《债务重组》会计准则的修订与盈余管理:来自上市公司的经验证据  

The Revision of"Debt Restructuring"Accounting Standard and Earnings Management:Empirical Evidence from Listed Companies

作　　者：谢德仁[1] 樊鹏[1] 卢婧[1] 

机构地区：[1]清华大学经济管理学院,北京100084

出　　处：《管理学家（学术版）》2008年第1期17-28,95,共13页

基　　金：国家自然科学基金资助项目(批准号为70472006)的阶段性研究成果

摘　　要：本文研究财政部2001年修订《债务重组》会计准则的盈余管理方面的理由能否成立以及上市公司是否对会计准则和资本市场监管规则的修订及时做出了反应。结果发现,在控制了上市公司可能因发生财务困境而进行债务重组的因素后,在1998年和1999年,有增加利润之盈余管理动机的上市公司更可能进行增加收益的债务重组。但在2000年,上市公司的增加利润之盈余管理动机与公司增加收益的债务重组之间不存在显著关系。加之细分盈余管理动机之后的经验证据,本文的发现意味着上市公司既对财政部的《债务重组》会计准则修订行动及时做出了反应,也对证监会改进基于会计业绩指标的监管做出了及时反应。因此,从遏制上市公司盈余管理来看,会计准则制定部门的努力和上市公司监管部门的努力都很重要。此外,本文还发现,在1998年～2000年间,不含债务重组收益的其他线下项目收益率高的上市公司更少可能进行增加收益的债务重组,这意味着上市公司在不同盈余管理工具之间进行了选择。This paper explores whether the earnings management related reason for the revision of'Debt Restructuring'accounting standard,which was charged by the Ministry of Finance(MOF) in 2001,exits,and whether listed companies timely responded to the revision of accounting standards and capital market regulation rules.After controlling financial distress factors, we document that those listed companies with income-increasing earnings management motivation were significantly more possible to restructure their debt and get debt restructuring gains in 1998,1999.But the relation between income-increasing earnings management motivation and the possibility of debt restructuring was insignificant in 2000,which suggested that listed companies pay attention to the revision and made response,and respond to the improved regulation of the CSRC at the same time.Consequently,both the setting of accounting standards by MOF and the correct regulation of listed companies by CSRC are of the same importance to reduce the earnings management.Besides,we also document that listed companies who had higher other below-the-line income(excluding debt restructuring gains) were less possible to do income-increasing debt restructuring. This finding suggests that listed companies do make choice among different earnings management instruments.

关 键 词：《债务重组》会计准则 修订 盈余管理 

分 类 号：F233[经济管理—会计学]