配股权与上市公司利润操纵

(100084):利润操纵净资产收益率配股权,,,,(ROE),,,,,,,,,KatherineSchipper(1989),,,,,19973,,,,2080,(whether)(when),,,(DeAngelo(1988)Healy(1985)WattsandZimmerman(1986)Moyer(1990)Jones(1991)Teoh,WelchandWong(1998)),,(item2below2the2line)(Beaver,Eger,RyanandWolfson(1989)Visvanathan(1998))(TeohWongandRao(1998))(),(DiscretionaryAccruals),(Healy,1985);t30:-1t(DeAngelo,1986);tt-1t(t-1),t(Jones,1991);Jones,,;t,t(DechowandSloan,1991)(Kaplan,1985),(),JonesJonesJones,Guay,KothariandWatts(1996),JonesJones,/10%0,,:5%)9%,10%)12%12%(,9%),5%)9%12%,10%)12%,,Jones,Jones,,,8,,HanandWang(1998)Qi,WuandZhang(1998),Jones,,19931997(panel),:TAit/Ait=A+B1$REVit/Ait+B2PPEit/Ait+B3YB+B4LJ+B5JY+ETAitit;Aitit;$REVititt-1;PPEitit;YB,iROE5%9%1,0;LJ,i19961997ROE10%12%1,0;JY,i19961997ROE12%1,0;E,/0,/0,/0,/0,(),(,)/0,,t,3120001,,,(),:=-=(---)-(---)------[phone],/0;1994122019961251999326,10%;10%;10%,6%,1996199719941997,1993A(IPO)(Teoh,WelchandWong,1998),,/0,19961997,1053(123),609,444,,Wind1997表1样本总体分布)))交易所交易所1994199519961997合计百分比上海6114517323060958%深圳379811119844442%合计982432844281053100%表2样本总体分布)))行业1994199519961997合计百分比工业5313015221855353%商业1534376214814%房地产7242730888%公用事业11202132848%综合1235478618017%合计982432844281053100%表3三组样本分布一般公司临界公司绩优公司合计上海4364%13560%4664%22461%深圳2436%9140%2636%14139%合计67100%226100%72100%365100%32:11JonesJones))),,))),;Jones,,,,,,,,,,1053,36,314%,21,(IPO),,:,,,;,,,;,,,,19931997A(ROE)(1),)))(ROE)/10%0,10%11%,A19933109%199728179%,8,8%9%19935167%19970195%ROE1ROE,19951996,1994199619943320001/10%0,1994,/0,,,,,19941993,1995,199656,10%/0,10%,/10%019961997表4卡方分布检验结果卡方检验值临界值结果1993VS19942351不显著1994VS19958651显著1995VS19968551显著1996VS19974451不显著:1%,(2-1)*(32-1)=31表5回归与参数检验结果总体样本19961997a010501030104(7186)**(2129)**(2191)**b1010701100109(4107)**(2175)**(3109)**b2-0116-0114-0114(-9111)**(-3195)**(-4169)**b3(一般)010101010103(0173)(0141)(1153)b4(临界)010301030105(4104)**(2105)**(3180)**b5(绩优)010101010103(0195)(0142)(1148)N1053284428R2011101110111调整后的R2011001100110F值25108710711100:**0105315,19961997,34:,,,t,/0/0b3b50101,t01730195,0105,/0b40103,t4104,0105,,19961997,1996199701030105,t21053180,1997,1996(1996LJb40103),F25108710711100,,,/0/0/0,R2,10%,,,R2,/0,,/0,,,,(),R2,,(30),R2,F,,(F),,/0,,,(),,,,,,19961998,()10%,,,(,),(),,199932656,:10%10%,6%,1996,3520001,:19941995,,10%,1996,10%,,,,,,,,,,,,,?,,,,,,,,1998:56,5612,1999:5986,563,,1998:56,561026DeAngelo,L.1988,/ManagerialCompetition,InformationCosts,andCorporateGovernance,TheUseofAccountingPerformanceMeasuresinProxyContest0,JournalofAccountingandEconomics,10(1988):3-36.Dechow,P,R.G.Sloan,andA.P.Sweeney,1995,/DetectingEarningManagement0,TheAccountingReview70(April1995):193-225.Guay,W.A.,KothariS.P.andWatts,R.L.1996,/Market2BasedEvaluationofDiscretionary2AccrualModels0,JournalofAccount2ingResearch34(Supp.),83-105.Han,J.C.Y.,andS.Wang,1998,/PoliticalCostsandEarningsManagementofOilCompaniesDuringthe1990PersianGulfCri2sis0.TheAccountingReview73(January1998):103-117.Haw,Qi,Wu,andZhang,1998,/EarningsManagementofListedFirmsinResponsetoSecurityRegulationsinChina.sEmergingCapitalMarket,0WorkPaper.Healy,P,1985,/TheEffectofBonusSchemesonAccountingDecisions0,JournalofAccountingandEconomics17(April1985):85-107.Jones,J,1991,/EarningsManagementDuringImportReliefInvestigations0,JournalofAccountingResearch(Autumn1991):193-226.Moyer,S,1990,/CapitalAdequacyRatioRegulationsandAccountingChoicesinCommercialBanks0,JournalofAccountingandE2conomics(July1990):123-154.Teoh,S.,T.J.Wong,andG.Rao,1998,/IncentivesandOpportunitiesForEarningsManagementinIPO0,ReviewofAccountingStudies,forthcoming.Visvanathan,Gnanakumar,1998,/DeferredTaxValuationAllowanceandEarningsManagement0,JournalofFinancialStatementAnalysis,Vol.3,No.4,6-15.Watts,RossL.andJeroldL.Zimmerman,1986,PositiveAccountingTheory,EnglewoodCliffs,PrenticeHall,1986.(责任编辑:王利娜)(校对:水)36: