债务重组与利润操纵_基于新准则背景的实证研究.pdf

债务重组与利润操纵 ——基于新准则背景的实证研究 胡志颖 刘亚莉 方静 北京科技大学 经济管理学院，北京，100083 摘 要：本文利用 2005 到 2007 年独特的制度背景，将影响债务重组的因素集中于由准则变迁引起的计入 当期净利润和非经常性损益的债务重组相关收益的变动，通过分析财务困境上市公司在2007年前后债务重 组行为的变化，对利用债务重组进行利润操纵的行为进行研究，研究结果证实困境公司确实在通过债务重 组进行利润操纵。 关键字：债务重组 利润操纵 会计准则 An Empirical Study on Earnings Manipulation through Debt Restructuring Based on the New Accounting Standards Hu Zhi-ying, Liu Ya-li ,Fang Jing, (Economic and Management School of University of Science and Technology Beijing, 100083) Abstract: Year from 2005 to 2007 provides a unique institutional background to study the earnings manipulation through debt restructuring, during which no big macro-economic change influencing debt restructuring occurred and the security regulating of de-listing remained static. As a result, the major factors that influence debt restructuring concentrate on the change of related income from debt restructuring included in current income and extraordinary items due to the change of accounting standards. Taking advantage of this background, this paper analyzes the change of debt restructuring of the listed companies in financial distress before and after 2007. We find that the listed companies in financial distress do manipulate earnings through debt restructuring, and the avoidance of being de-listing makes the major factor. Keywords: Debt Restructuring, Earnings Manipulation, Accounting Standard 2007 年 1 月 1 日，上市公司开始实施新的会计准则。其中，债务重组准则受到非常的 关注，有些研究者认为准则的修订会增加将债务重组用以利润操纵的可能性，因为相对于旧 会计准则，新准则将部分债务重组相关收益1 由之前的资本公积计入当期的利润。 但是我们发现针对这个主题的研究并不尽如人意。如有些文章没有采用经验数据加以证 明，只主观地推断新准则下债务重组将被更多地用于利润操纵[1] ；有些文章对制度背景的考 虑欠周全，从而研究设计不当[2] ；还有些研究所采用的检验方法不能区分债务重组及其影响 [3] 因素之间的因果关系，最终得出的结论说服力不强（胡奕明等 2007 ） 。本文尝试从我国 证券市场