财经研究
財經研究
재경연구
The Study of Finance and Economics
2015年
7期
81~94
,共null页
分类转移 盈余管理 线上项目 线下项目 核心盈余
分類轉移 盈餘管理 線上項目 線下項目 覈心盈餘
분류전이 영여관리 선상항목 선하항목 핵심영여
classification shifting; earnings management; above-the-line item; below-the-line item; core earnings
以粉饰或掩盖公司真实经济业绩为目的的盈余管理行为一直是学术界关注的重要问题。针对以往研究缺乏对中国上市公司分类转移行为的关注，文章选取2007—2012年沪深两市A股上市公司的财务数据，实证考察了管理层利用线上项目与线下项目之间的分类转移调整公司盈余结构的行为。研究发现：（1）管理层会将经营费用向下转移至营业外支出或将营业外收入向上转移至营业收入，以调增公司的核心盈余；（2）管理层会利用线上项目与线下项目之间的分类转移实现营业利润增长和避免营业利润为负；（3）管理层利用线上项目与线下项目之间的分类转移调增核心盈余的程度随着第一大股东持股比例、独立董事比例和机构投资者持股比例的增大而减少，随着审计质量的提高而增加，并且大股东和独立董事对分类转移操纵的抑制作用仅在非国有企业中得以体现，而机构投资者对分类转移操纵的抑制作用仅在国有企业中得以体现。文章为会计准则制定者、公司治理层以及企业外部审计师审查分类转移操纵提供了借鉴。
以粉飾或掩蓋公司真實經濟業績為目的的盈餘管理行為一直是學術界關註的重要問題。針對以往研究缺乏對中國上市公司分類轉移行為的關註，文章選取2007—2012年滬深兩市A股上市公司的財務數據，實證攷察瞭管理層利用線上項目與線下項目之間的分類轉移調整公司盈餘結構的行為。研究髮現：（1）管理層會將經營費用嚮下轉移至營業外支齣或將營業外收入嚮上轉移至營業收入，以調增公司的覈心盈餘；（2）管理層會利用線上項目與線下項目之間的分類轉移實現營業利潤增長和避免營業利潤為負；（3）管理層利用線上項目與線下項目之間的分類轉移調增覈心盈餘的程度隨著第一大股東持股比例、獨立董事比例和機構投資者持股比例的增大而減少，隨著審計質量的提高而增加，併且大股東和獨立董事對分類轉移操縱的抑製作用僅在非國有企業中得以體現，而機構投資者對分類轉移操縱的抑製作用僅在國有企業中得以體現。文章為會計準則製定者、公司治理層以及企業外部審計師審查分類轉移操縱提供瞭藉鑒。
이분식혹엄개공사진실경제업적위목적적영여관리행위일직시학술계관주적중요문제。침대이왕연구결핍대중국상시공사분류전이행위적관주，문장선취2007—2012년호심량시A고상시공사적재무수거，실증고찰료관리층이용선상항목여선하항목지간적분류전이조정공사영여결구적행위。연구발현：（1）관리층회장경영비용향하전이지영업외지출혹장영업외수입향상전이지영업수입，이조증공사적핵심영여；（2）관리층회이용선상항목여선하항목지간적분류전이실현영업리윤증장화피면영업리윤위부；（3）관리층이용선상항목여선하항목지간적분류전이조증핵심영여적정도수착제일대고동지고비례、독립동사비례화궤구투자자지고비례적증대이감소，수착심계질량적제고이증가，병차대고동화독립동사대분류전이조종적억제작용부재비국유기업중득이체현，이궤구투자자대분류전이조종적억제작용부재국유기업중득이체현。문장위회계준칙제정자、공사치리층이급기업외부심계사심사분류전이조종제공료차감。
Earnings management behavior aiming at prettifying or covering up corporate real economic performance has attracted attention from the academia. In the view of little attention paid by previous studies to the behavior of classification shifting in Chinese listed companies, this paper empirically investigates the adjustment to corporate earnings structure through classification shifting between above-the-line and below-the-line items by using the financial data of A-share listed companies in Shenzhen and Shanghai stock markets from 2007 to 2012. It comes to the results as follows： firstly, managers shift operating expenses downward to non-operating expenses or non-operating income upward to op- erating revenues to increase core earnings; secondly, managers use classification shifting between above-the-line or below-the-line items to achieve increases in operating income and avoid the report of negative operating income; thirdly, the magnitude of the increase in core earnings by managers through classification shifting between above-the-line or below-the-line items is negatively related to the shareholding ratios of the largest share- holder, independent directors and institutional investors, and is positively related to audi- ting quality; the inhibition role of large shareholders and independent directors in classifi- cation shifting manipulation only exists in non-state-owned enterprises, and the inhibition role of institutional investors in classification shifting manipulation only exists in stateowned enterprises. It provides reference for classification shifting manipulation reviews from accounting standard setters, corporate governance level and external auditors.
