我国上市公司微利区间的盈余管理行为

摘要

为了规避监管以及提高市场形象的需要，国内上市公司尤其是微利上市普遍存在着盈余管理行为，盈余管理行为影响了投资者对公司真实价值的判断。为了更好的判断公司真实盈利，文中将盈余分布法与应计利润分离法相结合，研究了上市公司为避免出现亏损而进行盈余管理的行为，证实了净资产收益率在略高于零的区间内分布频数显著偏高的事实，并进一步揭示了微利上市公司盈余管理的程度。在盈余分布的修正中，创新性地采用样条插值的方法，克服了主观假设真实盈余分布的盲目性。研究结果表明国内上市公司在微利区间存在着明显的盈余管理行为，这种行为具有政策驱动的特征。研究丰富了盈余管理的理论，完善了上市公司盈余管理的研究方法。%In order to avoid regulation and to improve their market image ,earnings management is prevalent in China’s listed companies ,especially in the meager-profit companies .Earnings management affects investors’ judgments about the company ’ s true value .In order to better determine the true profitability of the company ,the paper presents a method w hich combine the earnings frequency distribution with the accrual separation .By this method ,the behavior of earnings management for some listed companies to avoid loss is studied .The study confirms that the frequency of ROE is significantly high in the range just above zero ,and reveals the level of earnings management of these meager-profit companies .The spline interpolation method is applied in the correction of the earnings frequency distribution ,which overcomes the blindness of subjective assumptions real earnings distribution .The results show that China’s listed companies have significant earnings management in the meager profit interval ,and this behavior has a policy-driven feature .T he study enriches the theory on earnings management ,and improves the methods for studying listed companies’ earnings management .