CAJ | 학술논문

选取2009年至2010年沪深两市A 股上市公司为研究样本，以扣除非流动资产处置损益后的净利润衡量真实盈余，将研究样本分为亏损公司、盈余下降公司和盈余上升公司，使用单变量分析和OLS 回归模型检验上市公司是否利用资产处置操纵盈余，运用Logistic 回归模型探讨各类公司利用资产处置操纵盈余的具体动机。研究结果表明，亏损公司和盈余下降公司倾向于通过资产处置增加报告盈余，以避免报告亏损和盈余下降；盈余上升公司倾向于通过资产处置减少报告盈余，以平滑盈余；亏损公司通过资产处置实现扭亏的概率与处置前亏损的程度负相关，与上期亏损、被实行退市风险警示和存在与业绩挂钩的报酬契约正相关；盈余下降公司通过资产处置实现盈余上升的概率与处置前盈余下降的幅度负相关，与信息不对称程度、本期亏损和资产负债率正相关；盈余上升公司通过资产处置平滑盈余的概率与处置前盈余上升的幅度、赢利水平和税收成本正相关，与资产负债率和上期亏损负相关。
선취2009년지2010년호심량시A 고상시공사위연구양본，이구제비류동자산처치손익후적정리윤형량진실영여，장연구양본분위우손공사、영여하강공사화영여상승공사，사용단변량분석화OLS 회귀모형검험상시공사시부이용자산처치조종영여，운용Logistic 회귀모형탐토각류공사이용자산처치조종영여적구체동궤。연구결과표명，우손공사화영여하강공사경향우통과자산처치증가보고영여，이피면보고우손화영여하강；영여상승공사경향우통과자산처치감소보고영여，이평활영여；우손공사통과자산처치실현뉴우적개솔여처치전우손적정도부상관，여상기우손、피실행퇴시풍험경시화존재여업적괘구적보수계약정상관；영여하강공사통과자산처치실현영여상승적개솔여처치전영여하강적폭도부상관，여신식불대칭정도、본기우손화자산부채솔정상관；영여상승공사통과자산처치평활영여적개솔여처치전영여상승적폭도、영이수평화세수성본정상관，여자산부채솔화상기우손부상관。
Taking A-share listed companies in stock markets of Shenzhen and Shanghai from 2009 to 2010 as research samples , the study measures real earnings by net income , after deducting the profit and loss from the disposal of non-current assets .We divide research samples into three types , i.e., loss firms, earnings decreasing firms and earnings increasing firms , use univari-ate analysis and OLS regression model to investigate whether firms manipulate earnings through the disposal of assets , and utilize Logistic regression model to explore detailed incentives to manage earnings through the disposal of assets for each type of firms . The results show that：①loss firms and earnings decreasing firms tend to increase reported earnings through the disposal of assets to avoid reporting losses and earnings decreases;②earnings increasing firms tend to decrease reported earnings through the dis-posal of assets to smooth earnings;③the probability that the loss firms avoid reporting losses through the disposal of assets is neg -atively associated with the extent of losses before assets disposal and positively associated with previous period losses , delisting risks and performance-related compensation contract;④the probability that the earnings decreasing firms avoid earnings decrea-ses through the disposal of assets is negatively associated with the extent of earnings decreases before assets disposal and positive -ly associated with the degree of information asymmetry , current period losses and asset-liability ratio;and ⑤the probability that the earnings increasing firms smooth earnings through the disposal of assets is positively associated with the extent of earnings in -creases before assets disposal , the profit level and tax costs , and negatively associated with asset-liability ratio and previous peri-od losses.