准则弹性、盈余管理与市场反应--基于商誉减值准备计提的经验证据

摘要

Whether the increase of standard flexibility causes corporate earnings management is a topic worthy of study. With the promulgation of the new Chinese Accounting Standards(CAS)in 2006,the measurement of goodwill and the amortization have been modified,which provide a certain degree of flexibility for firms to use the goodwill impairment for profit manipula⁃tion. This paper,taking this as an opportunity,makes an empirical test on whether listed firms use the standard flexibility to conduct profit manipulation,and further examines its market reaction. The study shows that listed firms did take advantage of the increase in the flexibility brought about by changes in CAS to carry out the corresponding profit manipulation ,and inves⁃tors have given a negative market evaluation of corporate behavior.%准则弹性的增加是否会诱致企业的盈余管理是一个值得研究的问题。2006年我国颁布的新会计准则改变了商誉及其后续计量的核算办法，为企业利用商誉减值进行利润操纵提供了一定的弹性。文章以此为契机，对上市公司是否利用该准则弹性来进行利润操纵进行了实证检验，并进一步考察了其市场反应。结果发现：上市公司确实利用了准则变化带来的弹性的增加进行了相应的利润操纵；投资者对企业这种行为给予了负面的市场评价。