资产减值准则实施对上市公司盈余管理影响实证研究
本站原创 论文中文摘要：资产减值白勺计提与转回作为利润白勺“蓄水池”,历来是上市公司进行盈余管理白勺重要手段,影响了会计信息白勺真实性、可靠性。2006年2月财政部颁布白勺《企业会计准则》对资产减值白勺相关处理做出了新白勺规定。本文首先从理论上对上市公司利用资产减值政策进行盈余管理白勺动机和手段进行分析,提出了上市公司利用资产减值进行盈余管理白勺五种动机,即:夸大亏损动机、防止亏损动机、扭亏为盈动机、配股动机和利润平滑动机。然后用实证研究方法,依据2005年和2007年上市公司年报数据,针对每种动机分析具有此动机白勺上市公司在2005年和2007年资产减值计提情况白勺差异,以判断执行新准则后上市公司利用资产减值白勺计提与转回进行盈余管理白勺行为是否受到了抑制。研究表明,新企业会计准则白勺实施制约了上市公司利用资产减值政策进行盈余管理白勺行为
Abstract（英文摘要）：www.328tibEt.cn As China’s market economy continues to develop and economic environment becomes increasingly complex, in recent years, the dishonesty of earnings information in listed companies has became a social focus. The extensive existence of earnings management severely aggrated the quality of financial information. The modified earnings information is not able to fairly reveal the financial situation and operating performance, meanwhile, it makes the information less valuable in decision making and destroy the benefits of information users. Extracting asset impairment is in order to reflect the true value of the companies’assets, without inflating assets and profits, and guarantee the authenticity and reliability of accounting information. But the flexible characters that the asset impairment theory possesses can satiy various companies’ objects for earnings management, consequently, it has been one of the most important tools for listed companies to adjust the earnings. In order to change the situation, Feb. 15th,2006, Ministry of Finance released the new Chinese accounting standards system for business enterprises which included 1 Basic Standard and 38 Specific Standards. The new standard on(short for CAS8 in the following text) provides that the Impaired Assets will not be allowed to turn back once it was Confirmed, which in hope to inhibit the earnings management behiors by listed companies using the method of extracting and reversing asset impairment to adjust earnings.The research in academic circles at home and abroad on assets impairment and earnings management has made great progress. Study results show that: listed companies he the motive to oid losses, prevent delisting, share placements, and ooth profit, most of them achieve this by choosing accounting policy. There are a lot of listed companies both at home and abroad using assets impairment accounting policy to adjust profit, and achieve their specific purpose. However, most of the existing research is based on the former accounting system or the social background of western countries, on CAS8 is still limited. Therefore, this paper will focus on the asset impairment, test the differences of asset impairment behiors before the implementation of CAS8 and after the implementation of the CAS8, in hope to verify whether or not the implementation of the CAS8 narrows the space of earnings management and effectively inhibits listed companies’earnings management behiors by extracting and reversing asset impairment.Compared with the original accounting system, the new standard promulgated on 2006 further expanded the scope of the impairment of assets, and made more specific, reasonable improvements in the recognition, measurement, and report of the asset impairment. Particularly, if the impairment of long-lived assets is extracted, it may not be turned back in the following period, which is expected to control the earnings management behiors by listed companies using asset impairment. For the concept of earnings management, accounting academic circles at present he come to no consensus. Generally, the characteristics of earnings management are declared: the main body of earnings management is the managers of the enterprises; earnings management is a long-term behior; earnings management is a management activity with purpose and intention; the objective of earnings management is to maximize its own interests. After the theoretical analysis of the motivation to do earnings management by listed companies, and making reference to previous research, this paper presents five motivations to do earnings management by listed companies using asset impairment policy, namely: exaggerate losses motivation, prevent losses motivation, motivation to turn loss into gain, the rights offering motivation and profit oothing motivation. And then this paper analyzes the earnings management tools of each motivation, as well as the impact of the implementation of the new standard, then proposes five assumptions.On the basis of theoretical analysis, in order to analyze the impact of the new asset impairment policy to the earnings management by listed companies, this paper proceeds empirical research, and selects 567 A-share listed companies as research objects, all of which disclosed their 2007 annual report before Mar.31st, 2008 in the Shanghai and Shenzhen stock markets.Firstly, this paper uses descriptive statistical methods, and chooses index such as asset impairment rate and asset impairment profit rate, then analyzes the overall extraction of asset impairment of all sample companies in 2005 and 2007, and the impact on the balance sheet and income statement. Draws to the following conclusions: 1.After the implementation of the new standard, the situation of extraction and reversing asset impairment has changed. The number of companies which extract asset impairment and the erage extraction amount in 2007 are lager than those in 2005. Meanwhile, the number of companies which reverse asset impairment and the erage reverse amount are declined than those in the 2005. 2. Extraction and reversal of the asset impairment he a greater impact on the balance sheet and income statement. Descriptive statistics show that: (1) many companies he the possibility to reverse assets impairment to increase profits, or even change loss to profit. (2) listed companies he the tendency to enlarge their assets impairment extraction amount in defective years.(3)the dates’difference between 2007 and 2005 confirms that the implementation of the new standard inhibits listed companies’earnings management behiors by extracting and reversing asset impairment. In order to analyze the impact of implementing asset impairment on earnings management of listed companies closely, the text below uses paired T-test samples and W-test methods, based on different motivations, examines the differences between the year 2005 and 2007 on the situation of asset impairment. To filter the samples which he different earnings management motivation, this paper uses ROE, net income and asset impairment rate to divide sample interval. Then basing on the five earnings management motivations, uses paired samples T-test and Wilcoxon sign rank test methods to examine the differences between the year 2005 and 2007 on asset impairment rate of the listed companies with a certain earnings management motivation. So as to speculate the differences on the overall number of earnings management behiors in different years, and then verify whether or not the implementation of the new standard effectively inhibits listed companies’earnings management behiors by asset impairment policy. The test results are as follows: 1.The asset impairment extraction level of the listed companies with the motivation to exaggerate losses in 2007 is lower than their level in 2005; 2.The asset impairment extraction level of the listed companies with the motivation to prevent losses in 2007 is significantly higher than their level in 2005; 3.I don’t receive reliable evidence to verify the asset impairment extraction level of the listed companies with the motivation to turn loss into gain in 2007 is higher than their level in 2005; 4.The asset impairment extraction level of the listed companies with rights offering motivation in 2007 is significantly higher than their level in 2005; 5.The asset impairment extraction level of the listed companies with profit oothing motivation in 2007 has no significant difference with their level in 2005.Finally, combining with all the above findings, in order to narrow the space to do earnings management using asset impairment by listed companies, and to prompt listed companies to reflect their operating results truly, this paper puts forward policy recommendations on further improving accounting standards, improving enterprise performance evaluation system, perfecting the asset impairment internal control system and enhancing the quality of auditing supervision.
论文关键词： 资产减值；盈余管理；企业会计准则；上市公司；
Abstract（英文摘要）：www.328tibEt.cn As China’s market economy continues to develop and economic environment becomes increasingly complex, in recent years, the dishonesty of earnings information in listed companies has became a social focus. The extensive existence of earnings management severely aggrated the quality of financial information. The modified earnings information is not able to fairly reveal the financial situation and operating performance, meanwhile, it makes the information less valuable in decision making and destroy the benefits of information users. Extracting asset impairment is in order to reflect the true value of the companies’assets, without inflating assets and profits, and guarantee the authenticity and reliability of accounting information. But the flexible characters that the asset impairment theory possesses can satiy various companies’ objects for earnings management, consequently, it has been one of the most important tools for listed companies to adjust the earnings. In order to change the situation, Feb. 15th,2006, Ministry of Finance released the new Chinese accounting standards system for business enterprises which included 1 Basic Standard and 38 Specific Standards. The new standard on(short for CAS8 in the following text) provides that the Impaired Assets will not be allowed to turn back once it was Confirmed, which in hope to inhibit the earnings management behiors by listed companies using the method of extracting and reversing asset impairment to adjust earnings.The research in academic circles at home and abroad on assets impairment and earnings management has made great progress. Study results show that: listed companies he the motive to oid losses, prevent delisting, share placements, and ooth profit, most of them achieve this by choosing accounting policy. There are a lot of listed companies both at home and abroad using assets impairment accounting policy to adjust profit, and achieve their specific purpose. However, most of the existing research is based on the former accounting system or the social background of western countries, on CAS8 is still limited. Therefore, this paper will focus on the asset impairment, test the differences of asset impairment behiors before the implementation of CAS8 and after the implementation of the CAS8, in hope to verify whether or not the implementation of the CAS8 narrows the space of earnings management and effectively inhibits listed companies’earnings management behiors by extracting and reversing asset impairment.Compared with the original accounting system, the new standard promulgated on 2006 further expanded the scope of the impairment of assets, and made more specific, reasonable improvements in the recognition, measurement, and report of the asset impairment. Particularly, if the impairment of long-lived assets is extracted, it may not be turned back in the following period, which is expected to control the earnings management behiors by listed companies using asset impairment. For the concept of earnings management, accounting academic circles at present he come to no consensus. Generally, the characteristics of earnings management are declared: the main body of earnings management is the managers of the enterprises; earnings management is a long-term behior; earnings management is a management activity with purpose and intention; the objective of earnings management is to maximize its own interests. After the theoretical analysis of the motivation to do earnings management by listed companies, and making reference to previous research, this paper presents five motivations to do earnings management by listed companies using asset impairment policy, namely: exaggerate losses motivation, prevent losses motivation, motivation to turn loss into gain, the rights offering motivation and profit oothing motivation. And then this paper analyzes the earnings management tools of each motivation, as well as the impact of the implementation of the new standard, then proposes five assumptions.On the basis of theoretical analysis, in order to analyze the impact of the new asset impairment policy to the earnings management by listed companies, this paper proceeds empirical research, and selects 567 A-share listed companies as research objects, all of which disclosed their 2007 annual report before Mar.31st, 2008 in the Shanghai and Shenzhen stock markets.Firstly, this paper uses descriptive statistical methods, and chooses index such as asset impairment rate and asset impairment profit rate, then analyzes the overall extraction of asset impairment of all sample companies in 2005 and 2007, and the impact on the balance sheet and income statement. Draws to the following conclusions: 1.After the implementation of the new standard, the situation of extraction and reversing asset impairment has changed. The number of companies which extract asset impairment and the erage extraction amount in 2007 are lager than those in 2005. Meanwhile, the number of companies which reverse asset impairment and the erage reverse amount are declined than those in the 2005. 2. Extraction and reversal of the asset impairment he a greater impact on the balance sheet and income statement. Descriptive statistics show that: (1) many companies he the possibility to reverse assets impairment to increase profits, or even change loss to profit. (2) listed companies he the tendency to enlarge their assets impairment extraction amount in defective years.(3)the dates’difference between 2007 and 2005 confirms that the implementation of the new standard inhibits listed companies’earnings management behiors by extracting and reversing asset impairment. In order to analyze the impact of implementing asset impairment on earnings management of listed companies closely, the text below uses paired T-test samples and W-test methods, based on different motivations, examines the differences between the year 2005 and 2007 on the situation of asset impairment. To filter the samples which he different earnings management motivation, this paper uses ROE, net income and asset impairment rate to divide sample interval. Then basing on the five earnings management motivations, uses paired samples T-test and Wilcoxon sign rank test methods to examine the differences between the year 2005 and 2007 on asset impairment rate of the listed companies with a certain earnings management motivation. So as to speculate the differences on the overall number of earnings management behiors in different years, and then verify whether or not the implementation of the new standard effectively inhibits listed companies’earnings management behiors by asset impairment policy. The test results are as follows: 1.The asset impairment extraction level of the listed companies with the motivation to exaggerate losses in 2007 is lower than their level in 2005; 2.The asset impairment extraction level of the listed companies with the motivation to prevent losses in 2007 is significantly higher than their level in 2005; 3.I don’t receive reliable evidence to verify the asset impairment extraction level of the listed companies with the motivation to turn loss into gain in 2007 is higher than their level in 2005; 4.The asset impairment extraction level of the listed companies with rights offering motivation in 2007 is significantly higher than their level in 2005; 5.The asset impairment extraction level of the listed companies with profit oothing motivation in 2007 has no significant difference with their level in 2005.Finally, combining with all the above findings, in order to narrow the space to do earnings management using asset impairment by listed companies, and to prompt listed companies to reflect their operating results truly, this paper puts forward policy recommendations on further improving accounting standards, improving enterprise performance evaluation system, perfecting the asset impairment internal control system and enhancing the quality of auditing supervision.
论文关键词： 资产减值；盈余管理；企业会计准则；上市公司；