真实活动操控的盈余管理研究——基于保盈动机的经验证据

传统的盈余管理研究侧重于应计项目操控,而忽视真实活动操控。本文以真实活动操控为视角,以中国A股市场的上市公司为研究对象,通过对比分析微盈公司和非微盈公司的异常经营现金净流量、异常可操控费用和异常生产成本的差异,发现微盈公司的异常经营现金净流量、异常可操控费用均低于非微盈公司的对应水平,而异常生产成本则高于非微盈公司的对应水平,验证了微盈公司存在利用销售操控、费用操控和生产操控来实现保盈目标的真实活动操控行为。

Real Activities Manipulation on Earnings Management: a Loss-avoidance Based Empirical Evidence

Traditional earnings management studies focus on the accrual manipulation and neglect real activities manipulation.From the angle of real activities manipulation,this paper analyzes companies listed in the A-share market in China,and compares the abnormal cash flow from operating activities between small profit firms and non-small profit firms,abnormal discretionary expenses,and abnormal production costs.I find that the abnormal cash flow from operating activities and abnormal discretionary expenses in small profit firms are lower than those in non-small profit firms,while the abnormal production costs in firms reporting small profits are above that of their counterparts.Thus,I examine the existence of the three real activities manipulation behaviors that small profit firms utilize in order to avoid losses.