盈余管理方式选择、行为隐性化与濒死企业状况改善——来自A股特别处理公司的经验证据  

The Choice of Earnings Management Methods, Hidden Behavior and the Improvement of Condition for the Dying Firms——Empirical Evidence from ST Listed Companies in A-stock Market

作　　者：蔡春[1] 朱荣[1] 和辉[1] 谢柳芳[1] 

机构地区：[1]西南财经大学会计学院,611130

出　　处：《会计研究》2012年第9期31-39,96,共9页Accounting Research

基　　金：中央高校基本科研业务费专项资金资助;西南财经大学基本科研业务费JBK1207090项目的阶段性成果~~

摘　　要：目前,针对我国濒死企业盈余管理的研究主要基于应计盈余管理的视角,本文利用2004-2010年A股被特别处理公司的数据,考察不同盈余管理方式对濒死企业状况改善的影响。研究表明,为了改善其状况,濒死企业既实施了应计盈余管理,又实施了真实盈余管理。进一步的研究表明,濒死企业盈余管理行为隐性化程度越高,越有利于改善其状况。真实盈余管理的成本更高、对企业未来价值损害更大,这可能是被特别处理企业摘帽后二次"戴帽"的重要原因。因此,在制定和完善上市公司监管政策时应该综合考虑应计盈余管理和真实盈余管理所产生的不同经济后果。At present, the study on earnings management for the dying firms mainly focuses on accrual earnings management. This paper investigates the influence of various earnings management methods on the improvement of condition for the dying firms by utilizing data of ST listed firms in A-stock market from 2004 to 2010. It is demonstrated that the dying firms implement both accrual and real earnings management in order to improve the bad condition. The further research shows that the more hidden earnings management behavior of dying firms, the more beneficial in the improvement of condition. The higher cost caused by real earnings management and its larger damage to the firms' future value may be the important reason why the firms which have been specially treated will be re-treated. Hence, different economic consequence of accrual and real earnings management should be considered comprehensively when supervision policies are made and revised.

关 键 词：盈余管理方式 真实盈余管理 行为隐性化 濒死企业 经济后果 

分 类 号：F275[经济管理—企业管理]