短期偿债压力下现金流、应计持续性与盈余管理——基于a股市场数据的实证分析..doc

短期偿债压力下现金流、应计持续性与盈余管理——基于A股市场数据的实证分析. 【摘 要】本文旨在探索短期偿债压力下的企业其现金流量、盈余和应计成分的持续性各自所具有的特性，首先文章对比了短期偿债压力不同的公司现金流量表具体项目的持续性，发现了六个现金流量表项目在偿债压力面前表现出了带有操控可能性的低持续性。随后，文章对样本的盈余指标做了三次分离，分别发现相对于控制公司而言，样本公司在盈余、总应计、操纵性应计、非操纵性应计、负向操纵性应计上都表现出了较低的持续性，并且负向操纵性应计比正向操纵性应计具有更低的应计持续性。本文所有的假设基本上都获得了数据支持。 本文研究在某种程度上弥补了前人对有关偿债压力、盈余持续性和盈余管理的实证研究重视程度的不足，并用经验数字给盈余管理规范领域的相关结论以有效支持。 关键词：短期偿债压力，现金流量，应计持续性，盈余管理，实证分析 The Persistence of Accruals and Cash Flow with Earnings Management under the Pressure of Short-term Debt --a positive analysis established in the evidence from A- share firms Abstract The paper intends to explore the characteristic of cash flow, earnings and accruals persistence under the pressure of short-term debt. Firstly the paper examine the persistence of cash flow statement concrete items between companies under different pressure of short-term debt, discovered six items of cash-flow statement is inclined to express their low persistence with manipulation possibility under the pressure of debt. After that, the paper tries to separate the earnings of samples in three different ways, and discovers that the sample companies expose their low persistence in earnings, total accruals, discretionary accruals, non-discretionary accruals, minus discretionary accruals as compared with controlled samples, and minus discretionary accruals have lower persistence than plus discretionary accruals. All of the hypotheses of the paper have got sufficient support from empirical evidence on the whole. The paper fills the deficiency of the positive research among the pressure of debt, earnings persistence and earnings management to some extent, and dedicate some evidences to the normative research of earnings management by empirical figures. Key words: the pressure of short-term debt, stream of cash flow, the persistence of accruals, earnings management, positive analysis 目 录 一、引言bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;b