基于分类转移的盈余管理研究——来自中国上市公司的经验证据  

Earnings Management Research Based on Classification Shifting:Empirical Evidence from Chinese Listed Companies

作　　者：程富[1] 王福胜[1] 

机构地区：[1]哈尔滨工业大学管理学院,黑龙江哈尔滨150001

出　　处：《财经研究》2015年第7期81-94,共14页Journal of Finance and Economics

基　　金：国家自然科学基金面上项目(70972097);国家自然科学基金重点项目(71031003)

摘　　要：以粉饰或掩盖公司真实经济业绩为目的的盈余管理行为一直是学术界关注的重要问题。针对以往研究缺乏对中国上市公司分类转移行为的关注,文章选取2007-2012年沪深两市A股上市公司的财务数据,实证考察了管理层利用线上项目与线下项目之间的分类转移调整公司盈余结构的行为。研究发现:(1)管理层会将经营费用向下转移至营业外支出或将营业外收入向上转移至营业收入,以调增公司的核心盈余;(2)管理层会利用线上项目与线下项目之间的分类转移实现营业利润增长和避免营业利润为负;(3)管理层利用线上项目与线下项目之间的分类转移调增核心盈余的程度随着第一大股东持股比例、独立董事比例和机构投资者持股比例的增大而减少,随着审计质量的提高而增加,并且大股东和独立董事对分类转移操纵的抑制作用仅在非国有企业中得以体现,而机构投资者对分类转移操纵的抑制作用仅在国有企业中得以体现。文章为会计准则制定者、公司治理层以及企业外部审计师审查分类转移操纵提供了借鉴。Earnings management behavior aiming at prettifying or covering up corporate real economic performance has attracted attention from the academia. In the view of little attention paid by previous studies to the behavior of classification shifting in Chinese listed companies, this paper empirically investigates the adjustment to corporate earnings structure through classification shifting between above-the-line and below-the-line items by using the financial data of A-share listed companies in Shenzhen and Shanghai stock markets from 2007 to 2012. It comes to the results as follows： firstly, managers shift operating expenses downward to non-operating expenses or non-operating income upward to op- erating revenues to increase core earnings; secondly, managers use classification shifting between above-the-line or below-the-line items to achieve increases in operating income and avoid the report of negative operating income; thirdly, the magnitude of the increase in core earnings by managers through classification shifting between above-the-line or below-the-line items is negatively related to the shareholding ratios of the largest share- holder, independent directors and institutional investors, and is positively related to audi- ting quality; the inhibition role of large shareholders and independent directors in classifi- cation shifting manipulation only exists in non-state-owned enterprises, and the inhibition role of institutional investors in classification shifting manipulation only exists in stateowned enterprises. It provides reference for classification shifting manipulation reviews from accounting standard setters, corporate governance level and external auditors.

关 键 词：分类转移 盈余管理 线上项目 线下项目 核心盈余 

分 类 号：F275[经济管理—企业管理] F276.6[经济管理—国民经济]