业绩补偿承诺与分类转移盈余管理——基于借壳上市公司的经验证据  

Performance Compensation Commitment and Classification Transfer Earnings Management:Empirical Evidence Based on Backdoor Listed Companies

作　　者：王雪 潘爱玲[1] 邱金龙[1] WANG Xue;PAN Ailing;QIU Jinlong(School of Management,Shandong University,Jinan 250100,China)

机构地区：[1]山东大学管理学院,山东济南250100

出　　处：《审计与经济研究》2022年第5期84-94,共11页Journal of Audit & Economics

基　　金：教育部人文社科青年项目(19YJC630132);国家社会科学基金重点项目(19AGL010);国家社会科学基金一般项目(20BGL079);山东省社科规划项目(20CGLJ23)。

摘　　要：基于2009—2019年签订业绩承诺协议的借壳上市公司数据,检验以扣非净利润作为承诺条款的业绩补偿承诺对标的企业分类转移盈余管理的影响。研究发现,以扣非净利润作为盈利目标的标的企业在承诺期内存在明显的分类转移盈余管理行为,其中业绩完成率与分类转移盈余管理之间呈倒U型关系,高管控制能力起到了正向调节作用。进一步研究发现,标的企业在承诺期内可以通过分类转移盈余管理来调高公司的核心业绩水平;当以扣非净利润作为业绩承诺项目时,承诺期内的真实盈余管理与分类转移盈余管理之间存在替代效应。研究结论既可以拓展业绩补偿承诺经济后果和盈余管理影响因素的相关研究,也能够为监管机构规范重大资产重组中的业绩承诺和盈余管理行为提供政策参考。Net profit after deducting extraordinary items has gradually become a common indicator to measure whether the performance compensation commitment is fulfilled.Based on the data of backdoor listed companies with performance commitment agreements signed from 2009 to 2019,this paper tests the impact of performance compensation commitment with net profit after deducting extraordinary items as commitment clause on classified change earnings management.The results show that the earnings management level of the target enterprises in the commitment period is significantly higher than that after the end of the commitment period,in which the performance completion rate of the target enterprise has an inverted U-shaped relationship with classified transfer earnings management,and the executive resource control ability plays a positive regulatory role;Further research shows that the target enterprise can raise the company s core performance level by classified transfer of earnings management during the commitment period;with net profit after deducting extraordinary items as commitment,there is a substitution effect between real earnings management and classification shifting earnings management in the commitment period.The research results of this paper not only expand the related research of performance compensation commitment and earnings management,but also provide policy reference for regulators to regulate the performance commitment behavior in M&A.

关 键 词：业绩补偿承诺 分类转移盈余管理 扣非净利润 真实盈余管理 盈余持续性 审计费用 

分 类 号：F230[经济管理—会计学]