基于地区差异视角的上市公司盈余管理动机检验  

Study for Motivation of Earnings Management in Listed Companies——Based on Regional Differences

作　　者：龙怡婷 孙建书 

机构地区：[1]中国财政科学研究院研究生部

出　　处：《财政科学》2016年第4期88-94,共7页Fiscal Science

摘　　要：与应计利润分离法相比,盈余分布法具有更直观、易懂的优势,并且能针对具体特定的盈余管理动机进行检验。本文通过考察上市公司在EPS=0和ROE=6%两个阈值处的分布情况,分别检验了上市公司盈余管理两大动机——避免退市和再融资,并通过对比分析比较了不同动机导致的盈余管理程度差异。此外,本文还对各地区上市公司进行了相应探讨。研究结果表明:从总体看,相较于再融资动机,我国上市公司普遍存在更为强烈的避免退市动机。从地区情况看,各地区样本均在EPS为0处存在显著断层现象,其中,数据显示东北地区样本数量前后波动较大。而结合ROE阈值前后的样本数据分析和频率直方图,各地区进行再融资动机盈余管理的证据微弱,东部地区的频率直方图在6%处显著凸出。Compared with the accrued profit separation method, earnings distribution method is more intuitive and understandable and can test specific earnings management motivation. By investigating the earnings distribution of listed companies around EPS = 0 and ROE = 6%, This paper respectively tested two main moti- vations of earnings managementavoid delisting and refinancing, and contrasted the degree of earnings management caused by different motivation through comparative analysis. In addition, this paper also researched from the regional perspective. The results show that compared with refinancing, listed companies in China are more motivated to avoid delisting. In respect of the samples from regions, all the samples exist significant fault in EPS = 0, especially in the northeast. In combination with the sample data around ROE threshold and the frequency histogram, weak evidence shows refinancing motivation of earnings management. Only the frequency histogram of the eastern part is significant at 6%.

关 键 词：盈余管理 盈余分布法 避免退市 再融资 

分 类 号：F275[经济管理—企业管理]