国电电力发展股份有限公司股权筹资与盈余管理问题研究 英文翻译

毕毕毕毕业业业业设设设设计计计计（英文翻译英文翻译英文翻译英文翻译）题目我国上市公司盈余管理的实证研究我国上市公司盈余管理的实证研究我国上市公司盈余管理的实证研究我国上市公司盈余管理的实证研究系别经济管理学院专业财务管理班级学生姓名学号指导教师EARNINGSMANAGEMENTOFCHINESELISTEDCOMPANIESASURVEYOFEMPIRICALSTUDIESINTRODUCTIONINTHE1950S,WESTERNRESEARCHERSOFACCOUNTINGINTRODUCEDPOSITIVEPHILOSOPHYANDPOSITIVEECONOMICSTOTHETHEORETICALRESEARCHOFACCOUNTINGNOTUNTILTHE1960SAND1970SDIDTHEINTRODUCTIONGRADUALLYDEVELOPINTOTHEPOSITIVEACCOUNTINGTHEORY,ASTHEMEANSOFEXPLAININGTHEPROBLEMSANDPREDICTINGTHEFUTUREDEVELOPMENTINTHEPRACTICALAPPLICATIONOFACCOUNTINGIN1986,WATTSANDZIMMERMANMADEASYSTEMATICALSUMMARIZATIONOFTHEMAINPOSITIVEACCOUNTINGACHIEVEMENTSINTHEIRNEWBOOKPOSITIVEACCOUNTINGTHEORYWATTS,ETAL,1986THEPUBLICATIONOFTHEBOOK,THEREFORE,BECAMELANDMARKOFTHEESTABLISHMENTOFANEWSUBJECTPOSITIVEACCOUNTING,WHICHISNOTABLEFORITSSPECIALSYSTEMANDREMARKABLECHARACTERSARISINGFROMACCOUNTINGANDPOSITIVEECONOMICSINCETHEN,ARTICLESONPOSITIVEACCOUNTINGHAVEALMOSTDOMINATEDTHEMOSTINFLUENTIALJOURNALSOFACCOUNTINGINTHEUNITEDSTATESWHATSMORE,THERESEARCHESHAVEBEENMADEINTHERESTOFWORLDANDTHEMAINACCOUNTINGJOURNALSINAUSTRALIA,BRITAINETCAREALSOATTACHINGGREATIMPORTANCETOPOSITIVEACCOUNTINGHOWEVER,CHINAISSTILLANEWCOMERINTHISFIELDNOPOSITIVEACCOUNTINGRESEARCHESWEREINTRODUCEDTOCHINAUNTILTHELATE1980SINRECENTYEARS,TENTATIVERESEARCHESHAVEALSOBEENMADEINTHISFIELDSOMERESEARCHERSHAVESUCCESSFULLYAPPLIEDPOSITIVEACCOUNTINGTHEORYTOANALYZETHEEARNINGSMANAGEMENTOFTHELISTEDCOMPANIESINCHINATHESERESEARCHESHAVEPAVEDTHEWAYFORFURTHERSTUDYANDOFFEREDANEWRESEARCHDIRECTIONIEMPIRICALSTUDIESONTHEMOTIVATIONSOFEARNINGSMANAGEMENTEARNINGSMANAGEMENTCANBEDEFINEDASTHEBESTACCOUNTINGPOLICIESORTHEACCRUALSCONTROL,CHOSENBYTHEMANAGEMENTOFENTERPRISESTOMAKETHEEARNINGSREACHTHEEXPECTEDLEVELUNDERTHEPRESSUREFROMTHERELEVANTSTAKEHOLDERSANDTHECONSTRAINTSOFPUBLICACCOUNTINGPRINCIPLES,SOTHATTHEVALUEOFENTERPRISESCANBEMAXIMIZEDGENERALLYSPEAKING,INADDITIONTOTHECHOICEOFACCOUNTINGPOLICYANDTHECONTROLOFACCRUALS,THEMEANSOFEARNINGSMANAGEMENTHAVEALSOINCLUDEDLOBBYINGFORTHEREGULATORYORGANIZATIONTOMODIFYTHEPUBLICACCOUNTINGPRINCIPLESANDTHEMANIPULATIONOFPROFITFIGURESINTHEFISCALREPORTTHISPAPERWILLMAKESOMEGENERALDISCUSSIONONTHISISSUETHEPHENOMENONOFEARNINGSMANAGEMENTWILLLOWERTHERELIABILITYOFTHEINFORMATIONCONTENTOFACCOUNTINGEARNINGSANNOUNCEMENTSINSTOCKMARKETHOWEVER,ITISCOMMONINTHELISTEDCOMPANIESOFCHINATHEMOTIVATIONSOFEARNINGSMANAGEMENTOFCHINESELISTEDCOMPANIESCANBESUMMARIZEDASFOLLOWSTHEEXAGGERATINGFINANCIALPACKINGFORINITIALPUBLICOFFERINGIPO,FORTHEPURPOSEOFRATIONEDSHAREACQUISITION,ESCAPEFROMBEING“DELISTED”,“SPECIALTREATMENT”ST,“PARTICULARTRANSFER”PT,INSIDEDEALINGANDTHEMANIPULATIONOFSTOCKPRICESBYPOSITIVESTUDY,SOMECHINESERESEARCHERSCOMETOTHECONCLUSIVETHATCHINESELISTEDCOMPANIESHAVETHESEMOTIVATIONSOFEARNINGSMANAGEMENTINDEED1THESTUDYOFTHEEXAGGERATINGFINANCIALPACKINGFORIPOINTHEPASTYEARS,IPOPRICEWASSTRICTLYCONTROLLEDBYTHEGOVERNMENTALTHOUGHNEARLYEVERYYEARCHINASECURITIESREGULATORYCOMMISSIONCSRCREVISEDTHEREGULATIONONSTOCKISSUINGPRICECALCULATION,THEBASICPRINCIPLEHASNTBEENALTEREDNORMALLY,STOCKISSUINGPRICEEQUALSTOMULTIPLYINGADVISABLEISSUINGPRICEEARNINGSRATIOP/EBYEARNINGSPERSHAREEPS,INWHICHTHEISSUINGP/EUSUALLYWASLIMITEDBETWEEN12AND15BYCSRCASARESULT,UNDERTHERESTRICTIONOFISSUINGP/E,THECOMPANIESEAGERTOGOPUBLICWOULDMANIPULATEEPSINORDERTOENLARGEIT1AHARONY,LEEANDWONG1999EXAMINETHEFINANCIALPACKINGOFIPOBYTHECASEOFBSHARESANDHSHARESINCHINAONTHEBASEOFTHEIRRESEARCHMETHODS,WEI,TANANDLIN2000INVESTIGATETHEFLUCTUATINGEARNINGSBEFOREANDAFTERIPOBYTHECASEOFASHARESINCHINAFROM1992TO1995THEEMPIRICALEVIDENCESHOWS,EXCEPTFORSEVERALINDUSTRIES,SUCHASPUBLICUTILITYANDREALESTATE,OMPANIESEXHIBITASTRONGPROFITABLEABILITYACCORDINGTOTHEFISCALYEARREPORTBEFOREIPO,WHEREAS,THIS“ABILITY”DROPSDRAMATICALLYATTHESTOCKISSUINGYEARANDDECLINESYEARBYYEARDOESTHEARNINGSMANAGEMENTRESULTINTHISDRAMATICCHANGEWESHOULDPROVETHISHYPOTHESISTHEYMAKEANEMPIRICALSTUDYBYASAMPLEOFPUBLICUTILITYANDINDUSTRIALLISTEDCOMPANIES,REFERRINGTOTHEDEANGELOMODELTHEEMPIRICALEVIDENCESHOWSTHATTHEEARNINGSMANAGEMENTINTHEINDUSTRIALLISTEDCOMPANIESSUPPORTSTHISHYPOTHESISEFFECTIVELYBEFOREIPO,WHILETHEDEGREEOFEARNINGSMANAGEMENTINTHELISTEDCOMPANIESOFPUBLICUTILITYISLIGHTERHOWEVER,THERESEARCHHASNOTADOPTEDARELATIVELYMOREACCURATEECONOMETRICALMODELINADDITION,THEDATASAMPLESARENOTCOHERENTINTHETWOEMPIRICALSECTIONS,WEAKENINGTHEINTERPRETATIONOFCONCLUSIONSMOREOVER,BYFAR,WELACKTHEEMPIRICALSTUDYOFTHERELATIONSHIPBETWEENTHEEARNINGSMANAGEMENTANDSTOCKPRICINGBEHAVIOR,WHICHNEEDSFURTHERSTUDYINCHINA2THEEMPIRICALSTUDYONTHEEARNINGSMANAGEMENTOFLISTEDCOMPANIESFORTHEPURPOSEOFRATIONEDSHAREACQUISITIONINCHINA,THEMAJORITYOFOURLISTEDCOMPANIESCONSIDERTHERATIONEDSHAREACQUISITIONASTHEBESTCHANNELSFORRAISINGFUNDSAFTERTHEYBECOMEPUBLICHOWEVER,ITNEEDSSTRICTQUALIFICATIONSTOATTAINTHERATIONEDSHAREACQUISITIONJIANGYIHONG1999,CHENXIAOYUE,XIAOXIN,ANDGUOXIAOYAN2000MAKEEMPIRICALSTUDIES,WHICHCONCLUDESTHATTHEAUTHORITIESOFLISTEDCOMPANIESOBVIOUSLYMAKEEARNINGSMANAGEMENTTOATTAINTHEQUALIFICATIONSFORRATIONEDSHAREACQUISITIONSTIPULATEDBYCSRC,BRINGINGABOUTTHESPECIAL“10PERCENTPHENOMENON”INOURSTOCKMARKETACCORDINGTOJIANGYIHONG1998,WHENTHELISTEDCOMPANIESEXPECTTHATEITHERTHEEPSWILLBELESSTHANZEROORTHERETURNONEQUITYROEWILLBELESSTHAN10PERCENT,THEYWILLHAVEDRASTICMOTIVESTOMANIPULATEPROFITSINORDERTOMAKETHEEPSSLIGHTLYLARGERTHANZEROORMAKETHEROESLIGHTLYLARGERTHAN10PERCENTWECALL“THEEPSSLIGHTLYLARGERTHANZEROORTHEROESLIGHTLYLARGERTHAN10PERCENT”ASSENSITIVERANGEOFPROFITDRIVINGMEANWHILE,HECONFIRMSBYCASESTUDYTHATSOMELISTEDCOMPANIESHAVETHEBEHAVIOROFEARNINGSMANAGEMENTWHENEPSANDROELIEINTHISSENSITIVERANGEBASEDONTHEABOVERESEARCH,JIANGYIHONG1999INSPECTSWHETHERTHELISTEDCOMPANIESWITHEPSANDROEINTHESENSITIVERANGEHAVETHEBEHAVIOROFEARNINGSMANAGEMENT,WITHTHEIRRELEVANTDATAINTHEANNUALREPORTOF1997THECONCLUSIONSHOWSTHATTHELISTEDCOMPANIESWHOSEEPSISSLIGHTLYHIGHERTHANTHEBREAKEVENPOINTANDTHEROEISSLIGHTLYHIGHERTHANTHECRITICALPOINTOFQUALIFICATIONFORRATIONEDSHAREACQUISITIONDOHAVETHEBEHAVIOROFEARNINGSMANAGEMENTINTHEYEAROF1997ACCORDINGTOCHENXIAOYUEETAL2000,BYDIVIDINGTHESAMPLEINTOTHREEPARTS59PERCENT,1012PERCENTANDOVER12PERCENTNETASSETSRATEOFRETURNSAFTERTAXANDTAKINGTHE59PERCENTANDOVER12PERCENTGROUPSASCOMPARATIVESAMPLES,HESTUDIESWHETHERTHECOMPANIESWHOSENETASSETSRATEOFRETURNSAFTERTAXRANGEFROM10TO12PERCENTHAVETHEOBVIOUSBEHAVIOROFEARNINGSMANAGEMENTBASEDONJONESMODEL,HANANDWANGS1998METHODSFORREFERENCE,CHENMODIFIESJONESMODEL,RETAININGTHEMAINPARTSOFTHEMODELANDADDINGDUMMYVARIABLESTOJUDGETHEBEHAVIOROFEARNINGSMANAGEMENTTHESTUDYSTATESTHATINORDERTOATTAINTHERIGHTOFRATIONEDSHAREACQUISITION,THELISTEDCOMPANIESATTHECRITICALPOINTHAVESTRONGMOTIVATIONOFEARNINGSMANAGEMENT,THEYTAKEADVANTAGEOFTHEASYMMETRICINFORMATIONANDTHEIMPERFECTCONTRACTTHATIS,ONLYDEPENDINGONTHERATEOFRETURNSONNETASSETSTODECIDETHERIGHTOFRATIONEDSHAREACQUISITIONTOMANIPULATETHEEARNINGSFORTHISRIGHT3THEEMPIRICALSTUDYONTHEEARNINGSMANAGEMENTTOAVOIDBEINGDELISTEDTHELISTINGQUALIFICATIONOFTHECOMPANIESISARARERESOURCEATANYCOST,THEMANAGEMENTAUTHORITIESANDTHEBOARDSOFTHELISTEDCOMPANIES,RESPONSIBLEDEPARTMENTANDLOCALGOVERNMENTWILLTRYTHEIRBESTTOAVOIDTHELISTEDCOMPANIESBEINGDELISTEDDUETOHAVINGBEENATALOSSFORTHELAST3CONSECUTIVEYEARSINORDERTOAVOIDBEINGDELISTED,THELISTEDCOMPANIESHAVESTRONGMOTIVATIONTOMANIPULATETHEEARNINGSJIANGYIHONG1999ANDLUJIANQIAO1999CARRYOUTPROFOUNDRESEARCHONTHEPROBLEMWHETHERTHELISTEDCOMPANIESTAKETHEEARNINGSMANAGEMENTTOAVOIDITINTHEABOVEMENTIONEDPAPER,JIANGYIHONGDEMONSTRATESTHATTHELISTEDCOMPANIESWHOSEEPSARESLIGHTLYHIGHERTHANTHECRITICALPOINTOFPROFITSANDLOSSDOHAVETHEBEHAVIOROFEARNINGSMANAGEMENTBYTAKING22LOSSLISTEDCOMPANIESINSHANGHAISTOCKEXCHANGEASSAMPLEANDSOMELISTEDCOMPANIESINTHESAMEINDUSTRYANDWITHTHESAMESCALESPROFITSASCONTROLLEDSAMPLES,LUJIANQIAO1999ADOPTSFOURMODELS1THERANDOMWALKEXPECTATIONMODELOFACCRUALPROFITAMOUNT2THEACCRUALPROFITEXPECTATIONMODELINCONSIDERATIONOFGROWTHFACTORS3THEACCRUALPROFITEXPECTATIONMODELCONSIDERINGSCALEANDINDUSTRIALFACTORS4THEEXPANDJONESMODELTHESEMODELSVALIDATETHEBEHAVIOROFEARNINGSMANAGEMENTOFTHELOSSMAKINGCOMPANIESFROMALLKINDSOFVIEWPOINTSTHEEMPIRICALCONCLUSIONSHOWSTHATTHELOSSMAKINGCOMPANIESCONDUCTTHEREMARKABLEEARNINGSMANAGEMENTOFDELIBERATELYREDUCINGSURPLUSDURINGTHEFIRSTLOSSYEARANDINTENTIONALLYINCREASINGPROFITSBEFORETHEPREVIOUSYEAROFTHEFIRSTLOSSWHENITTURNSOUTPROFITABLEITSHOWSTHATTHELISTEDCOMPANIESATALOSSGENERALLYMANAGETHEIREARNINGSBYDEDUCTINGORADDINGTHEREVENUEINORDERTOAVOIDTHEPENALTYBYCSRCTHEEARNINGSMANAGEMENTISMAINLYACHIEVEDTHROUGHTHEADJUSTMENTOFRECEIVABLEACCOUNTS,AMONGWHICH,THEITEMOFOPERATINGCAPITAL,PARTICULARLYTHEITEMSRECEIVABLEORPAYABLEASWELLASINVENTORYMIGHTBETHEBESTTOOLSOFEARNINGSMANAGEMENT4STUDYONEARNINGSMANAGEMENTARISINGFROMINSIDEDEALINGANDMANIPULATINGTHESTOCKPRICEUNDERTHECIRCUMSTANCETHATTHEMARKETATTACHESMUCHIMPORTANCETOTHEPERFORMANCEINDICATORSOFLISTEDCOMPANIES,SOMEMAINFORCEDEALERSWILLLOBBYLISTEDCOMPANIESTOANNOUNCETHEPROFITSHIGHERORLOWER,ACCORDINGTOTHESTRATEGYOFSTOCKINGUPSHARESAFTERDROPPINGTHESTOCKPRICEORSELLINGSTOCKSINMASSAFTERPUSHINGTHESTOCKPRICEANDTHELISTEDCOMPANIESALSOHAVETHESTRONGMOTIVATIONOFEARNINGSMANAGEMENTUNDERTHEDRIVEOFMUTUALBENEFITSTHEREISNODIRECTEMPIRICALSTUDYTOPROVETHISNOTWITHSTANDING,ZHAOYULONGANDWANGZHITAI1999HAVEENLIGHTENEDUSALITTLETHETHESISEXAMINESWHETHERTHEMARKETCANIDENTIFYTHEPERMANENTSURPLUSELEMENTSSOASTOSTUDYIFTHEREEXISTSTHEPHENOMENONOFFIXEDFUNCTIONSWHILEANALYZINGTHEMECHANISMOFFORMATION,WITHTHELISTEDCOMPANIESATSHANGHAISTOCKEXCHANGEASSAMPLES,DISINTEGRATINGTHEACCOUNTINGEARNINGSASPERMANENTANDTEMPORARYSURPLUSASWELLASADOPTINGTHEPROPOSALINTERMSOFINFORMATIONANDVALUATIONTHEEMPIRICALSTUDYPROVESTHATCHINESESTOCKMARKETCANNOTIDENTIFYTHEACTUALMEANINGOFTHEPERMANENTEARNINGSINEPSTHEMARKETMECHANICALLYREACTSTOTHENOMINALEPSONLY,WHICHMEANSTHEMANAGEMENTCANBLINDFOLDTHEMARKETBYMANIPULATINGEARNINGSASARESULT,THEMAINPLAYERCANMANIPULATEANDDOMINATETHESTOCKMARKETTHROUGHDISCLOSINGTHEEXAGGERATEDPROFITSWITHTHELISTEDCOMPANIESEARNINGSMANAGEMENTISCHARACTERIZEDBYUNEXPECTEDACCRUALSINEVERYABOVEMENTIONEDEMPIRICALSTUDYIFRESEARCHERSCANSUCCESSFULLYAPPLYSPECIFICACCRUALSORACCOUNTINGMETHODSTOTHESTUDYOFEARNINGSMANAGEMENT,WECOULDDIRECTLYPROVIDEPROOFSTOTHERULEMAKERSANDINTERPRETWHICHAREASAREEFFECTIVEANDWHICHARENOTANDNEEDIMPROVINGANDREEXAMININ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