股份回购宣告前后的上市公司盈余管理行为研究  

On Earnings Management before and after the Declarations of Share Repurchases of Listed Companies in China

作　　者：李曜[1] 赵凌[2] 

机构地区：[1]上海财经大学金融学院,上海200433 [2]中国民生银行上海分行,上海200120

出　　处：《上海财经大学学报（哲学社会科学版）》2013年第1期82-90,共9页Journal of Shanghai University of Finance and Economics

基　　金：教育部人文社科规划基金资助(项目号:12YJA790074)

摘　　要：本文以我国证券市场的公开市场股份回购公司为研究对象,发现宣告进行公开市场股份回购的公司,存在股份回购前负向调整操纵性应计,在股份回购后正向调整操纵性应计的现象。公司采取这种行为是为了达到"在回购前压低股价,减少回购成本;回购后释放利润,提高股价"的目的。本文发现宣告股份回购本身是一种"偏负面"信号,企业在进行盈余管理和股份回购调整权益等一系列财务游戏之后,公司的经营业绩、财务表现和市场价值等无法获得本质改善,公司的发展前景并不乐观。在所有宣布回购的样本中,"真回购"公司的回购真正动机和宣告动机相似性较高,而"假回购"公司宣告回购目的背后还隐藏着其他动机。资本市场能够在一定程度上识别公司宣告股份回购是属于"真回购"还是"假回购"。This paper regards companies involved in open market repurchases in Chinese securities market as the research object and shows that the companies which declare open market repurchases negatively and positively manipulate discretional accruals be{ore and after the declaration of share repurchases respectively. The motive for corporate behavior above- mentioned is to depress share prices before the repurchases, thereby reducing repurchase costs, and increase the share prices after the repurchases, thereby releasing pro{its. This pa- per indicates that the declaration of share repurchase itself is a slightly negative signal. In the sample involing announcing share repurchases, the companies with genuine repurchases have similarities in real and declaration motives, while the companies with spurious repurchases have other motives {or the declaration of share repurchases. To a certain extent the capital market can distinguish between genuine and spurious share repurchases.

关 键 词：公开市场股份回购 盈余管理 操纵性应计 利润表线下项目 

分 类 号：F121.26[经济管理—世界经济]