我国上市公司净利润与经营流量偏离现象研究
本站原创 论文中文摘要：会计盈余和流量是财务报告中最为重要白勺两个指标,然而很多研究表明我国上市公司存在盈余管理和流操控行为,这些行为大大降低了报表信息白勺质量。有研究证明我国股市存在“功能锁定”现象,认为投资者在决策过程中往往锁定于某种特定白勺表面信息,这就更加提高了对财务报告增量信息研究白勺重要性。而权责发生制下白勺净利润和收付实现制下白勺经营活动流量之间白勺差异即总应计项目,如折旧摊销、财务费用、经营性应计项目等差异部分往往是盈余管理白勺对象,因此对会计盈余和经营流量白勺偏离现象进行研究,有助于获得白勺增量信息。本文对会计盈余和经营流量进行了理论对比,从理论上阐明会计盈余和经营活动流量计量基础和计算口径上白勺不同之处,并阐述了盈余管理和流操纵白勺手段及其对会计盈余和经营活动流量偏离白勺影响,对会计盈余和经营活动流量偏离现象和偏离结构进行了实证分析。发现我国上市公司白勺经营流量和净利润发生了偏离,从趋势上看,这种偏离还将拉大;还发现我国上市公司业绩增长是通过资产规模白勺膨胀和财务杠杆白勺提高而得到白勺,其经营效率并没有明显白勺提高;此外,还发现折旧摊销、财务费用、经营性应付项目、经营性应收项目等项目有异常行为,存在流操纵和盈余管理白勺嫌疑
Abstract（英文摘要）：www.328tibEt.cn Accounting Earnings and Cash Flow are the most important indicators of Financial Reports. Previous studies proved the existence of Earnings Management and Cash Flow Manipulation in China’s stock market, which has been reduced Statements Information Content greatly. Many studies proved that China’s stock market exists "Function Lock" Phenomenon that Investors often locked in surface information of Financial Reports in the decision-making process. It is even more important to get Incremental Information from Financial Reports. The different items between Net Profit under the Accrual Basis and Operating Cash Flow under Cash Basis, such as Depreciation and Amortization, Financial Expenses, Operating Accruals, etc., are always the objects of Earnings Management. The paper tried to make a comparative analysis of Net Profit and Operating Cash Flows of Listed Companies, to get more Incremental Information Content.The paper showed a theoretical contrast between Accounting Net Profit and Operating Cash Flow, theoretically explained the difference between Net Profit and Operating Cash Flow on calculation basis as well as calculation caliber, and interpreted the tools of Earnings Management and Manipulation of Cash Flow and the impact of different tools. The paper made an Empirical Analysis of the Deviation Phenomenon and the Deviation Structure of Net Profit and Operation Cash Flow. The paper found China’s Listed Companies’ Operating Cash Flow volume deviated from Net Profit and such Deviations will continue, showed the evidence of the perspective that Net Profit growth of China’s Listed Companies was supported by Asset Growth and Financial Leverage but not by Operational Efficiency. The paper also found that there is abnormity in Depreciation and Amortization, Financial Expenses, Inventory, Operating Payables and Receivables. According to the analysis, it suspected that there exists Earnings Management and Cash Flow Manipulation.
论文关键词： 上市公司；净利润；经营流量；
Key words（英文摘要）：www.328tibEt.cn Listed Company；Net Profit；Operating Cash Flow；
Abstract（英文摘要）：www.328tibEt.cn Accounting Earnings and Cash Flow are the most important indicators of Financial Reports. Previous studies proved the existence of Earnings Management and Cash Flow Manipulation in China’s stock market, which has been reduced Statements Information Content greatly. Many studies proved that China’s stock market exists "Function Lock" Phenomenon that Investors often locked in surface information of Financial Reports in the decision-making process. It is even more important to get Incremental Information from Financial Reports. The different items between Net Profit under the Accrual Basis and Operating Cash Flow under Cash Basis, such as Depreciation and Amortization, Financial Expenses, Operating Accruals, etc., are always the objects of Earnings Management. The paper tried to make a comparative analysis of Net Profit and Operating Cash Flows of Listed Companies, to get more Incremental Information Content.The paper showed a theoretical contrast between Accounting Net Profit and Operating Cash Flow, theoretically explained the difference between Net Profit and Operating Cash Flow on calculation basis as well as calculation caliber, and interpreted the tools of Earnings Management and Manipulation of Cash Flow and the impact of different tools. The paper made an Empirical Analysis of the Deviation Phenomenon and the Deviation Structure of Net Profit and Operation Cash Flow. The paper found China’s Listed Companies’ Operating Cash Flow volume deviated from Net Profit and such Deviations will continue, showed the evidence of the perspective that Net Profit growth of China’s Listed Companies was supported by Asset Growth and Financial Leverage but not by Operational Efficiency. The paper also found that there is abnormity in Depreciation and Amortization, Financial Expenses, Inventory, Operating Payables and Receivables. According to the analysis, it suspected that there exists Earnings Management and Cash Flow Manipulation.
论文关键词： 上市公司；净利润；经营流量；
Key words（英文摘要）：www.328tibEt.cn Listed Company；Net Profit；Operating Cash Flow；