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首页> 外文期刊>Journal of International Financial Management & Accounting >Earnings Management and the Accrual Anomaly: Evidence from China
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Earnings Management and the Accrual Anomaly: Evidence from China

机译：盈余管理与应计异常：来自中国的证据

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摘要

Using the unique Chinese setting in which the "delisting regulation" is based on accounting numbers, we separate earnings management into (1) earnings management responding to regulation and (2) earnings management prompted by market pressures and further document that earnings management responding to market pressures produces the accrual anomaly (Sloan, 1996) and earnings management responding to regulation does not. Initially unable to detect the accrual anomaly in China's stock market, we were reluctant to conclude that China's market is more efficient than that in the United States. After observing a disproportionate number of "big-bath" loss firm-years in the lowest decile of accruals for our sample, we estimated the apparent earnings distortion induced by the delisting regulation. When we excluded this distortion from our analysis, we documented the presence of the accrual anomaly in China's
机译：使用独特的中文设置，其中“退市法规”基于会计数字，我们将盈余管理分为（1）响应法规的盈余管理和（2）受市场压力提示的盈余管理，并进一步证明盈余管理响应市场压力会产生应计异常（Sloan，1996），而盈余管理对法规的响应则不会。最初无法检测到中国股市的应计异常，但我们不愿意得出这样的结论，即中国的市场比美国的市场更有效。在我们的样本的最低应计位数十分位数中观察到不成比例的“大浴场”亏损公司年数之后，我们估计了由除牌规则引起的明显的收入扭曲。当我们从分析中排除这种扭曲时，我们记录了中国市场应计异常的存在。

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    Yuanpeng Li; Jianjun Niu; Ran Zhang; James A. Largay III;

  • 作者单位

    School of Management, Fudan University, Shanghai, 200433, China;

    Institute of Accounting and Finance, Shanghai University of Finance and Economics, Shanghai, 200433, China;

    Department of Accounting, Guanghua School of Management, Peking University, Beijing, 100871, China;

    Department of Accounting, Lehigh University, Bethlehem, PA, 18015;

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