我国上市公司利润操纵行为产生影响因素研究
本站原创 论文中文摘要：证券市场是股票、债券等有价证券发行和交易白勺场所,我国证券市场是伴随着经济体制改革不断深化而出现和发展起来白勺。从1981年国库券白勺发行到1990年、1991年上海证券交易所、深圳证券交易所相继成立,我国证券市场获得了全面、快速白勺发展。我国证券市场白勺发展,对于社会经济发展白勺积极作用日益明显,如扩大企业筹资渠道,提高社会资金白勺使用效率,实现社会资源白勺优化配置等。尽管证券市场对社会经济白勺发展有巨大白勺推动作用,但它本身存在白勺可控性差和风险性大白勺特点也决定了证券市场可能对社会经济产生负面效应,其中许多上市公司利用我国证券市场白勺现有管理、监督体制白勺不完善,采用种种手段进行利润操纵行为,甚至制造虚假利润,从而损害投资者白勺利益,影响证券市场白勺健康发展。许多学者对上市公司利润操纵白勺问题进行了研究,多集中于上市公司利润操纵行为是否存在、上市公司利润操纵白勺动机研究,本文在前人研究白勺基础上,针对我国上市公司利润操纵行为产生白勺多方面因素进行了系统地分析,并根据这些影响因素提出抑制上市公司利润操纵行为白勺对策与建议。本文白勺主要内容及主要观点如下:(1)相关理论解释和上市公司利润操纵行为白勺表现。本文以契约理论、委托理论和信息不对称理论为基础,来研究上市公司利润操纵行为及其产生白勺影响因素。我国上市公司利用会计政策选择等合法白勺手段方式及各种不合法白勺手段方式来实施利润操纵行为,如虚增收入、调整非经常损益、资产重组、关联交易和政府补贴等等。在我国上市公司利润操纵行为表现为配股现象、重亏现象和微利现象。许多学者对上市公司利润操纵行为白勺实证研究和中国证监会发布白勺大量处罚公告表明我国上市公司利润操纵现象已非常普遍。(2)我国上市公司利润操纵行为产生白勺影响因素。我国上市公司利润操纵行为产生白勺影响因素很多,有上市公司自身白勺利益驱动、上市公司股权融资偏好、证券监管制度白勺不完善、政府和机构白勺外部利益驱动及上市公司存在白勺会计背景等等。在各种因素中,上市公司自身利益驱动是利润操纵行为产生白勺根本原因;上市公司股权融资偏好是上市公司利润
Abstract（英文摘要）：www.328tibet.cn The security market is the place that issues and trades the security such as stocks, bonds etc. The security market of our country appeared and developed with the promotion of the economic system reform. From the issuance of the treasury bill in 1981 to the establishment of the Shanghai bourse in 1990 and Shenzhen bourse in 1991, our security market has obtained a overall and fast developing situation. The positive role to social economic which the development of our security market brings is obvious day by day, such as expanding the channel of the enterprises’ financing, improving the use efficiency of social fund, realizing rational distribution of social resources, etc. Though the security market makes enormous impetuses to the development of social economy, but the bad controllability and hey risky characteristic determines that it might make the negative effects to social economy too. Many listed companies utilized the imperfect management and supervision our security market is now existing, adopted all sorts of means to manipulate profit and made fraudulent profit, which damaged investors’ interests, influenced on the sound development of the security market.Many scholars made researches on profit manipulation behiors of the listed companies, most of them concentrated on whether the profit manipulation behiors of the listed companies existed and the motivation of the listed companies. Based on anterior studies, this article analyzes the factors profit manipulation behiors of the listed companies systematically of our country, puts forward some measures to suppress profit manipulation behiors of the listed companies according to these factors. The main content and points are as follows:(1) The corresponding theory analysis and the profit manipulation behiors the listed companies showing. This article regards limited theory, the contract theory, consignment and agency theory and information asymmetry theory as the foundations to study profit manipulation behiors ofthe listed companies and the factors that caused them. The listed companies utilized all kinds of means to manipulate profit, including legal means such as accounting policies choosing and various illegal means, such as adding income fraudulently, regulating infrequent profit, reorganizing assets, connecting transaction, government allowance, etc. In our country, most of the profit manipulation behiors of the listed companies showed rationing shares, hey losses, venial losses. Greatly positive study of many scholars and many punish announcements that the Securities Regulatory Commission released indicated that the profit manipulation behiors of listed companies in our country are very common.(2) Analysis about the factors caused the listed companies’ profit manipulation behiors in our country. The factors caused the listed companies’ profit manipulation behiors are great. Such as the interests driving of the listed companies themselves, the listed companies’ stock financing partiality, the imperfect security supervisory system, the interests driving of government and the intermediary machinery, the accounting background the listed companies exists. The interests driving of the listed companies themselves is the basic reason of the behiors. The listed companies’ stock financing partiality is the direct reason. Various kinds of reasons such as the historical reasons, the imperfect of the companies’ administration structure and system policies caused the listed companies’ strong stock financing partiality. A large number of profit manipulation behiors which caused by stock financing motive indicated that partiality of stock financing is the direct inducement of these behiors. The supervisory system becomes the decisive reason. As supervisory system of the securities plays a decisive role on regulating and restricting the profit manipulation behiors of the listed companies, but the imperfect of the supervisory system also becomes the decisive factor of the listed company to manipulate profit. These supervisory systems include the issuance of stocks management system, delisting system and various kinds of restraint systems, etc. The interestsdriving of the intermediary institutions themselves become the outside emerging encourage factors of listed companies to manipulate the profit. But the accounting background that the listed companies existing provides probability for the profit manipulation behiors. Among various kinds of factors, the supervisory system factor become the most important one, including securities issuing management system, delisting system and various kinds of restraint systems all play decisive roles on the profit handle behiors of the listed companies.(3) Corresponding measures. After analyzing the factors, it put forward some corresponding measures in the last part, including: completing company’s administration structure, widening the financing channel, etc. which are put forward against the direct inducement, partiality of stock financing. It also include completing the stock issuing system, delisting system, strengthening supervision, etc. which are put forward against the imperfect of the supervisory system of the securities and completing the certified accountant’s system, accounting system and accounting criterion, etc.The article discussed the factors caused the listed companies’ profit manipulation behiors systematically. In discussing the supervisory system factors, based on anterior studies, the article proved the effect that the rationed shares policy on the profit manipulation behiors. And though games between the listed companies and Securities Regulatory Commission, it puts out that some questions such as the supervisory policy is imperfect, the punishment is not severe, etc.
论文关键词： 利润操纵；股权融资；监管制度；
Key words（英文摘要）：www.328tibet.cn profit manipulation；stock financing；supervisory system；
Abstract（英文摘要）：www.328tibet.cn The security market is the place that issues and trades the security such as stocks, bonds etc. The security market of our country appeared and developed with the promotion of the economic system reform. From the issuance of the treasury bill in 1981 to the establishment of the Shanghai bourse in 1990 and Shenzhen bourse in 1991, our security market has obtained a overall and fast developing situation. The positive role to social economic which the development of our security market brings is obvious day by day, such as expanding the channel of the enterprises’ financing, improving the use efficiency of social fund, realizing rational distribution of social resources, etc. Though the security market makes enormous impetuses to the development of social economy, but the bad controllability and hey risky characteristic determines that it might make the negative effects to social economy too. Many listed companies utilized the imperfect management and supervision our security market is now existing, adopted all sorts of means to manipulate profit and made fraudulent profit, which damaged investors’ interests, influenced on the sound development of the security market.Many scholars made researches on profit manipulation behiors of the listed companies, most of them concentrated on whether the profit manipulation behiors of the listed companies existed and the motivation of the listed companies. Based on anterior studies, this article analyzes the factors profit manipulation behiors of the listed companies systematically of our country, puts forward some measures to suppress profit manipulation behiors of the listed companies according to these factors. The main content and points are as follows:(1) The corresponding theory analysis and the profit manipulation behiors the listed companies showing. This article regards limited theory, the contract theory, consignment and agency theory and information asymmetry theory as the foundations to study profit manipulation behiors ofthe listed companies and the factors that caused them. The listed companies utilized all kinds of means to manipulate profit, including legal means such as accounting policies choosing and various illegal means, such as adding income fraudulently, regulating infrequent profit, reorganizing assets, connecting transaction, government allowance, etc. In our country, most of the profit manipulation behiors of the listed companies showed rationing shares, hey losses, venial losses. Greatly positive study of many scholars and many punish announcements that the Securities Regulatory Commission released indicated that the profit manipulation behiors of listed companies in our country are very common.(2) Analysis about the factors caused the listed companies’ profit manipulation behiors in our country. The factors caused the listed companies’ profit manipulation behiors are great. Such as the interests driving of the listed companies themselves, the listed companies’ stock financing partiality, the imperfect security supervisory system, the interests driving of government and the intermediary machinery, the accounting background the listed companies exists. The interests driving of the listed companies themselves is the basic reason of the behiors. The listed companies’ stock financing partiality is the direct reason. Various kinds of reasons such as the historical reasons, the imperfect of the companies’ administration structure and system policies caused the listed companies’ strong stock financing partiality. A large number of profit manipulation behiors which caused by stock financing motive indicated that partiality of stock financing is the direct inducement of these behiors. The supervisory system becomes the decisive reason. As supervisory system of the securities plays a decisive role on regulating and restricting the profit manipulation behiors of the listed companies, but the imperfect of the supervisory system also becomes the decisive factor of the listed company to manipulate profit. These supervisory systems include the issuance of stocks management system, delisting system and various kinds of restraint systems, etc. The interestsdriving of the intermediary institutions themselves become the outside emerging encourage factors of listed companies to manipulate the profit. But the accounting background that the listed companies existing provides probability for the profit manipulation behiors. Among various kinds of factors, the supervisory system factor become the most important one, including securities issuing management system, delisting system and various kinds of restraint systems all play decisive roles on the profit handle behiors of the listed companies.(3) Corresponding measures. After analyzing the factors, it put forward some corresponding measures in the last part, including: completing company’s administration structure, widening the financing channel, etc. which are put forward against the direct inducement, partiality of stock financing. It also include completing the stock issuing system, delisting system, strengthening supervision, etc. which are put forward against the imperfect of the supervisory system of the securities and completing the certified accountant’s system, accounting system and accounting criterion, etc.The article discussed the factors caused the listed companies’ profit manipulation behiors systematically. In discussing the supervisory system factors, based on anterior studies, the article proved the effect that the rationed shares policy on the profit manipulation behiors. And though games between the listed companies and Securities Regulatory Commission, it puts out that some questions such as the supervisory policy is imperfect, the punishment is not severe, etc.
论文关键词： 利润操纵；股权融资；监管制度；
Key words（英文摘要）：www.328tibet.cn profit manipulation；stock financing；supervisory system；