财经论丛
財經論叢
재경론총
COLLECTED ESSAYS ON FINANCE AND ECONOMICS
2014年
4期
47-54
,共8页
上市公司%资产评估增值率(δ)%大股东侵害%盈余管理
上市公司%資產評估增值率(δ)%大股東侵害%盈餘管理
상시공사%자산평고증치솔(δ)%대고동침해%영여관리
listed companies%the assets evaluation increment rate%the large shareholders expropriation%earnings man-agement
以2009-2011年披露的已上市公司资产评估报告的资产评估增值率为研究对象，根据被评估的上市公司置入和置出资产、交易对象（大股东、一般关联方和非关联）、有无盈余管理动机等方面探究δ异动的原因。运用Mann-Whitney U检验等方法检验了分组数据间δ差异显著性，探析上市公司大股东侵害动机和盈余管理动机对资产评估增值率的影响。研究发现，上市公司资产交易中存在资产评估操纵现象，资产评估δ异动的主要原因在于低估置入资产价值达到盈余管理动机，并提出相应的政策建议。
以2009-2011年披露的已上市公司資產評估報告的資產評估增值率為研究對象，根據被評估的上市公司置入和置齣資產、交易對象（大股東、一般關聯方和非關聯）、有無盈餘管理動機等方麵探究δ異動的原因。運用Mann-Whitney U檢驗等方法檢驗瞭分組數據間δ差異顯著性，探析上市公司大股東侵害動機和盈餘管理動機對資產評估增值率的影響。研究髮現，上市公司資產交易中存在資產評估操縱現象，資產評估δ異動的主要原因在于低估置入資產價值達到盈餘管理動機，併提齣相應的政策建議。
이2009-2011년피로적이상시공사자산평고보고적자산평고증치솔위연구대상，근거피평고적상시공사치입화치출자산、교역대상（대고동、일반관련방화비관련）、유무영여관리동궤등방면탐구δ이동적원인。운용Mann-Whitney U검험등방법검험료분조수거간δ차이현저성，탐석상시공사대고동침해동궤화영여관리동궤대자산평고증치솔적영향。연구발현，상시공사자산교역중존재자산평고조종현상，자산평고δ이동적주요원인재우저고치입자산개치체도영여관리동궤，병제출상응적정책건의。
This paper investigates the assets evaluation increment rate disclosed by listed companies from 2009 to 2011, and explores the causes of the δchanges from the perspectives of the listed companies'buy-in and sell-out assets , trading ob-jects ( large shareholders , general affiliated companies and non-affiliated companies ) , and earnings management motivation . Meanwhile , through Mann-Whitney U testing of significant differences between groups of data , it also studies the effects on theδexerted by large shareholders expropriation motivation or earnings management motivation of listed companies .The study finds that asset appraisal manipulation exists in listed companies'assets transactions , and the main reason for the δchanges is to underestimate asset value in buy-in transactions for earnings management motivation .The paper ends with some recommen-dation as precaution against these markets defaults .
