收益分类转移及投资者定价

发布时间：2018-05-29 23:31

本文选题：盈余管理 + 收益转移　；参考：《西南交通大学》2015年硕士论文

【摘要】：盈余管理是对真实经济活动的错误呈现和掩盖,传统的盈余管理主要是“应计项目管理”和“操纵真实交易事项”。很少有关于分类转移的盈余管理的研究方法,即在不改变净利润的条件下,将利润表中项目进行错误的分类,如将营业费用归入营业外支出,从而夸大核心收益的目的。这种将报表项目错误分类的盈余管理手段,不牺牲未来的公司业绩,成本更低；同时净利润不变,相对更隐蔽,通常会被审计师和监管者所忽略。本论文检验当公司使用收益分类转移策略来夸大核心收益时,市场是否对核心收益错误定价。选取2008年到2012年的样本数据,主要是借鉴Sloan(1996)采用Mishkin框架来评价全样本及转移公司的核心收益是否被合理定价。发现在预测后续时期的核心收益和净利润时,转移公司的核心盈余及应计的持续性高于非转移公司的核心盈余及应计的持续性。和预测相同的是,发现投资者对转移公司的核心收益定价过高,且存在显著差异,说明投资者没有看穿分类转移,市场对转移公司的核心收益定价过高。但是,发现转移公司的非核心盈余持续性高于非转移公司的非核心盈余持续性。同时发现市场对转移公司的非核心收益定价较低,并在10%水平下显著,说明市场对转移公司的非核心收益反应不足。研究表明投资者没能察觉出人为夸大的核心收益。这证实了经理人伺机进行这种类型的利润,从而影响公司的市场价值。研究证实了某些公司可能用收益分类转移来调整盈余结构,及可能造成的不利经济影响。考虑到收益转移策略操作起来相对容易,以及它对资源分配的显著负面影响,应该在这一领域开展更多的研究。
[Abstract]:Earnings management is a false presentation and cover-up of real economic activities. The traditional earnings management is mainly "accrual item management" and "manipulation of real transaction items". There are few research methods about classified transfer earnings management, that is, the items in the income statement are classified wrongly without changing the net profit, for example, the operating expenses are classified as non-operating expenses, thus exaggerating the purpose of core income. This misclassified earnings management approach, which does not sacrifice future corporate performance, is less costly, while net profit is constant and relatively hidden, often overlooked by auditors and regulators. This paper examines whether the market mispricing core income when companies use revenue classification transfer strategy to exaggerate core income. The sample data from 2008 to 2012 are selected to use the Mishkin framework to evaluate whether the core income of the whole sample and transfer company is reasonably priced. It is found that the core earnings and accruals of the transferred companies are higher than the core earnings and accruals of the non-transferable companies in predicting the core earnings and net profits in the subsequent period. The same as the forecast, it is found that the core income of the transferring company is overpriced by the investors, and there are significant differences, which indicates that the investors do not see through the classified transfer, and the market pricing the core income of the transferring company is too high. However, it is found that the non-core earnings persistence of transfer companies is higher than that of non-transfer companies. At the same time, we found that the market price of the transfer company's non-core income is lower, and it is significant at the level of 10 percent, which indicates that the market is not responding enough to the transfer company's non-core income. Research shows that investors fail to detect artificially inflated core returns. This confirms that managers are taking advantage of this type of profit, which affects the company's market value. The study confirms that some companies may use the earnings classification transfer to adjust the earnings structure and the possible adverse economic impact. Considering that income transfer strategy is relatively easy to operate and its significant negative impact on resource allocation, more research should be done in this field.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275

【参考文献】