房地产上市公司盈余管理影响因素的识别与分析

发布时间：2018-01-12 20:01

本文关键词：房地产上市公司盈余管理影响因素的识别与分析　出处：《东北财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：盈余管理是上市公司常用的粉饰财务报表的手段之一,它是机会主义的一种应用,且带来的危害和影响是巨大的。盈余管理在实务中的滥用不仅影响财务报表的质量还会扰乱市场秩序,并且影响上市公司的价值最终不利于投资者对投资目标股票价值的判断。房地产行业的发展关系到国计民生,首先,在十八大会议上我党对于房地产行业的方针和政策有所变革主要体现在以下两点：第一,市场供应以实现最终消费为主体,转向消费主导型；第二,市场交易呈现增量与存量交易并重,转向交易联动型；其次,它的销售、收款制度及其会计核算制度有着鲜明的行业特点,预收款项在其业务中占了很大的比例,这样的特点既促进了房地产行业的销售又提供了较大的盈余管理空间。第三,近年实施的新会计准则在防止房地产上市公司进行盈余管理方面有很大的提升,但由于会计准则只是一种规范,还是无法从根本上消除盈余管理手段的应用。本文的研究表明：房地产行业的盈余管理动机明显且其利润丰厚,经常利用盈余管理的手段实现资本、债务、节税等目标。根据多年的研究数据表明：房地产企业由于其建造固定资产的期限长和特殊的销售制度使其可以利用预收账款和财务费用进行盈余管理。因此,本文通过识别对房地产上市公司盈余管理影响因素,并且对这些因素进行有效控制来抑制房地产上市公司的盈余管理行为,从而保证了房地产市场的健康发展并保护了投资者应享有的利益。本文主要通过五部分来论证识别和分析房地产上市公司盈余管理影响因素的情况：第一部分：绪论。该部分主要包括本文选题背景,识别和分析房地产上市公司盈余管理影响因素的意义,国内外参考文献综述,本文的基本研究框架,以及本文的创新点和不足之处。第二部分：盈余管理的基本理论。主要对盈余管理的概念、特征,盈余管理的影响因素及其盈余管理的度量方法进行概述以及房地产行业常用的几种盈余管理方式进行说明。第三部分：房地产行业盈余管理影响因素识别及其影响因素的因子分析。结合现行会计准则下对房地产行业会计核算的要求以及其独特的预售制度提出了识别房地产上市公司盈余管理影响因素的因子分析的研究设计,并对提出的八个影响房地产行业盈余管理的因素进行因子分析,最后提取三个主要的可操控性变量,并提出相关假设。第四部分：实证检验及分析。阐述样本选择及模型与变量的设计并对房地产上市公司盈余管理影响因素进行实证分析与检验。最后通过实证检验验证假设。第五部分为：结论和建议。第五部分在前一部分研究的基础上,得出结论,并提出合理性的建议。本文通过实证研究得出的主要结论如下：我国房地产行业主要利用特殊的收款制度——预售制度,来进行盈余管理。资产减值损失的相对变化额与盈余管理程度显著正相关,预计资产减值损失属于会计估计,具有一定程度的主观性,由于房地产上市公司拥有较大比例的固定资产和存货,通常会利用资产减值损失进行盈余管理。财务费用的相对变化额与盈余管理程度正相关,现行准则扩大了借款费用资本化的范围,将一般借款也包括在内,房地产上市公司项目建设期长,所以借款费用金额较大,借款费用资本化也成为了房地产上市公司进行盈余管理的手段。本文的创新之处在于：首先,现阶段有关企业的盈余管理的研究都是建立在所有全行业样本和亏损企业样本上,而本文将从房地产上市公司财务报表中提取数据,对影响房地产上市公司的盈余管理的因素进行实证研究分析；其次,本文结合房地产企业的结算特点采用修正的琼斯模型,将预收账款加入了模型中；最后,针对这些因素提出相应的抑制措施。文本的不足之处是由于数据收集的限制只研究了2010-2012年房地产上市公司的盈余管理情况。希望以后的研究能对本文研究的数据进行补充以丰富研究成果。
[Abstract]:Earnings management of listed companies is one of the commonly used means to whitewash financial statements, it is an application of opportunism, and bring harm and influence is huge. The abuse of earnings management in practice not only affects the quality of financial statements will disrupt the market order, and ultimately affect the value of listed companies is not conducive to investors to judge the investment objectives the value of the stock.
The real estate industry development related to the first, eighteen beneficial to the people's livelihood, in the meeting of our party for the real estate industry policy and the policy change is mainly reflected in the following two points: first, the market supply in order to achieve the final consumption as the main body, to a consumption led; second, market transactions are both incremental and stock transaction to transaction linkage type; secondly, its sales, payment system and the accounting system has distinctive characteristics of the industry, advance payments accounted for a large proportion of its business, such features not only promote the real estate industry sales and provide more space for earnings management. Third, the implementation of the new accounting standards in preventing the real estate listed companies earnings management has greatly improved, but because of accounting standards is a kind of standard, or can not eliminate the application means of earnings management fundamentally.
This study shows that the real estate industry earnings management motivation is obvious and the lucrative, often use the means of earnings management of capital, debt, tax and other targets. According to the research data for many years indicated that the real estate enterprises because of its long term construction of fixed assets and special sales system so that it can be used to manage earnings pre accounts receivable and financial costs. Therefore, the factors of earnings management of listed companies affect the recognition of the real estate, the earnings management behavior of these factors and effective control to suppress the real estate listed companies, so as to ensure the healthy development of the real estate market and protect investors should enjoy interests.
This article mainly through five parts to demonstrate the identification and analysis of the factors affecting the earnings management of the listed real estate companies.
The first part is the introduction. This part mainly includes the background of choosing this topic, identifying and analyzing the significance of earnings management of real estate listed companies, summarizing the references at home and abroad, the basic research framework of this article, and the innovation and shortcomings of this paper.
The second part: the basic theory of earnings management. It mainly introduces the concept and characteristics of earnings management, the influencing factors of earnings management and the measurement methods of earnings management, and explains several commonly used earnings management methods in real estate industry.
The third part: the analysis of factors and influencing factors of earnings management affect the real estate industry. The real estate industry accounting combined with the current accounting standards and its unique pre-sale system puts forward the research design and analysis of factors influencing factor of earnings management to identify the real estate listed companies, and to put forward the eight factors of earnings the management of the real estate industry by factor analysis, finally extracted three main control variables, and puts forward the hypothesis.
The fourth part: Empirical Test and analysis. The sample selection and the design of models and variables are elaborated, and the influencing factors of earnings management in real estate listed companies are analyzed and tested. Finally, the hypotheses are verified through empirical tests.
The fifth part is: conclusions and suggestions. On the basis of the previous part, the fifth part draws conclusions and puts forward reasonable suggestions.
The main conclusions of this paper are as follows:
The real estate industry in China mainly uses a special collection system, the pre sale system, to carry out the earnings management.
Is positively related to asset impairment loss relative change amount and degree of earnings management, asset impairment loss is expected to accounting estimates, with a certain degree of subjectivity, because the real estate listed companies have a larger proportion of fixed assets and inventories, usually lost earnings management using assets impairment loss.
Is the relative change of amount of financial costs associated with the degree of earnings management, the existing criteria to expand the scope of the capitalization of borrowing costs, the general borrowing is also included, projects of real estate listed companies, so the cost of borrowing amount is larger, the capitalization of borrowing costs has also become a means of earnings management of listed real estate companies.
The innovation of this paper lies in: firstly, the research on earnings management of enterprises at present are established in all industries and enterprises sample sample, the paper from the listed real estate company in the financial statements data, analyze the influence factors of real estate listed companies earnings management; secondly, based on the settlement characteristics of the real estate business by using the modified Jones model, will join AR model; finally, according to these factors put forward the corresponding suppression measures.
The deficiency of the text is due to the limitation of data collection. We only studied the earnings management of real estate listed companies for 2010-2012 years. We hope that future research can supplement the data of this study to enrich the research results.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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