资产减值动态、稳健性原则与盈余后果  

Consequences of Asset Impairment Policy for Chinese Listed Companies

作　　者：曾雪云[1] 叶康涛[2] 

机构地区：[1]北京大学光华管理学院 [2]中国人民大学商学院

出　　处：《金融评论》2012年第5期45-57,123,共13页Chinese Review of Financial Studies

基　　金：中国博士后科学基金(2011M500194);国家自然科学基金(71132004;71072145)的资助

摘　　要：本文对1998～2006年间资产减值政策的盈余后果进行了系统评估,深入考察了稳健性原则与自由裁量权的内在冲突。研究显示,我国上市公司在稳健主义原则下的资产减值动态呈现出"双曲波浪"特征,增强了盈余波动性,存在盈余管理动机;虽然,也反映了宏观经济条件的变化,但对行业经济条件的反映是不稳健的,并且与公司层面的经营状况变动是相悖的。这说明稳健性原则在一定意义上不利于会计信息质量的改善。进一步研究发现,坏账准备和存货跌价准备等流动资产减值的占比相当高,与"大清洗"、"盈余平滑"、"扭亏"、"微利"动机具有显著相关性,这表明新准则对于减值操纵的抑制作用仍然有限。The Article conducts a systematic analysis of earnings consequences of the asset impairment policy for Chinese listed companies.It finds that the average magnitude of assets write-downs and reversals for the companies is very large during the period of 1998-2006.The dynamic trend of assets write-downs and reversals shows the shape of 'hyperbolic wave',which increased the earnings volatility and contributed to the incentive for earnings management.Furthermore,the correlation between the current assets write-downs and the reported motivation of the 'big bath' is significant and so is the correlation between the current assets reversals and the reported motivation to reduce the possibility of trading suspension or de-listing.The results imply that although the impairment of long-term assets were not allowed to reverse after 2007,earnings management with asset impairment policy still persisted.

关 键 词：资本市场监管 稳健性原则 资产减值动态 盈余管理 盈余波动性 

分 类 号：F233[经济管理—会计学] F224[经济管理—国民经济]