公开增发公司分类转移与核心盈余异象研究  

Classification Shifting and Core Earnings Anomaly of Seasoned Equity Offerings

作　　者：李晓溪[1] 刘静[1] 王克敏[1] 

机构地区：[1]复旦大学管理学院,200433

出　　处：《会计研究》2015年第7期26-33,96,共8页Accounting Research

基　　金：国家自然科学基金项目(70872023;71272072)资助

摘　　要：本文研究中国上市公司增发前分类转移与由此产生的核心盈余异象。研究发现,针对增发公司业绩门槛法规变化,公司公开增发前分类转移增强,可操控应计盈余管理减弱,核心盈余持续性下降,核心盈余异象增强。研究表明,公开增发业绩门槛变化使公司偏好以分类转移方式虚增核心盈余,从而改变核心盈余结构,引起核心盈余持续性下降,进一步造成投资者高估公司未来价值,导致核心盈余异象。本文不仅发展了盈余管理与盈余异象研究,还充实了不同盈余管理方式成本收益权衡的研究。同时,本文丰富了分类转移动机研究,且本文结论有助于投资者对增发公司正确估值。This paper investigates classification shifting and core earnings anomaly of seasoned equity issuers. In response to the change of the SEO performance threshold,seasoned equity issuers significantly increase classification shifting while decreasing accrual manipulation. Moreover,the persistence of core earnings has largely declined,which leads to the strengthening of core earnings anomaly. This paper implies that the change in SEO performance threshold induces seasoned equity issuers to manage earnings through classification shifting,which makes investors to overestimate future value of the firm,and results in core earnings anomaly. This paper develops studies exploring the relationship between earnings management and earnings anomalies,as well as enriching the research which concerns the motivation of classification shifting.

关 键 词：公开增发 业绩门槛 分类转移 核心盈余异象 

分 类 号：F275[经济管理—企业管理]