【摘要 (中文/英文)】 随着经济的不断发展,历史成本计量属性已经越来越不能满足我国报表使用者对信息的需求。在这种经济背景之下,2006年2月15日财政部出台了新会计准则,其最大的特点就是公允价值的重新使用。在准则颁布之后,公允价值的运用在理论界和实务界均引起了比较激烈的讨论。支持者认为公允价值增加了财务报表的相关性;反对者则认为公允价值增大了企业进行利润操纵的空间。到目前为止,国内对于使用公允价值会计进行利润操纵的研究还比较少,并且由于缺乏数据的原因大部分均停留在理论阶段。 由于在采用新会计准则之后,投资收益和其它会计科目相比产生了更显著的变化,因此本文将其作为研究的对象。选取2006年和2007年剔除了银行、保险类的上市公司的中期财务报表作为研究样本进行截面比较分析,并在此基础上选择几类具有强烈盈余管理动机的公司分别进行了研究。在变量的选择上我们以上市公司以及证监会共同关心的净资产收益率作为被解释变量,而将短期投资损益和营业收入作为解释变量,并在中外学者的研究成果之上选择了其它四个影响上市公司盈余管理的因素作为控制变量。通过相关分析、非参数检验以及回归分析等方法比较了在使用公允价值前后上市公司使用证券投资进...更多行盈余管理的行为。实证结果显示,在使用了公允价值之后,我国上市公司对于使用证券投资收益进行盈余管理的行为有了比较显著的改善,但是深入到对具有强烈盈余管理目的的上市公司进行分析,我们发现微利和亏损的上市公司均有通过证券投资进行盈余管理的行为,而证券投资损益并不能成为收益平滑类企业平滑其收益的工具。同时研究还指出,对公司管理水平和治理结构有一定代表意义的上市年限对于公司的盈余管理现象具有一定的影响。依据本研究的实证结果,本文从完善会计准则的角度为减少上市公司的盈余管理提出了建议。

With the development of economy, history cost accounting method cannot fulfill the requirement of accounting information users. Under this economic background, the treasury department issued new accounting principle on Feb. 15th, 2006. The key feature of this new principle is the reintroducing of fair value accounting method. The using of fair value accounting involved fierce discussion in both of the theoritcal and the practical fields. Advocates agree that fair value accounting add the information content to financial report; opponents agree that fair value add the fluctuation of net income and enlarge the room for earning manipulation. Until now, there is few literature focus on the relationship between fair value and earning manipulation, for the reason of lack of data, most of which stays at the theoretical stage. We have noticed that after adopting fair value accounting principle, gain or loss on investment securities has changed significantly, taking it as our researching objective may have practical significance. Based on the interim financial report of listed company in both 2006 and 2007, we analyse the cross section data, and further the research by selecting several kinds of company which have strong motivation on earning management. We select ROE as explained variable as it is the most important index for both listed company and securities regulatory commission, gain or loss on investment securities and operating revenue as explainary variable and other for control variable which have influence on the action of earning management. After correlation analysis, nonparametric test and regression analysis, the result suggested that after adopting fair value accounting principle, there are fewer companies using gain or loss on investment securities to manipulate earnings, but it cannot prevent earning manipulating in turnaround companies. Gain or loss on investment securities is not the tool for earning-smoothing company to smooth their income. Besides, the year after company went to public have influence on company earning management, which can be usually explained to certain extent by corporate governance structure. Based on the empirical evidences, this paper provides some advice on accounting principle in order to prevent earning management actions.

【关键词 (中文/英文)】 公允价值; 盈余管理; 交易性金融资产

fair value method; earning manipulation; trading financial asset