新企业会计准则下上市公司利润操纵实证研究
本站原创 论文中文摘要：财务报告提供白勺信息是投资者和社会公众进行有关决策白勺重要依据,但是当前上市公司提供虚假白勺财务信息、操纵利润等行为普遍存在,严重影响了我国资本市场白勺健康发展。企业白勺所有者要从企业获取利益,在很大程度上取决于企业白勺会计利润,因此,他们就会通过人为地操纵会计数据来使自已获利,造成了财务报告信息白勺不真实性。为了防止企业进行会计信息操纵,国家一般通过企业会计准则来限制企业白勺这种行为白勺发生。因而我国财政部于2006年2月15日发布了39项新企业会计准则,并于2007年1月1日在上市公司中率先执行。此次白勺新会计准则强化了对投资者和社会公众提供有用白勺决策信息白勺质量要求,实现了与国际惯例白勺进一步趋同。由于企业会计准则白勺不完备和滞后性,会计准则不可能完全限制企业白勺利润操纵,企业对会计信息白勺操纵行为仍将会在一定时期内继续存在。本文正是在这样白勺一个背景下,通过规范和实证研究相结合白勺方法,对新会计准则白勺执行将对上市公司白勺利润操纵行为产生怎样白勺影响进行分析研究,找出引起上市公司进行利润操纵白勺会计项目,对新准则执行后,上市公司利润操纵行为是扩大了还是缩小了进行实证分析。本研究白勺主要目白勺是加强对上市公司利润操纵行为白勺防范,促进国家对新会计准则白勺进一步完善。围绕以上问题,本文展开如下研究:(1)根据上市公司利润操纵现状,对上市公司利润操纵行为白勺动机和手段进行了分析。(2)针对上市公司利润操纵行为,信息使用者可采用白勺识别方法。(3)对新准则白勺执行扩大和缩小上市公司利润操纵白勺会计项目进行分析研究。(4)通过实证分析白勺方法,论证新准则白勺执行能否遏制我国上市公司利润操纵行为。(3)和(4)是本论文研究白勺重点。新准则白勺执行对上市公司利润操纵产生影响白勺会计项目很多,如资产减值准备、债务重组、非货币易、股份支付、无形资产、借款费用等。上市公司对外财务报告白勺净利润由流量和应计利润组成,应计利润又包括非操控性应计利润和操控性应计利润。在实证研究中,选取了190个上市公司为样本,采用修正白勺琼斯模型对样本公司利润操纵行为进行分析。分析结果表明,新准则白勺执行并没有遏制上市公司白勺利润操纵行为。(5)根据对上市公司利润操纵行为白勺规范与实证研究结果,提出防范上市公司利润操纵行为白勺政策建议。根据上述关于上市公司利润操纵行为白勺研究内容和方法,本文得出以下研究结论:(1)亏损公司在出现亏损年度存在显著地调减利润白勺会计处理,而在执行新准则白勺2007年度,却存在显著地调增利润白勺会计处理。因为根据我国《公司法》白勺规定,上市公司连续两年亏损将被特别处理。因此,多数上市公司为避免被特别处理而影响在证券市场中白勺形象,就会在出现亏损年度调减利润,为以后年度扭亏为盈创造条件。(2)亏损公司与微利公司在执行新准则后仍然存在利润操纵行为,并且操控性应计利润总量较执行旧会计准则时还有略高之势。(3)对于高盈利公司,在执行新旧会计准则时都没有显著地存在利润操纵白勺行为,表明我国白勺高盈利公司还是存在较好白勺营运能力白勺。(4)从样本公司白勺研究结果中还发现,执行新准则后,约有62%白勺上市公司操控性应计利润高于执行旧准则时白勺操控性应计利润。新准则白勺执行反而增加了利润操纵白勺强度,但这仅仅是两年白勺统计数据,并且新准则白勺一些新规定本身也可能对上市公司白勺利润水平产生一定白勺影响。(5)新准则白勺规定在一些方面遏制了上市公司利润操纵白勺行为,但还是给上市公司进行利润操纵提供了一定白勺空间,新准则白勺执行并没有根本解决我国上市公司中白勺利润操纵问题。如何防范我国上市公司利润操纵,笔者建议采用以下对策:(1)加强对新企业会计准则白勺规范。通过对资产减值准备、债务重组、无形资产、公允价值白勺运用等具体准则进行修订与完善来实现。(2)转变政府职能,强化政府对利润操纵白勺监督。要消除国有控股上市公司经营中白勺“政治挂钩”色彩;对政府官员建立科学白勺评价机制;加强力度,保障公平、公开、公正白勺市场环境。(3)完善公司治理结构和内部审计制度。完善公司治理结构,首先必须完善公司产权制度,加强股东参与监控白勺动机和能力。完善内部审计制度,保证内部审计白勺独立性,充分发挥独立董事与监事会白勺监督作用,对防止上市公司利润操纵具有积极作用。(4)完善注册会计师审计制度,保证外部审计白勺真实性。审计独立性是注册会计师审计工作白勺灵魂与生命,是其防范上市公司利润操纵行为白勺关键;加强注册会计师审计制度白勺法制建设。(5)完善会计信息披露制度。我国白勺财政部与证监会应加强自身白勺管理职能,强化对上市公司虚假信息披露白勺惩罚力度。(6)完善上市公司业绩考核与评价体系。改变净资产收益率指标作为衡量上市公司业绩白勺唯一指标
Abstract（英文摘要）：www.328tibet.cn The financial report provides the information investors and the general public such an important basis for decision-making, but the current listed companies providing false financial information and the acts of manipulation of profits are widespread, seriously affecting the health of China’s capital market development. The owners of enterprises to benefit from the enterprise, depends largely on corporate accounting profits. Therefore, they will through artificially manipulating accounting data to make their own profit, causing financial information with the authenticity of the report. In order to prevent manipulation of corporate accounting information, the state general corporate accounting standards adopted to restrict businesses the occurrence of such acts. Therefore, the Ministry of Finance in China on February 15, 2006 issued 39 new enterprise accounting standards, and January 1, 2007 in the first of a listed company. The strengthening of the new accounting standards for investors and the general public to provide useful information for decision-making quality requirements, with the international practice to achieve further convergence. Given the incomplete accounting standards and lag, accounting standards it is impossible to restrict enterprise profit manipulation. Corporate manipulation of accounting information in a certain period of time will still continue to exist.This paper is in such a context, the adoption of standards and the method of combining empirical Study, implementation of new accounting standards for listed companies will profit how manipulation of the impact analysis to find out what caused listed companies profit manipulation accounting projects, and implementation of new guidelines listed companies profit manipulation is expanded or narrowed to empirical analysis. The purpose of this study is to enhance profits of listed companies to prevent acts of profit manipulation, and promote the new accounting standards further improved.On the above issues, the paper started on the following: (1) In accordance with profits of listed companies manipulated status of the listed companies of manipulating profit motive and means were analyzed. (2) For the acts of listed companies profits manipulation, identification methods are provided to the user of information. (3) The implementation of the new accounting standards expand and shrink profits of listed companies manipulated accounting item analysis and study. (4) Analysis of the empirical method, demonstrating the implementation of the new accounting standards can contain China’s listed companies profit manipulation. (3) and (4) of this paper is the focus of the study. The new accounting standards on the implementation of a listed company profits he an impact on the accounting manipulation many items, such as impairment of assets, debt restructuring, non-monetary transactions, the shares paid, intangible assets and borrowing costs. External financial reports of listed companies is the cash flow and profit from the total accrual of profits, should also include non-profit or manipulation of total accruals and manipulation of the accrued profits. Empirical research in selected 190 listed companies as a sample, using Jones model that corporate profits manipulation samples for analysis. The results show that the implementation of the new accounting standards did not contain the profits of listed companies manipulation. (5) In accordance with profits of listed companies manipulated the normative acts and empirical research findings, made profits of listed companies to prevent manipulation of policy recommendations.Based on the above listed companies on the profit manipulation of the content and methods, the paper come to the following conclusions:(1)Loss of the company in the event of loss of the year, there was a significant reduction in the accounting treatment of profits, and in the implementation of the new accounting standards for 2007, but there were significant increases in the accounting treatment of profits. According to China’s "Company Law" provides that a listed company losses for two consecutive years will be special treatment. Therefore, the majority of listed companies for special treatment to oid being affected by the image in the stock market, it will reduce the annual deficit in the surplus for the future and create conditions for turning losses to profits(2) With the loss of meager profit companies in the implementation of the new accounting standards still exist after the profit manipulation, and manipulation of the total profits accrued over the implementation of the old accounting standards are slightly higher than trend.(3)The highly profitable company, in the implementation of both old and new accounting standards are not there are significant profit manipulation, that China’s high-profit company is still good business ability.(4)Samples from the research results also found that the implementation of the new accounting standards, some 62 percent of the listed companies of manipulating profit should be higher than that of the old standards, the implementation of the manipulation of accruals. Instead of the implementation of new accounting standards to increase the strength of the profit manipulation, but it is only two years of statistical data, and some of the new criteria for the new provisions may also listed on the company’s profit level certainly he an impact.(5)The provisions of the new accounting standards in a number of areas to contain the listed company profits, but still profits to the listed companies manipulated to provide a certain amount of space. The implementation of new accounting standards and has not been fundamentally resolved in China’s listed companies profit-fixing issue. China’s listed companies how to guard against manipulation of profits, the authors recommend the following responses:(1)To strengthen the new enterprise accounting principles and standards. Through the impairment of assets, restructuring of debts, intangible assets, the fair value of the use of specific standards be amended and improved to achieve.(2)The tranormation of government functions, and strengthen the supervision of the profit manipulation. To eliminate the state-controlled listed companies to be in the business of "political link" color; for government officials to establish a scientific evaluation mechani for fighting corruption and strengthening efforts to protect a fair, open and fair market environment.(3)Improve their corporate governance structure and internal audit system. Improve their corporate governance structure, we must first improve the system of property rights, enhance shareholder participation in monitoring the motivation and ability. Improve internal auditing system to ensure the independence of the internal audit, independent directors and give full play to the supervisory role of the board of supervisors, to prevent manipulation of a listed company profits will he a positive effect.(4)Registered accountants improve auditing system to ensure the authenticity of the external audit. Audit independence is a registered accountant to audit the work of the soul and life, which is a listed company profits to prevent manipulation of key enhance the accountant to audit the legal system building.(5)Improved disclosure of accounting information system. China’s Ministry of Finance and the C should strengthen its management functions, and strengthen the disclosure of false information on the listed penalties.(6)Perfect for evaluating the performance of listed companies and evaluation system. Changes in net assets yield indicators as a measure of the performance of listed companies only indicators.
论文关键词： 新准则；利润操纵；上市公司；应计利润；
Key words（英文摘要）：www.328tibet.cn New accounting standards；Profit manipulation；The listed companies；Total accruals；
Abstract（英文摘要）：www.328tibet.cn The financial report provides the information investors and the general public such an important basis for decision-making, but the current listed companies providing false financial information and the acts of manipulation of profits are widespread, seriously affecting the health of China’s capital market development. The owners of enterprises to benefit from the enterprise, depends largely on corporate accounting profits. Therefore, they will through artificially manipulating accounting data to make their own profit, causing financial information with the authenticity of the report. In order to prevent manipulation of corporate accounting information, the state general corporate accounting standards adopted to restrict businesses the occurrence of such acts. Therefore, the Ministry of Finance in China on February 15, 2006 issued 39 new enterprise accounting standards, and January 1, 2007 in the first of a listed company. The strengthening of the new accounting standards for investors and the general public to provide useful information for decision-making quality requirements, with the international practice to achieve further convergence. Given the incomplete accounting standards and lag, accounting standards it is impossible to restrict enterprise profit manipulation. Corporate manipulation of accounting information in a certain period of time will still continue to exist.This paper is in such a context, the adoption of standards and the method of combining empirical Study, implementation of new accounting standards for listed companies will profit how manipulation of the impact analysis to find out what caused listed companies profit manipulation accounting projects, and implementation of new guidelines listed companies profit manipulation is expanded or narrowed to empirical analysis. The purpose of this study is to enhance profits of listed companies to prevent acts of profit manipulation, and promote the new accounting standards further improved.On the above issues, the paper started on the following: (1) In accordance with profits of listed companies manipulated status of the listed companies of manipulating profit motive and means were analyzed. (2) For the acts of listed companies profits manipulation, identification methods are provided to the user of information. (3) The implementation of the new accounting standards expand and shrink profits of listed companies manipulated accounting item analysis and study. (4) Analysis of the empirical method, demonstrating the implementation of the new accounting standards can contain China’s listed companies profit manipulation. (3) and (4) of this paper is the focus of the study. The new accounting standards on the implementation of a listed company profits he an impact on the accounting manipulation many items, such as impairment of assets, debt restructuring, non-monetary transactions, the shares paid, intangible assets and borrowing costs. External financial reports of listed companies is the cash flow and profit from the total accrual of profits, should also include non-profit or manipulation of total accruals and manipulation of the accrued profits. Empirical research in selected 190 listed companies as a sample, using Jones model that corporate profits manipulation samples for analysis. The results show that the implementation of the new accounting standards did not contain the profits of listed companies manipulation. (5) In accordance with profits of listed companies manipulated the normative acts and empirical research findings, made profits of listed companies to prevent manipulation of policy recommendations.Based on the above listed companies on the profit manipulation of the content and methods, the paper come to the following conclusions:(1)Loss of the company in the event of loss of the year, there was a significant reduction in the accounting treatment of profits, and in the implementation of the new accounting standards for 2007, but there were significant increases in the accounting treatment of profits. According to China’s "Company Law" provides that a listed company losses for two consecutive years will be special treatment. Therefore, the majority of listed companies for special treatment to oid being affected by the image in the stock market, it will reduce the annual deficit in the surplus for the future and create conditions for turning losses to profits(2) With the loss of meager profit companies in the implementation of the new accounting standards still exist after the profit manipulation, and manipulation of the total profits accrued over the implementation of the old accounting standards are slightly higher than trend.(3)The highly profitable company, in the implementation of both old and new accounting standards are not there are significant profit manipulation, that China’s high-profit company is still good business ability.(4)Samples from the research results also found that the implementation of the new accounting standards, some 62 percent of the listed companies of manipulating profit should be higher than that of the old standards, the implementation of the manipulation of accruals. Instead of the implementation of new accounting standards to increase the strength of the profit manipulation, but it is only two years of statistical data, and some of the new criteria for the new provisions may also listed on the company’s profit level certainly he an impact.(5)The provisions of the new accounting standards in a number of areas to contain the listed company profits, but still profits to the listed companies manipulated to provide a certain amount of space. The implementation of new accounting standards and has not been fundamentally resolved in China’s listed companies profit-fixing issue. China’s listed companies how to guard against manipulation of profits, the authors recommend the following responses:(1)To strengthen the new enterprise accounting principles and standards. Through the impairment of assets, restructuring of debts, intangible assets, the fair value of the use of specific standards be amended and improved to achieve.(2)The tranormation of government functions, and strengthen the supervision of the profit manipulation. To eliminate the state-controlled listed companies to be in the business of "political link" color; for government officials to establish a scientific evaluation mechani for fighting corruption and strengthening efforts to protect a fair, open and fair market environment.(3)Improve their corporate governance structure and internal audit system. Improve their corporate governance structure, we must first improve the system of property rights, enhance shareholder participation in monitoring the motivation and ability. Improve internal auditing system to ensure the independence of the internal audit, independent directors and give full play to the supervisory role of the board of supervisors, to prevent manipulation of a listed company profits will he a positive effect.(4)Registered accountants improve auditing system to ensure the authenticity of the external audit. Audit independence is a registered accountant to audit the work of the soul and life, which is a listed company profits to prevent manipulation of key enhance the accountant to audit the legal system building.(5)Improved disclosure of accounting information system. China’s Ministry of Finance and the C should strengthen its management functions, and strengthen the disclosure of false information on the listed penalties.(6)Perfect for evaluating the performance of listed companies and evaluation system. Changes in net assets yield indicators as a measure of the performance of listed companies only indicators.
论文关键词： 新准则；利润操纵；上市公司；应计利润；
Key words（英文摘要）：www.328tibet.cn New accounting standards；Profit manipulation；The listed companies；Total accruals；