上市公司“微盈利”现象、盈余管理与年报可理解性  

Listed Companies' Micro-earnings Phenomenon,Earnirgs Management and Readability of Annual Reports

作　　者：许文瀚 朱朝晖[2] XU Wenhan;ZHU Zhaohui(Zhejiang University,Ningbo 315000;Zhejiang Gongshang University,Hangzhou 310018)

机构地区：[1]浙江大学宁波理工学院,浙江宁波315000 [2]浙江工商大学财务与会计学院,浙江杭州310018

出　　处：《首都经济贸易大学学报》2019年第2期93-103,共11页Journal of Capital University of Economics and Business

基　　金：国家社会科学基金重点项目"股票误定价的产生机制及对上市公司投资行为的作用机理研究"(13AGL002);教育部人文社会科学研究规划基金项目"上市公司研发活动对年报文本信息的影响研究:动机;策略及经济后果"(18YJA790006);浙江省自然科学基金项目"上市公司业绩预测报告文本信息:动机;策略及市场效应"(LY18G020007)

摘　　要：以可理解性为切入点,研究"微盈利"上市公司的年报文本信息。通过对2010—2016年沪、深A股上市公司的相关年报数据进行实证检验发现,上市公司的"微盈利"与年报文本信息的复杂程度呈显著正相关关系。如果上市公司是借助盈余管理的手段来实现的微盈利,那么这种关系将会更强。进一步研究发现,中国证监会在2014年修订的退市制度取得了较好的政策效果,对存在违规倾向的上市公司管理者起到了一定的震慑作用,较好地保护了投资者的利益。From the perspective of readability,this paper studies the annual reports of listed companies with micro-earnings.Based on the data of China’s listed companies from 2010 to 2016,the textual information in annual reports of listed companies with micro-earnings prove to be more complicated and harder to understand compared to other enterprises,and this relationship is more significant if the micro-earnings are achieved by earnings management.Further study shows that the delisting system revised in 2014 by China Securities Regulatory Commission has achieved good results,which serves as a warning to managers of listed companies which have the tendency of violation,and also provides a good protection of normal investors’interests.

关 键 词：上市公司 微盈利 文本信息 可理解性 盈余管理 投资者利益 

分 类 号：F235.99[经济管理—会计学]