真实盈余管理对会计稳健性影响的实证研究--来自中国A股上市公司的面板数据

摘要

Traditional earnings management research focuses on visits Accruals manipulation, less explore-s real earnings management. Based on panel data listed in Shenzhen and Shanghai A-share listed companies from 2006 to 2010, through the analysis of operating cash flow (CFO), the costs of production costs and discretion to identify real earnings management to achieve earnings targets management, and analyze the impact of this behavior on accounting conservatism, detected through real activities manipulation of the company's reported earnings and unmanaged earnings information to confirm the asymmetric timeliness. Report less positive net income in the same year level, there are abnormally low cash flow from operating activities, as appropriate, costs and unusually high production costs, prove for Boldwin motives, the company will temporarily give price discounts to promote sales by overproduction with reduce discretion sexual costs to increase in the annual report of the surplus. In addition, the real activities manipulation will reduce the asymmetric timeliness of earnings information to confirm the presence of the real activities manipulation enterprise accounting conservatism worse.%　　传统盈余管理研究重在考察应计利润操控，较少探索真实盈余管理。文章基于2006至2010年在深沪两市上市的A股上市公司面板数据，通过分析经营活动现金流（CFO）、生产成本与斟酌性费用来识别为满足保盈目标的真实盈余管理，并分析了这一行为对会计稳健性的影响，检测了通过真实活动操控公司的报告盈余与未被管理盈余信息确认的非对称及时性。发现在同年度水平上报告较少的正净收入公司存在异常低的经营活动现金流、斟酌性费用与异常高的生产成本，证明出于保盈动机，公司会通过暂时性地给予价格折扣促进销售、通过生产过剩与降低斟酌性费用来增加年度报告盈余。另外，企业真实活动操控行为会降低盈余信息确认的非对称及时性，所以存在真实活动操控的企业会计稳健性更差。