CAJ | 학술논문

基于深圳交易所上市公司2006—2010年的大样本数据,以换手率和乏流动性比率作为流动性的衡量指标,将异常应计项目估计误差、小的报告盈余、异常营业现金流量及其绝对值、异常操控性支出及其绝对值作为盈余管理的衡量指标,研究盈余管理是否会影响流动性。单变量回归分析表明,盈余管理会降低市场流动性;进一步通过多变量模型研究发现,无论是基于会计的盈余管理度量还是基于实际业务调整的盈余管理度量都和换手率以及乏流动性之间存在联系,盈余管理程度大的公司的股票呈现出较低的市场流动性。鉴于此,监管部门应当进一步完善会计准则,加强信息披露监管,提高信息披露质量。
기우심수교역소상시공사2006—2010년적대양본수거,이환수솔화핍류동성비솔작위류동성적형량지표,장이상응계항목고계오차、소적보고영여、이상영업현금류량급기절대치、이상조공성지출급기절대치작위영여관리적형량지표,연구영여관리시부회영향류동성。단변량회귀분석표명,영여관리회강저시장류동성;진일보통과다변량모형연구발현,무론시기우회계적영여관리도량환시기우실제업무조정적영여관리도량도화환수솔이급핍류동성지간존재련계,영여관리정도대적공사적고표정현출교저적시장류동성。감우차,감관부문응당진일보완선회계준칙,가강신식피로감관,제고신식피로질량。
This paper studied the relationship between earnings management and market liquidity by employing 2006-2010 sample data based on the Shenzhen Stock Exchange hsted companies. It computed turnover and illiquidity ratio to measure market liquidity, and abnormal accruals estimation error, small reported earnings, the signed and absolute value of abnormal cash flows from operation,the signed and absolute value of abnormal discretionary expenses as earnings management measures. It found new evidence that firms which exhibited greater earnings management were associated with lower market liquidity. The single-variable regression results showed that the earnings management reduced the market liquidity. The multi-variable model revealed that company＇s stock market liquidity and earnings management were negatively related whether earnings management were accounting- based earnings management measure or based on actual business restructuring. In view of this the regulatory authorities should further improve accounting standards, strengthen the information disclosure regulation and improve the quality of information disclosure.