财务困境公司盈余管理研究――来自中国A股ST上市公司的实证分析(1)

首都经济贸易大学硕士学位论文财务困境公司盈余管理研究——来自中国A股ST上市公司的实证分析姓名：谢宗成申请学位级别：硕士专业：会计学指导教师：吴少平20080301IST19982004A727219942006STASTIIAbstractWiththedevelopmentofourcountry’scapitalmarketandincreaseoflistedcompanies,moreandmoreinvestorsandconductorspayattentiontotheearningsmanagementunderspecialtreatment.SpecialTreatmentSystemisputintoeffecttomaintaincapitalmarketoperationhealthilyandsteadilyandprotecttheinvestors’interest,butpresentlylistedcompanieshavethemotivationofearningsmanagement,especiallythelistedcompaniesunderSpecialTreatment.Accordingtothepresentresearchaboutearningsmanagement,thearticlewillstudy72listedcompaniesunderspecialtreatmentarisingfromthenetincomesufferinglossesfortwoyearsinShanghaiandShenzhenStockExchangefrom1998to2004,andanalyzetheearningsmanagementcomparingwiththecontrolgroupwhichhasthesameassetinsameindustryandgaintheprofitinthatyear.Basedonthepreviousresearchandcurrentcircumstanceaboutlistedcompanies,thearticlewillanalyzewhetherthereareearningsmanagementbeforeandaftersufferinglossesormakingupthedeficitsandgetsurpluses,andwhethertherearesomespecialchoicesaboutthemethodofearningsmanagement.Thearticlestandsinempiricalaspect,explainsthematteroffinancialdistress,makessureresearchtopic,analyzestheopinionsofearningsmanagementanddisplaysthetheoryoriginofmotivationaboutearningsmanagementandthemotivationofearningsmanagementaboutlistedcompaniesunderfinancialdistress.Thenthearticleprovidesthehypothesizes,analyzestherelatedfinancialdataandgetstheinclusionswhichisthatthelistedcompaniesunderfinancialdistressdeceasetheearningsbyplanningthedevaluepreparationandcurrentaccrualsinfirstyearofsufferingloss,decreasetheearningsbyplanningthedevaluepreparationinsecondyearofsufferingloss,andincreasetheearningsbyitemsbelowthelinetomakeupdeficits.Basedontheforgoingresult,someeffectivemeasuresshouldbemadetocopewiththeproblemabouttheearningsmanagementoflistedcompaniesunderfinancialdistress.Morelong-rangedatafrom19942006andcomparativeindustrymodelfromstaticanddynamicanglesinarticlebecomeanadvantageinresearchtherelatedprojectaboutearningsmanagementoflistedcompaniesunderfinancialdistress,whichwillprovidetheevidencetounderstandtheearningsmanagementandbehelpfultomonitorandboostournationalcapitalmarket.KeyWordsFinancialDistressEarningManagementSpecialTreatmentAST15611.11998200120052007..200021621..200162831256AST1998ST19982004ST3.17%6.11%7.63%9.27%10.13%10.10%9.88%STSTSTSTSTSTST1.2FinancialDistressPerformanceDeclineorOperatingDistress.20001356BeaverDeakinRossRossAltmanAmyHing-LingLauF.TuretskyR.A.Mowen19952005131.119952007ST1737%ST2043%24%0.8124%EVA12%12%37%..20074222006200713DB.Deakin.ADiscriminantAnalysisofPredictorsofBusinessFailure[J].JournalofAccountingResearch1972AltmanEI.Corporatefinancialdistressandbankruptcy.2thedition.JohnSons,NewYork,1999:58674561.1STST200020002001ST19861988STST19941130STSTST19982004ST1.21.2ST199820041998199920002001200220032004121181322331911860.82%924341274121.13%101141194.65%2213131730462716886.60%55346122613.40%ST27181621364729194100.00%..2000(9)..2004086473..20013..2000105561.2ST86.6%60.82%A1.3STA19982004STAt6561.419942006STA75622.12080EarningsManagementWilliamR.ScottKatherineSchipper11PaulM.heaalyJamesM.Wahlen12Toch13141516WilliamR.Scott.FinanceAccountingTheory.Prentice-HallInc.199711KatherineSchipper.Commentaryonearningsmanagement,AccountingHorizons.198912PaulM.Healy,JamesM.Wahlen.Areviewoftheearningsmanagementliteratureanditsimplicationsforstandardssettings.AccountingHorizons,1999365383.13SiewHongTeoh,T.J.Wong,andGitaRao.IncentivesandOpportunitiesforEarningsManagementinInitialPublicOfferings.ReviewofAccountingStudies.1998.vol3:17520814..199943915..2004810211616..200125560856172.2STSTSTPT17..2000118130956182.31998SpecialTreatmentSTST5%ST12199920012222002225PT18..200091056STSTSTST2.4115619199320ST19..19991P15620..1997286277125613563BallBrown19683.13.1.1DeAangeloSkinner21751980198563353%BurgstahlerDichev1997BathElliotFinn1995Hayn1995DeAangeloSkinner1996BurgstahlerDichevCompustat1976199421DeAngeloH.,LindaDeAngeloandDouglasJ.SkinnerAccountingchoiceinTroubledCompaniesJournalofAccountingandEconomics1994vol1714568%12%30%40%22Peltier-RivestDominic231273.1.2SharmaStevenson241988-19912222RosnerRebeccaL25Rosner2500293Lee,Ingram,andHoward199922BurgestahlerD.andIliaDichevEarningsManagementtoAvoidEarningsDecreasesandLossesJournalofAccountingandEconomica.1997vol2423Peltier-RivestDominicTheDeterminantsofAccountingChoicesinTroubledCompaniesQuarterlyJournalofBusiness&Economics;Autumn1999,Vol.38Issue4,p28,1724Sharma,D.,andPetaA.Stevenson.TheImpactofImpendingCorporateFailureontheIncidenceandMagnitudeofDiscretionaryAccountingPolicyChanges.BritishAccountingReview.1997(29):12915325RosnerRebeccaL.1EarningsManipulationinFailingFirmsContemporaryAccountingResearch;Summer2003,Vol.20Issue2,36140815563.1.3JaggiBikkiPichengLee261989-19963.1.4ST271995-199722JonesJones2811ButlerMartyLeone2926JaggiBikkiPichengLeeEarningsManagementResponsetoDebtCovenantViolationsandDebtRestructuring.JournalofAccounting,Auditing&Finance,Fall2002,Vol.17,p295