose affiliated dealings, devise the stipulation on pause of coming into the market, ameliorate controlling parameter about share distribution, perfect supervision and management policy on securities business.
引文
[1]靳明 ROE的实证分析看上市公司的业绩操纵行为(J)．中国工业经济，2000(2)
[2]Gonede.S.N. " The Capital Market. The Market for information and External Accounting" Journal of Finance 31(May 1976),611-630
[3]谢明斌 股份公司会计舞弊及其制度防范会计研究．(J)．会计研究，2000(5)
[4]Scott, William R. Financial Accounting Theory [M]. Prentice-Hall, Inc. 1997
[5]赵宇龙 会计盈余披露的信息含量——来自上海股市的经验数据[J]，经济研究，1998(7)
[6]孙铮、王跃堂 资源配置与盈余操纵之实证研究[J] 财经研究，1999(4)
[7]陈小悦、肖星、过晓艳 配股权与上市公司利润操纵[J] 经济研究，2000(1)
[8]王志台 上海股市盈余持续性的实证研究[J]，财经研究 2000年第26卷第5卷
[9]顾兆峰 论盈余管理[J]财经研究，2000(3)
[10]朱元午 企业集团财务实证研究[M]，东北财经大学出版社
[11]陈向民 企业契约与会计选择[J]，财经研究 2000年第26卷第4期
[12]In-MuHaw, Daqing Qi, Wu and Wei Guo, zhang. Earnings Management of Listed Firms in Response to Security Regulation in China's Emerging Capital Market Working paper (M). Hong Kong Chinese University, 1998
[13]王跃堂 资本市场信息沟通面临的挑战与应对策略[J]，外国经济与管理，第23卷第6期
[14]唐松花．企业会计政策选择的经济分析(J)．会汁研究，2000(3)
[15]刘峰 会计准则研究[M]．大连：东北财经大学出版社，1996
[16]张维迎 企业的企业家——一种契约理论[M] 上海三联出版社 1995年版
[17]Chin, c, sachem and x, su. profitability regulation, earnings management and modified audit opinions: evidence from china, forthcoming in auditing (j). Journal of practice& theory, 1999
[18]王一 西方公共管理理论评述(J)．经济评论，1999，(1)
[19]贺卫 寻租经济学[M]，北京：中国发展出版社，1999
[20]贝多广 证券经济理论(M)．上海人民出版社，1995
[21]Robert J.Bloomfield And T. Jeffrey Wilks.Disclosure Effects in the Laboratory: Liquidity, Depth and the Cost of Capital (J). The Accounting Review, 2000, (1): 13-14
[22]Benston.G.J. "The market for public accounting services: Demand, supply and Regulation."Accounting Journal 2(Winter 1979-1980.2-4)
[23]傅磊 会计信息披露与证券市场(J) 管理世界，1998(2)
[24]薛文君 上市公司中期报告信息披露研究[J]．财经研究 1999
[25]易东燕 企业财务报表信息失实的隐性因素——寻机性会计(J)．会计研究，1999(3)
[26]刘树成、沈沛 中国资本市场前沿理论研究文集[M]，社会科学出版社
[27]晓远 试论会计信息披露的供给理论(J)．会计研究，1998(6)
[28]肖序编译 美国会计的八大变化[29]．
[29]Barnea.Am.J.Ronen, and S.Sadan "The Implementation of Accounting Objectives: An Application to Extraordinary Items" Accounting Review 50(January 1975). 58-68
[30]林钟高、赵宏 寻租理论与会计准则[J]，财经研究 2001年第27卷第2期
[31]邵建云 上市公司资产重组实务[M]，中国发展出版社 2000年1月第1版
[2]Gonede.S.N. " The Capital Market. The Market for information and External Accounting" Journal of Finance 31(May 1976),611-630
[3]谢明斌 股份公司会计舞弊及其制度防范会计研究．(J)．会计研究，2000(5)
[4]Scott, William R. Financial Accounting Theory [M]. Prentice-Hall, Inc. 1997
[5]赵宇龙 会计盈余披露的信息含量——来自上海股市的经验数据[J]，经济研究，1998(7)
[6]孙铮、王跃堂 资源配置与盈余操纵之实证研究[J] 财经研究，1999(4)
[7]陈小悦、肖星、过晓艳 配股权与上市公司利润操纵[J] 经济研究，2000(1)
[8]王志台 上海股市盈余持续性的实证研究[J]，财经研究 2000年第26卷第5卷
[9]顾兆峰 论盈余管理[J]财经研究，2000(3)
[10]朱元午 企业集团财务实证研究[M]，东北财经大学出版社
[11]陈向民 企业契约与会计选择[J]，财经研究 2000年第26卷第4期
[12]In-MuHaw, Daqing Qi, Wu and Wei Guo, zhang. Earnings Management of Listed Firms in Response to Security Regulation in China's Emerging Capital Market Working paper (M). Hong Kong Chinese University, 1998
[13]王跃堂 资本市场信息沟通面临的挑战与应对策略[J]，外国经济与管理，第23卷第6期
[14]唐松花．企业会计政策选择的经济分析(J)．会汁研究，2000(3)
[15]刘峰 会计准则研究[M]．大连：东北财经大学出版社，1996
[16]张维迎 企业的企业家——一种契约理论[M] 上海三联出版社 1995年版
[17]Chin, c, sachem and x, su. profitability regulation, earnings management and modified audit opinions: evidence from china, forthcoming in auditing (j). Journal of practice& theory, 1999
[18]王一 西方公共管理理论评述(J)．经济评论，1999，(1)
[19]贺卫 寻租经济学[M]，北京：中国发展出版社，1999
[20]贝多广 证券经济理论(M)．上海人民出版社，1995
[21]Robert J.Bloomfield And T. Jeffrey Wilks.Disclosure Effects in the Laboratory: Liquidity, Depth and the Cost of Capital (J). The Accounting Review, 2000, (1): 13-14
[22]Benston.G.J. "The market for public accounting services: Demand, supply and Regulation."Accounting Journal 2(Winter 1979-1980.2-4)
[23]傅磊 会计信息披露与证券市场(J) 管理世界，1998(2)
[24]薛文君 上市公司中期报告信息披露研究[J]．财经研究 1999
[25]易东燕 企业财务报表信息失实的隐性因素——寻机性会计(J)．会计研究，1999(3)
[26]刘树成、沈沛 中国资本市场前沿理论研究文集[M]，社会科学出版社
[27]晓远 试论会计信息披露的供给理论(J)．会计研究，1998(6)
[28]肖序编译 美国会计的八大变化[29]．
[29]Barnea.Am.J.Ronen, and S.Sadan "The Implementation of Accounting Objectives: An Application to Extraordinary Items" Accounting Review 50(January 1975). 58-68
[30]林钟高、赵宏 寻租理论与会计准则[J]，财经研究 2001年第27卷第2期
[31]邵建云 上市公司资产重组实务[M]，中国发展出版社 2000年1月第1版
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