摘要
2017年后我国利润表中增加了"资产处置损益"项目。这一列报格式的调整会对营业利润产生影响。那么上市公司是否会利用这项调整进行盈余管理,投资者又能否对这一变化进行适当定价?本文对这个政策的变化进行分析,发现在政策实施后,上市公司资产报废率增加,资产处置率下降,两者的差额显著增大,由此推断管理层通过改变费用分类进行盈余管理。进一步研究显示,在政策实施前,股票市场对资产报废率进行了适当地定价,但在政策实施后,股票市场没有充分吸收被操纵的资产报废率的信息内容,对其反映不充分,在未来期间才进行了纠正。本文拓展了关于管理层机会主义行为的文献,本文的研究结论对监管部门和会计准则制定者具有一定的启示意义。
Since 2017,the item of“Gains/losses on asset disposal”has been added to the income statements,which will have an impact on operating income.This paper investigates whether listed firms will use this adjustment to manage earnings,and whether investors can properly price the consequences brought by this adjustment.We find that post-regulatory change,the asset scrap ratio increases significantly and the asset disposal ratio decreases.And the differences between these two ratios increase significantly.Further analysis indicates that before the implementation of the standard,the stock market has appropriately priced the information.However,during the post-regulatory period,the stock market has not fully absorbed the information content of the manipulated asset scrap ratio and the mispricing is corrected in the subsequent year.This paper extends the literature on opportunistic expense classification shifting,and has implications for regulators and accounting standard setters.
作者
袁蓉丽
靳雯玥
梁田
Yuan Rongli;Jin Wenyue;Liang Tian
出处
《金融学季刊》
2021年第2期205-230,共26页
Quarterly Journal of Finance
基金
国家自然科学基金面上项目(71872179)的资助
关键词
资产处置损益
资产报废率
营业利润
盈余管理
gains/losses on asset disposal
asset scrap ratio
operating income
earnings management
