我国上市公司盈余管理的动因研究

中南民族大学硕士学位论文我国上市公司盈余管理的动因研究姓名：吴水兰申请学位级别：硕士专业：企业管理指导教师：柴定国20050525IIPO19932004IIAbstractWiththedevelopmentandstrengthenoftheChinacapitalmarket,thelistedcompanyhasalreadybecomeanimportantcomponentofsocialismmarketeconomyofourcountry.However,thecharacteristicoftransformationeconomyhasdeterminedthecapitalmarketofourcountryanimperfectonewithalotofquestionneedingtosolve,theemergenceofearningsmanagementphenomenoninlistedcompaniesinrecentyearsisaconspicuousoneamongthem.Thereareinherentmotivesfortheoccurrenceoftheearningsmanagementbehaviorinlistedcompany.Eachsideoftheenterprisecontractisreasonableeconomicpeopleofmarketeconomy,whichmakedecisionstomaximizetheirutilities.Managementadministrationandsupervisionauthoritiesoflistedcompaniesmakedecisionsaccordingtooverandabovecostprincipleofincome.Thecompletenessofagreement,information’sasymmetric,lackingofinsidegoverningstructureandtheunavailableoutsidesuperviseandpunishmechanismoffertheexternalpreconditionforsurplusmanipulationbehaviorofthelistedcompanies.Thistextproceedsfromangleofcapitalmarket,hasanalyzedtheimpactonbehavioroflistedcompanycorrectlyofthesystemofsecuritymarketemphatically.Thistexthasprobedintothemechanismofreformingsystemoflistedcompany,IPOpricingandpredictionofprofitsystem,rationsharessystem,isitlistanddiscontinuelistingsystemsurplusfunctionofleadingthatmanagementproduceinlistedcompanytodelay,rationsharesfourchangesofsystemcarryonthepositiveresearchtosurplusinfluencethatadministrationbehaviorleadtothefactcorrectly.Thistexttakesthefourchangesofrightsissuepoliciesasthebackground,dividedandprobedintotheimpactonsurplusmanagementbehavioroflistedcompaniesofthefourchangesin1993to2004duringtworesearches.Thestatisticsindicate,beforeandafterrationingsharesinthefirstthreechanges,thedistributionofthereturnonnetassetsofthelistedcompanieshastakenplaceremarkablechange,whichverifythethreeassumptionthetextputforward,andtheinfluenceofthepolicieschangesonthebehavioroflistedcompanies.Thestudyhasprovedthelistedcompanies’surplusmanagementbehaviorimplementedtomeettherequirementoftheregulationofrationingshares.Resulthasalsoindicatedthatwithrationsharesconstantperfectionofsystem,rationsharesIIIregulationhasalreadyplayedacertainrestraintroletotheearningsmanagementbehavioroflistedcompanyatthesametime.Thistexthasputforwardthepolicyrecommendationsforcontrollingcompanies’earningsmanagementaccordingtotheresultofstudy.Propertyrightstructureofthecompanyshouldperfectfirstly.Secondlyeffectiveinsideandoutsidegoverningmechanismshouldbesetup.Moreovergovernmentshouldstrengthenthesupervisiononthelistedcompanies,especiallystrengthenthesupervisionoftheinformationannouncingrespect.Acceleratetheperfectionofthelegalsystemfinally,andcarryoutstrictly.Keyword:ListedCompanyEarningsmanagementInstitutionchangeCorporategoverningstructureRightsissuepolicies1______2-1-1201.1809096979920012003119291-2-24.210%1031999[1]2003[2]25%3%77.89%10%6%0[3]2001112002781.21.2.120801-3-1DyckmanSmith(1979)DaleyjVigeland(1983)DhaliwalSmith1982HagermanZmijewski(1979)DeAngelo(1988)[4]DechowSloan(1991)[5]22090(HealyWahlen,1999,DechowShiner)BurgdtahlerDechow(1997)Dorge(1999)[6][7]Brown(1998)BrgatahleEame(1998)Richardson(1999)AbarbanellLehavy(1998)Kasznik(1999)Degeorge(1999)Sloan(1996)Feroz(1991)Dechow(1996)198219899%13%-4-21H.DeAngeloL.DeangeloSkinner199419801985762199722198819912231DeAngelo2DechowSloan19791989583Pourciau(1993)4Burgstahler&Dihev(1997)Degeorgeetal(1998)-5-1.2.21.1998[8]1999[9]1999[10]2.ChenSu(2000)[11]3.AharonyLeeWong(2000)1992199583BHROA[12]4.(1999)22422[13]5.(1999)199419971053Jones(1991)[14]1.3-6-1.41234-7-2EarningsManagement2.12.1.1ScottSchipper(1989)-8-Healy&Wahlen(1999)[15]GAAP2.1.2EarningsManagementEarningsManipulation20002001[16][17]Management(Manipulation)1999200312Earnings3(Manipulation)[18]-9-20032.22.2.11995Coase,1937——Jensen&Meckling(1976)-10-2002123456782.2.2-11-199819971993[19]2.2.3-12-2000-13-33.13.1.1—2001[20]-14-7.459320STSTST3.1.2—20043.13.1//10%1.724~82.33~4.651.72105.81348.6213600039.06200481/1-15-3.23.2.13.2.2-16-3.2.33.2.4-17-3.2.5-18-1200019961998199985.82%85.82%69.21%IPO94.6%199862.6%AharonyLeeWong2000AIPOIPO3.2-19-3.21992/12/311998/12/312004/12/31/%/%/%1.47.6969.241656.9866.214542.9163.54128.5041.38862.5934.463344.2046.78218.3426.63707.5328.271178.2516.4830.851.2386.873.4720.350.282.21.1830.751796.9534.892577.1936.461A10.9315.87597.1123.861992.5427.872B10.9314.88135.655.42197.012.763H113.054.52387.645.423.68.871002502.811007149.431002000200220023.2199956.5%52.1%-20-—19992209221993422130%20%20001509074301182079893209000-21-3IPOIPO3.3200133.3IPO1997EPS1997.11997.9EPS1997.91998.370%30%1998.32001.3EPS2001.3200131996121997930%IPO1998IPO100%IPO20034-22-5112()233333199822556-23--24-44.1199312174.14.11993.12.1730%1994.12.20ROE10%30%1996.1.25ROE10%30%19961999.3.26ROE10%9%ROE6%30%2001.2.252001.3.15ROE6%30%4.1ROERateofReturnonNetAssets-25-4.24.2.1119931994ROE219951999ROE10%11%320002001ROE6%7%42002ROE6%7%200020014.2.220(AggregateAccrualsModels)(SpecialAccrualModels)(FrequencyDistributionApproach)0(1)