本文選題：盈余管理 + 收益轉(zhuǎn)移　； 參考：《西南交通大學(xué)》2015年碩士論文

【摘要】：盈余管理是對真實經(jīng)濟(jì)活動的錯誤呈現(xiàn)和掩蓋,傳統(tǒng)的盈余管理主要是“應(yīng)計項目管理”和“操縱真實交易事項”。很少有關(guān)于分類轉(zhuǎn)移的盈余管理的研究方法,即在不改變凈利潤的條件下,將利潤表中項目進(jìn)行錯誤的分類,如將營業(yè)費(fèi)用歸入營業(yè)外支出,從而夸大核心收益的目的。這種將報表項目錯誤分類的盈余管理手段,不犧牲未來的公司業(yè)績,成本更低；同時凈利潤不變,相對更隱蔽,通常會被審計師和監(jiān)管者所忽略。本論文檢驗當(dāng)公司使用收益分類轉(zhuǎn)移策略來夸大核心收益時,市場是否對核心收益錯誤定價。選取2008年到2012年的樣本數(shù)據(jù),主要是借鑒Sloan(1996)采用Mishkin框架來評價全樣本及轉(zhuǎn)移公司的核心收益是否被合理定價。發(fā)現(xiàn)在預(yù)測后續(xù)時期的核心收益和凈利潤時,轉(zhuǎn)移公司的核心盈余及應(yīng)計的持續(xù)性高于非轉(zhuǎn)移公司的核心盈余及應(yīng)計的持續(xù)性。和預(yù)測相同的是,發(fā)現(xiàn)投資者對轉(zhuǎn)移公司的核心收益定價過高,且存在顯著差異,說明投資者沒有看穿分類轉(zhuǎn)移,市場對轉(zhuǎn)移公司的核心收益定價過高。但是,發(fā)現(xiàn)轉(zhuǎn)移公司的非核心盈余持續(xù)性高于非轉(zhuǎn)移公司的非核心盈余持續(xù)性。同時發(fā)現(xiàn)市場對轉(zhuǎn)移公司的非核心收益定價較低,并在10%水平下顯著,說明市場對轉(zhuǎn)移公司的非核心收益反應(yīng)不足。研究表明投資者沒能察覺出人為夸大的核心收益。這證實了經(jīng)理人伺機(jī)進(jìn)行這種類型的利潤,從而影響公司的市場價值。研究證實了某些公司可能用收益分類轉(zhuǎn)移來調(diào)整盈余結(jié)構(gòu),及可能造成的不利經(jīng)濟(jì)影響�？紤]到收益轉(zhuǎn)移策略操作起來相對容易,以及它對資源分配的顯著負(fù)面影響,應(yīng)該在這一領(lǐng)域開展更多的研究。
[Abstract]:Earnings management is a false presentation and cover-up of real economic activities. The traditional earnings management is mainly "accrual item management" and "manipulation of real transaction items". There are few research methods about classified transfer earnings management, that is, the items in the income statement are classified wrongly without changing the net profit, for example, the operating expenses are classified as non-operating expenses, thus exaggerating the purpose of core income. This misclassified earnings management approach, which does not sacrifice future corporate performance, is less costly, while net profit is constant and relatively hidden, often overlooked by auditors and regulators. This paper examines whether the market mispricing core income when companies use revenue classification transfer strategy to exaggerate core income. The sample data from 2008 to 2012 are selected to use the Mishkin framework to evaluate whether the core income of the whole sample and transfer company is reasonably priced. It is found that the core earnings and accruals of the transferred companies are higher than the core earnings and accruals of the non-transferable companies in predicting the core earnings and net profits in the subsequent period. The same as the forecast, it is found that the core income of the transferring company is overpriced by the investors, and there are significant differences, which indicates that the investors do not see through the classified transfer, and the market pricing the core income of the transferring company is too high. However, it is found that the non-core earnings persistence of transfer companies is higher than that of non-transfer companies. At the same time, we found that the market price of the transfer company's non-core income is lower, and it is significant at the level of 10 percent, which indicates that the market is not responding enough to the transfer company's non-core income. Research shows that investors fail to detect artificially inflated core returns. This confirms that managers are taking advantage of this type of profit, which affects the company's market value. The study confirms that some companies may use the earnings classification transfer to adjust the earnings structure and the possible adverse economic impact. Considering that income transfer strategy is relatively easy to operate and its significant negative impact on resource allocation, more research should be done in this field.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F275

【參考文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 裴宇;上市公司股權(quán)集中度與盈余結(jié)構(gòu)管理關(guān)系的實證研究[D];上海交通大學(xué);2012年

，

本文編號：1952916