Growth, Earnings Management and the Persistence of Accruals
- 管理学院－已发表论文 
本文首先沿用了Sloan(1996)的方法,研究中国上市公司是否存在盈余的应计成分持续性低于盈余现金流成分的现象,然后试图分离增长和盈余管理对应计成分持续性的影响,在对混合样本回归中发现,增长的均值回归过程对应计成分低持续性的解释能力强于盈余管理。我们发现,当期和下一年管理者的盈余管理行为都对盈余和应计持续性有显著的影响,当期非正常应计无论是正是负都将降低应计的持续性,而下一期非正常应计如果为正则会增加应计的持续性,如果为负则会降低应计的持续性。我们还发现,当期正的正常应计对应计持续性具有正向的影响,这似乎与一般常识相悖。我们试图以企业的存货行为来解释这一现象,但我们的假设只得到了部分实证证据的支持。Following Sloan(1996), this paper examines whether the low persistence phenomenon of accrual part of earnings exists in the Chinese listed companies. We try to separate the effects of growth and earnings management factors on persistence of accruals. The pool regressions results generally confirm that the mean-reverting process of growth is more powerful than earnings management to explain the phenomenon of low persistence of accrual section. We find that current and year-ahead earnings management behaviors both have significant impacts on the persistence of earnings and accrual. No matter the current abnormal accruals are positive or negative, they both lower the persistence of current accrual, However, the positive year-ahead abnormal accruals have higher persistence for current accrual section while the negative have lower persistence. Conflicted with the common sense, We find that the current positive normal accrual has positive effect on the persistence of accrual section by further research. We try to use inventory behavior to explain this phenomenon, but unfortunately, our hypothesis can only get limited support from empirical evidence.