2819.D国电电力发展股份有限公司股权筹资与盈余管理问题研究英文翻译.doc
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1、 毕 业 设 计(英文翻译)题 目 我国上市公司盈余管理的实证研究系 别: 经济管理学院专 业: 财务管理班 级: 学生姓名: 学 号: 指导教师: Earnings Management of Chinese Listed Companies:A Survey of Empirical StudiesIntroductionIn the 1950s, western researchers of accounting introduced positive philosophy and positive economics to the theoretical research of acc
2、ounting. Not until the 1960s and 1970s did the introduction gradually develop into the positive accounting theory, as the means of explaining the problems and predicting the future development in the practical application of accounting. In 1986, Watts and Zimmerman made a systematical summarization
3、of the main positive accounting achievements in their new book Positive Accounting Theory (Watts, etal., 1986). The publication of the book, therefore, became landmark of the establishment of a new subjectpositive accounting, which is notable for its special system and remarkable characters arising
4、from accounting and positive economic. Since then, articles on positive accounting have almost dominated the most influential journals of accounting in the United States. Whats more, the researches have been made in the rest of world and the main accounting journals in Australia, Britain etc. are al
5、so attaching great importance to positive accounting. However, China is still a newcomer in this field. No positive accounting researches were introduced to China until the late 1980s. In recent years, tentative researches have also been made in this field. Some researchers have successfully applied
6、 positive accounting theory to analyze the earnings management of the listed companies in China. These researches have paved the way for further study and offered a new research direction. I. Empirical Studies on the Motivations of Earnings Management Earnings management can be defined as the best a
7、ccounting policies or the accruals control, chosen by the management of enterprises to make the earnings reach the expected level under the pressure from the relevant stakeholders and the constraints of public accounting principles, so that the value of enterprises can be maximized. Generally speaki
8、ng, in addition to the choice of accounting policy and the control of accruals, the means of earnings management have also included lobbying for the regulatory organization to modify the public accounting principles and the manipulation of profit figures in the fiscal report. This paper will make so
9、me general discussion on this issue. The phenomenon of earnings management will lower the reliability of the information content of accounting earnings announcements in stock market. However, it is common in the listed companies of China. The motivations of earnings management of Chinese listed comp
10、anies can be summarized as follows: the exaggerating financial packing for initial public offering (IPO), for the purpose of rationed share acquisition, escape from being “delisted”, “special treatment”(ST), “particular transfer”(PT), inside dealing and the manipulation of stock prices. By positive
11、study, some Chinese researchers come to the conclusive that Chinese listed companies have these motivations of earnings management indeed.1. The study of the exaggerating financial packing for IPOIn the past years, IPO price was strictly controlled by the government. Although nearly every year China
12、 Securities Regulatory Commission (CSRC) revised the regulation on stock issuing price calculation, the basic principle hasnt been altered. Normally, stock issuing price equals to multiplying advisable issuing priceearnings ratio (P/E) by earnings per share (EPS), in which the issuing P/E usually wa
13、s limited between 12 and 15 by CSRC. As a result, under the restriction of issuing P/E, the companies eager to go public would manipulate EPS in order to enlarge it1. Aharony, Lee and Wong (1999) examine the financial packing of IPO by the case of B-shares and H-shares in China. On the base of their
14、 research methods,Wei,Tan and Lin (2000) investigate the fluctuating earnings before and after IPO by the case of A-shares in China from 1992 to 1995. The empirical evidence shows, except for several industries, such as public utility and real estate, ompanies exhibit a strong profitable ability acc
15、ording to the fiscal year report before IPO, whereas, this “ability” drops dramatically at the stock issuing year and declines year by year. Does the arnings management result in this dramatic change? We should prove this hypothesis. They make an empirical study by a sample of public utility and ind
16、ustrial listed companies, referring to the DeAngelo Model. The empirical evidence shows that the earnings management in the industrial listed companies supports this hypothesis effectively before IPO, while the degree of earnings management in the listed companies of public utility is lighter. Howev
17、er, the research has not adopted a relatively more accurate econometrical model. In addition, the data samples are not coherent in the two empirical sections, weakening the interpretation of conclusions. Moreover, by far, we lack the empirical study of the relationship between the earnings managemen
18、t and stock pricing behavior, which needs further study in China2. The empirical study on the earnings management of listed companies for the purpose of rationed share acquisitionIn China, the majority of our listed companies consider the rationed share acquisition as the best channels for raising f
19、unds after they become public. However, it needs strict qualifications to attain the rationed share acquisition. Jiang Yihong (1999), Chen Xiaoyue, Xiao xin, and Guo Xiaoyan (2000) make empirical studies, which concludes that the authorities of listed companies obviously make earnings management to
20、attain the qualifications for rationed share acquisition stipulated by CSRC, bringing about the special “10 percent phenomenon” in our stock market. According to Jiang Yihong(1998), when the listed companies expect that either the EPS will be less than zero or the return on equity (ROE) will be less
21、 than 10 percent, they will have drastic motives to manipulate profits in order to make the EPS slightly larger than zero or make the ROE slightly larger than 10 percent. We call “the EPS slightly larger than zero or the ROE slightly larger than 10 percent” as sensitive range of profit driving. Mean
22、while, he confirms by case study that some listed companies have the behavior of earnings management when EPS and ROE lie in this sensitive range. Based on the above research, Jiang Yihong (1999) inspects whether the listed companies with EPS and ROE in the sensitive range have the behavior of earni
23、ngs management, with their relevant data in the annual report of 1997. The conclusion shows that the listed companies whose EPS is slightly higher than the break-even point and the ROE is slightly higher than the critical point of qualification for rationed share acquisition do have the behavior of
24、earnings management in the year of 1997. According to Chen Xiaoyue et al.(2000), by dividing the sample into three parts5 - 9 percent, 10 -12 percent and over 12 percent net assets rate of returns after tax and taking the 5 -9 percent and over 12 percent groups as comparative samples, he studies whe
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