潍坊亚星化学股份有限公司盈余管理案例研究

发布时间：2018-01-12 10:20

本文关键词：潍坊亚星化学股份有限公司盈余管理案例研究　出处：《西南交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：盈余管理问题自从被提出以来就成为了学术界和实务界重点关注的话题,学术界对其的研究可追溯到上世纪八十年代,盈余管理问题也广泛存在于我国上市公司中。研究表明,被盈余管理后的信息不能公允地反应企业经营业绩。一方面导致信息使用者难以准确衡量企业的价值,另一方面盈余管理所采用所的方法有些是以放弃企业未来盈利能力为代价的,因此识别并抑制盈余管理显得尤为重要。本文主要采用案例研究法。研究对象亚星化学是一家以氯化聚乙烯(CPE)、烧碱、水合肼和ADC发泡剂生产和销售为主的基础化工产品企业,上市以来前后被两次退市风险警示。最近一次被退市风险警示是在2016年2月,原因是2014年和2015年经审计的净利润连续两年为负,且2015年经审计后的净资产也为负值。亚星化学被上海证券交易所进行退市风险处理后,为了保住上市公司的资格,2016年亚星化学采取了一系列挽救措施。为保证2016年净利润为正,首先亚星化学通过扩大生产量、减少酌量性费用支出来降低产品成本,2015年大额计提资产减值为2016年盈利做铺垫,继而转回以前年度计提的存货跌价准备,放宽赊销条件扩大销量,但这些都没能达到目的;其次操纵非经常性损益项目实现收益并帮助企业扭亏为盈,包括投资设立赛林贸易有限公司并在当年出售给关联方、向关联方出售资产、接受政府补助等。为使净资产为正,亚星化学出售经营亏损的亚星湖石,剥离不良资产,减轻整体负担;然后接受关联方捐赠,彻底改变净资产为负的局面。上述行为虽然使亚星化学暂时摆脱了退市风险,但其操作方法使报表不能公允地反应企业真实的经营状况,属于为实现摘星保壳的盈余管理行为。其盈余管理行为会导致未来业绩下滑,盈利不具有持续性,使未来融资更加困难。基于亚星化学案例研究,本文为控制上市公司盈余管理程度提出以下五条建议:改善股权结构,避免一股独大;完善退市制度,丰富企业评价标准;着重内外部审计,注重公司治理;规范信息披露,让企业得到广泛监督;严控政府扶持,落实责任制。
[Abstract]:The issue of earnings management has become a focus of attention in academic and practical circles since it was put forward. The academic research on earnings management can be traced back to -20s. Earnings management problem also widely exists in listed companies in China. The research shows that the information after earnings management can not reflect the business performance fairly. On the one hand, it is difficult for information users to accurately measure the value of enterprises. On the other hand, some of the methods used in earnings management are at the expense of the future profitability of enterprises. So it is very important to identify and restrain earnings management. This paper mainly adopts case study method. The object of study is chlorinated polyethylene (CPE) and caustic soda. Hydrazine hydrate and ADC blowing agent production and marketing of basic chemical products enterprises, before and after listing was twice delisting risk warning. The most recent delisting risk warning was in February 2016. The reason is that the audited net profit in 2014 and 2015 was negative for two consecutive years, and the net assets after being audited on 2015 were also negative. In order to protect the qualifications of listed companies, in 2016, Asiatic Chemical took a series of rescue measures. In order to ensure a positive net profit on 2016, the first step is to expand production. Reducing discretionary expense to reduce product costs, large asset impairment on 2015 paves the way for 2016 earnings, and then reverts to previous years' reserve for falling inventory prices. Relaxation of credit sales conditions to expand sales, but these failed to achieve their purpose; Secondly, it manipulates the non-recurrent profit and loss items and helps the enterprises to turn losses into profits, including investing in the establishment of Selin Trading Co., Ltd and selling assets to related parties in that year. Accept government subsidies. In order to make the net assets positive, Yaxing Chemical sold the operating losses of the sub-star lake stone, stripping off the non-performing assets, lighten the overall burden; Then accept donations from related parties, completely change the situation of negative net assets. Although the above behavior has temporarily freed Yaxing Chemical from the risk of delisting, its operating methods do not fairly reflect the true business situation of the enterprise. The earnings management behavior will lead to the decline of future performance, and the earnings will not be sustainable, which makes future financing more difficult. Based on the case study of Substar Chemistry. This paper puts forward the following five suggestions to control the earnings management degree of listed companies: to improve the ownership structure and to avoid the dominance of one share; Perfecting the delisting system and enriching the evaluation standards of enterprises; Focus on internal and external audit, pay attention to corporate governance; Standardizing information disclosure so that enterprises can get extensive supervision; Strictly control government support, the implementation of the responsibility system.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.7

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