退市制度变更对上市公司盈余管理行为的影响

doi:10.12068/j.issn.1005-3026.2019.04.028

东北大学学报:自然科学版 ›› 2019, Vol. 40 ›› Issue (4): 602-608.DOI: 10.12068/j.issn.1005-3026.2019.04.028

• 管理科学 • 上一篇

退市制度变更对上市公司盈余管理行为的影响

程富¹，孙世敏¹，张佳叶²

(1. 东北大学工商管理学院，辽宁沈阳110167; 2. 中山大学国际金融学院，广东珠海519082)

收稿日期:2017-12-21 修回日期:2017-12-21 出版日期:2019-04-15 发布日期:2019-04-26
通讯作者: 程富
作者简介:程富(1985-)，男，江西赣州人，东北大学讲师，博士；孙世敏(1966-)，女，辽宁瓦房店人，东北大学教授，博士生导师.
基金资助:
国家自然科学基金资助项目(71802044)；中央高校基本科研业务费专项资金资助项目(N160603001).

Effect of Delisting System Changes on Listed Companies′ Earnings Management Behavior

CHENG Fu¹， SUN Shi-min¹， ZHANG Jia-ye²

1. School of Business Administration， Northeastern University， Shenyang 110167， China; 2. School of International Finance， Sun Yat-sen University， Zhuhai 519082， China.

Received:2017-12-21 Revised:2017-12-21 Online:2019-04-15 Published:2019-04-26
Contact: CHENG Fu
About author:-
Supported by:
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摘要/Abstract

摘要： 以2012年沪深交易所对退市制度的修订为切入点，选取2008~2015年沪深两市A股主板上市公司作为研究样本，运用盈余分布法和多元回归实证检验了退市制度变更对上市公司盈余管理行为的影响.结果表明:退市制度变更后，避免净利润为负的盈余管理行为略有减少，而避免净资产为负的盈余管理行为显著增加.且退市制度变更诱发了避免营业收入低于1000万元的盈余管理行为，上市公司实施的应计盈余管理显著减少，而其实施的销售操纵、费用操纵和生产操纵等真实盈余管理显著增加.

关键词: 退市制度变更, 应计盈余管理, 真实盈余管理, 盈余分布法, 销售操纵, 生产操纵, 费用操纵

Abstract: Taking the 2012a Shanghai and Shenzhen Stock Exchange′s revision of the delisting system as the entry point， the 2008~2015a Shanghai-Shenzhen A-share main board listed companies are selected as the research samples and the effect of delisting system changes on the earnings management behavior of listed companies were empirically tested by using the earnings distribution method and multiple regression method. The results showed that after the delisting system changes， the behavior of avoiding negative net profits decreases slightly， but the behavior of avoiding negative net assets increases significantly. The delisting system changes induce the earnings management behavior of avoiding operation revenues lower than 10 million yuan， and the listed companies′ accrual earnings management behaviors decrease significantly， but their real earnings management behaviors such as sales manipulation， expense manipulation and production manipulation increase significantly.

Key words: delisting system change, accrual earnings management, real earnings management, earnings distribution method, sale manipulation, production manipulation, expense manipulation

中图分类号:

F272.5

程富，孙世敏，张佳叶. 退市制度变更对上市公司盈余管理行为的影响[J]. 东北大学学报:自然科学版, 2019, 40(4): 602-608.

CHENG Fu， SUN Shi-min， ZHANG Jia-ye. Effect of Delisting System Changes on Listed Companies′ Earnings Management Behavior[J]. Journal of Northeastern University Natural Science, 2019, 40(4): 602-608.

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退市制度变更对上市公司盈余管理行为的影响

Effect of Delisting System Changes on Listed Companies′ Earnings Management Behavior

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