本文關(guān)鍵詞：濰坊亞星化學(xué)股份有限公司盈余管理案例研究　出處：《西南交通大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

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【摘要】：盈余管理問(wèn)題自從被提出以來(lái)就成為了學(xué)術(shù)界和實(shí)務(wù)界重點(diǎn)關(guān)注的話題,學(xué)術(shù)界對(duì)其的研究可追溯到上世紀(jì)八十年代,盈余管理問(wèn)題也廣泛存在于我國(guó)上市公司中。研究表明,被盈余管理后的信息不能公允地反應(yīng)企業(yè)經(jīng)營(yíng)業(yè)績(jī)。一方面導(dǎo)致信息使用者難以準(zhǔn)確衡量企業(yè)的價(jià)值,另一方面盈余管理所采用所的方法有些是以放棄企業(yè)未來(lái)盈利能力為代價(jià)的,因此識(shí)別并抑制盈余管理顯得尤為重要。本文主要采用案例研究法。研究對(duì)象亞星化學(xué)是一家以氯化聚乙烯(CPE)、燒堿、水合肼和ADC發(fā)泡劑生產(chǎn)和銷(xiāo)售為主的基礎(chǔ)化工產(chǎn)品企業(yè),上市以來(lái)前后被兩次退市風(fēng)險(xiǎn)警示。最近一次被退市風(fēng)險(xiǎn)警示是在2016年2月,原因是2014年和2015年經(jīng)審計(jì)的凈利潤(rùn)連續(xù)兩年為負(fù),且2015年經(jīng)審計(jì)后的凈資產(chǎn)也為負(fù)值。亞星化學(xué)被上海證券交易所進(jìn)行退市風(fēng)險(xiǎn)處理后,為了保住上市公司的資格,2016年亞星化學(xué)采取了一系列挽救措施。為保證2016年凈利潤(rùn)為正,首先亞星化學(xué)通過(guò)擴(kuò)大生產(chǎn)量、減少酌量性費(fèi)用支出來(lái)降低產(chǎn)品成本,2015年大額計(jì)提資產(chǎn)減值為2016年盈利做鋪墊,繼而轉(zhuǎn)回以前年度計(jì)提的存貨跌價(jià)準(zhǔn)備,放寬賒銷(xiāo)條件擴(kuò)大銷(xiāo)量,但這些都沒(méi)能達(dá)到目的;其次操縱非經(jīng)常性損益項(xiàng)目實(shí)現(xiàn)收益并幫助企業(yè)扭虧為盈,包括投資設(shè)立賽林貿(mào)易有限公司并在當(dāng)年出售給關(guān)聯(lián)方、向關(guān)聯(lián)方出售資產(chǎn)、接受政府補(bǔ)助等。為使凈資產(chǎn)為正,亞星化學(xué)出售經(jīng)營(yíng)虧損的亞星湖石,剝離不良資產(chǎn),減輕整體負(fù)擔(dān);然后接受關(guān)聯(lián)方捐贈(zèng),徹底改變凈資產(chǎn)為負(fù)的局面。上述行為雖然使亞星化學(xué)暫時(shí)擺脫了退市風(fēng)險(xiǎn),但其操作方法使報(bào)表不能公允地反應(yīng)企業(yè)真實(shí)的經(jīng)營(yíng)狀況,屬于為實(shí)現(xiàn)摘星保殼的盈余管理行為。其盈余管理行為會(huì)導(dǎo)致未來(lái)業(yè)績(jī)下滑,盈利不具有持續(xù)性,使未來(lái)融資更加困難�；趤喰腔瘜W(xué)案例研究,本文為控制上市公司盈余管理程度提出以下五條建議:改善股權(quán)結(jié)構(gòu),避免一股獨(dú)大;完善退市制度,豐富企業(yè)評(píng)價(jià)標(biāo)準(zhǔn);著重內(nèi)外部審計(jì),注重公司治理;規(guī)范信息披露,讓企業(yè)得到廣泛監(jiān)督;嚴(yán)控政府扶持,落實(shí)責(zé)任制。
[Abstract]:The issue of earnings management has become a focus of attention in academic and practical circles since it was put forward. The academic research on earnings management can be traced back to -20s. Earnings management problem also widely exists in listed companies in China. The research shows that the information after earnings management can not reflect the business performance fairly. On the one hand, it is difficult for information users to accurately measure the value of enterprises. On the other hand, some of the methods used in earnings management are at the expense of the future profitability of enterprises. So it is very important to identify and restrain earnings management. This paper mainly adopts case study method. The object of study is chlorinated polyethylene (CPE) and caustic soda. Hydrazine hydrate and ADC blowing agent production and marketing of basic chemical products enterprises, before and after listing was twice delisting risk warning. The most recent delisting risk warning was in February 2016. The reason is that the audited net profit in 2014 and 2015 was negative for two consecutive years, and the net assets after being audited on 2015 were also negative. In order to protect the qualifications of listed companies, in 2016, Asiatic Chemical took a series of rescue measures. In order to ensure a positive net profit on 2016, the first step is to expand production. Reducing discretionary expense to reduce product costs, large asset impairment on 2015 paves the way for 2016 earnings, and then reverts to previous years' reserve for falling inventory prices. Relaxation of credit sales conditions to expand sales, but these failed to achieve their purpose; Secondly, it manipulates the non-recurrent profit and loss items and helps the enterprises to turn losses into profits, including investing in the establishment of Selin Trading Co., Ltd and selling assets to related parties in that year. Accept government subsidies. In order to make the net assets positive, Yaxing Chemical sold the operating losses of the sub-star lake stone, stripping off the non-performing assets, lighten the overall burden; Then accept donations from related parties, completely change the situation of negative net assets. Although the above behavior has temporarily freed Yaxing Chemical from the risk of delisting, its operating methods do not fairly reflect the true business situation of the enterprise. The earnings management behavior will lead to the decline of future performance, and the earnings will not be sustainable, which makes future financing more difficult. Based on the case study of Substar Chemistry. This paper puts forward the following five suggestions to control the earnings management degree of listed companies: to improve the ownership structure and to avoid the dominance of one share; Perfecting the delisting system and enriching the evaluation standards of enterprises; Focus on internal and external audit, pay attention to corporate governance; Standardizing information disclosure so that enterprises can get extensive supervision; Strictly control government support, the implementation of the responsibility system.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F406.7;F426.7

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