南开管理评论
南開管理評論
남개관리평론
Nankai Business Review
2013年
3期
26~35
,共null页
经济周期 行业周期性 盈余管理 可操控性应计利润
經濟週期 行業週期性 盈餘管理 可操控性應計利潤
경제주기 행업주기성 영여관리 가조공성응계리윤
Business Cycles; Industry＇s Cyclical Behavior; Earnings Management; Discretionary Accruals
本文研究了企业在经济周期不同阶段盈余管理程度是否存在差异，以及周期性和非周期性行业企业盈余管理程度是否存在差异。本文通过检验我国A股上市公司在2000-2011年问经济周期收缩期和扩张期周期性与非周期性行业公司可操控性应计利润绝对值的差异，发现，周期性行业公司盈余管理程度总体上大于非周期性行业；盈余管理程度在经济收缩期大于扩张期，但这种差异主要是由周期性行业公司导致的：非周期性行业公司的盈余管理程度在经济收缩期与经济扩张期并无显著差异，而周期性行业公司的盈余管理程度在经济收缩期显著大于经济扩张期。本文的检验结果表明，在研究盈余管理时，应考虑控制周期性行业与非周期性行业之间，以及经济周期不同阶段的差别。
本文研究瞭企業在經濟週期不同階段盈餘管理程度是否存在差異，以及週期性和非週期性行業企業盈餘管理程度是否存在差異。本文通過檢驗我國A股上市公司在2000-2011年問經濟週期收縮期和擴張期週期性與非週期性行業公司可操控性應計利潤絕對值的差異，髮現，週期性行業公司盈餘管理程度總體上大于非週期性行業；盈餘管理程度在經濟收縮期大于擴張期，但這種差異主要是由週期性行業公司導緻的：非週期性行業公司的盈餘管理程度在經濟收縮期與經濟擴張期併無顯著差異，而週期性行業公司的盈餘管理程度在經濟收縮期顯著大于經濟擴張期。本文的檢驗結果錶明，在研究盈餘管理時，應攷慮控製週期性行業與非週期性行業之間，以及經濟週期不同階段的差彆。
본문연구료기업재경제주기불동계단영여관리정도시부존재차이，이급주기성화비주기성행업기업영여관리정도시부존재차이。본문통과검험아국A고상시공사재2000-2011년문경제주기수축기화확장기주기성여비주기성행업공사가조공성응계리윤절대치적차이，발현，주기성행업공사영여관리정도총체상대우비주기성행업；영여관리정도재경제수축기대우확장기，단저충차이주요시유주기성행업공사도치적：비주기성행업공사적영여관리정도재경제수축기여경제확장기병무현저차이，이주기성행업공사적영여관리정도재경제수축기현저대우경제확장기。본문적검험결과표명，재연구영여관리시，응고필공제주기성행업여비주기성행업지간，이급경제주기불동계단적차별。
This article examines whether the magnitude of earnings management of firms between different stages of business cycle is different, and whether the magnitude of earnings management of firms between cyclical and non-cyclical industries is different. We assume that the magnitude of earnings management is higher during contraction period than during expansion period and for cyclical firms than for non- cyclical firms. Based on prior literature, we classify the China＇s macro economy into contraction period and expansion period. Following the cyclical and non-cyclical industry classification method released by China Securities Index Co., LTD and Shanghai Stock Exchange in CSI 300 Cyclical Industry Index and CSI 300 non-Cyclical Industry Methodology and SSE Cyclical Industry 50 and SSE non-Cyclical Industry 100 index Methodology, we classify the listed firms into cyclical and non-cyclical industries. We use dummy variables to measure whether the macro economy is during contraction or expansion period, and a firm is cyclical or non-cyclical. In addition, we use absolute value of discretionary accruals to measure the magnitude of earnings management, and use Modified Jones Model to get the discretionary accruals. By testing the difference of magnitude of absolute value of discretionary accruals of China＇s A-share listed firms between cyclical and non-cyclical industries, and between economic contraction period and expansion period from Year 2000 to Year 2011, we find that, compared with non-cyclical industries, the magnitude of earnings management of cyclical industries is higher. In addition, the magnitude of earnings management is higher during economic contraction period than during expansion period. But this difference is mainly caused by cy- clical industries： the difference is insignificantly different from zero for non-cyclical industries but significantly positive for cyclical ones. The testing results show the necessity of controlling for the difference between cyclical and non-cyclical industries, as well as the different stages of business cycle in the study on earnings management.
