دانلود رایگان مقاله الزویر در مورد رفتار واقعی و تعهدی مدیریت درآمد از نظر شکاف ساختار اشتراک گذاری در چین (کلیک کنید)
توضیحات :
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عنوان مقاله :
The Real and Accrual-based Earnings Management Behaviors: Evidence from the Split Share Structure Reform in China
ترجمه فارسی عنوان :
رفتار واقعی و تعهدی مدیریت درآمد از نظر اصلاح شکاف ساختار اشتراک گذاری در چین
سال انتشار : 2014
متعلق به مجله یا ژورنال : مجله بین المللی حسابداری -The International Journal of Accounting
فرمت: PDF
تعداد صفحات: 36
شماره پروژه: 6061
کلمات کلیدی :
Split share structure reform, Accounting choices, Accrual earnings management, Real earningsmanagement ,Emerging markets
اصلاح شکاف ساختار اشتراک گذاری ، انتخاب های حسابداری، تعهد مدیریت درآمد، مدیریت درآمد واقعی، بازار های در حال ظهور
چکیده :
Abstract
This paper investigates the earnings management activities in Chinese listed firms and the impact of the split share structure reform (SSSREF).We demonstrate that Chinese listed firms exhibited a long-term positive relationship between real and accrual-based earnings management activities over the 2002–2011 period. This reflects the environment of weak investor protection and lack of effective corporate governance in China. Our results also indicate that the SSSREF in China has not fundamentally improved firms’ quality of financial information. This may be because ownership concentration remains high. However, it is of interest that the reform has created an incentive alignment effect exogenously. We find that firms’ use of discretionary accruals was constrained, and they have consequently shifted to less detectable and under-scrutinized real earnings activities after the reform. This shift is similar to that seen with the direct regulatory changes in accounting reporting rules on firms’ earnings behaviors in developed countries where the investor protection environment is strong.We suggest that firms’ shifting between the accrual and real-based earnings methods is an overlooked area for investors to consider in the emerging market context, and may require the attention of regulators.
مقدمه این مقاله :
Introduction
Extensive research has well documented the positive effect of good corporate governance mechanisms on the information environment and quality of earnings. It can constrain managerial opportunistic behaviors and the expropriation of minority shareholders by controlling shareholders, thus mitigating information asymmetry and improving the quality of earnings (Armstrong, Balakrishnan, & Cohen, 2012; Beasley, 1996; Fan & Wong, 2002; Klein, 2002; Warfield, Wild, & Wild, 1995; Xie, Davidson, & DaDalt, 2003) (see Section 2.3 for details).1 In the Chinese context, the Chinese stock market has featured a split structure, separating firms’ stock into tradable (TS) and non-tradable shares (NTS). Nearly two-thirds of the A-shares were non-tradable and typically held by the state to retain control over listed firms in the early economic reform period (Li, Wang, Cheung, & Jiang, 2011; Yeh, Shu, Lee,& Su, 2009).2 Severe corporate governance issues arose from this split structure as a result of a divergence of interests and incentives between controlling NTS principals and TS minority shareholders.
The split share structure reform (SSSREF) has exogenously created an incentive alignment effect, which strengthens corporate governance and improves the quantity of corporate financial information (see also Section 2.1 for more details).3 For instance, Liu and Tian (2012) indicate that both tunneling and excess leverage by controlling shareholders with excess control rights have been reduced after the SSSREF in China. Beltratti, Bortolotti, and Caccavaio (2012) demonstrate a positive stock market reaction upon the announcement of the SSSREF as firms’ profitability and returns are expected to increase with the improvement in
corporate governance. Hou, Kuo, and Lee (2012) also indicate that this incentive alignment effect brought by the SSSREF has reduced the incentive for controlling shareholders to withhold price-sensitive information and thus effectively improves corporate transparency.However, it might be premature to conclude that firms have simultaneously reduced their earnings manipulation behaviors even though the reform brought an increasingly widespread availability of information to market participants. We therefore question the previous literature that the reform may not fully improve the credibility (quality) of firms’ increasing disclosure of financial information by examining the changes in earnings manipulation behaviors.
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در این مقاله خواهید خواند که فعالیت های مدیریت درآمد و تاثیر اصلاح شکاف اشتراک گذاری در شرکت های چینی می پردازد. با توجه به ظهور بازار های در حال ظهور سرمایه گذاران روش تغییر شرکت با مدیریت متعهد و واقعی تنظیم کنند.
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