公司金融资产持有动机研究 (3)

公司金融资产持有动机动机研究

摘要

金融资产盈余管理模式行为现阶段看来是一个普遍性的企业性行为，在我国研究时间并不长，但是在我国上市公司中表现尤为明显。20多年以来，我国经济体制正在发生深刻的变革，与之有关的会计法规也在不断改变，与此同时金融资产盈余管理模式方式在我国逐渐生长，产生的严重后果就是会计信息失真。金融资产盈余管理模式的动机是多种多样的，主要是资本金融市场的动机、契约债务动机以及符合自己国情的政治动机，在我国的各大上市公司中，有一种动机表现十分抢眼，就是资本市场的动机，即主要动机。金融资产盈余管理模式采用的方法方式也是多种多样的，会计准则应计项目的调节、资产减值预备的计提，构造真实的经济交易亦成为金融资产盈余管理模式的主要方式。而我国资本市场主要采用的方式是资产减值预备、资产重组、债务重组等。

本文解释了与金融资产盈余管理模式相关的的基础理论知识，包括金融资产盈余管理模式的自我定义、发展特征以及与之相应的理论基础。然后在文章的主要部分，具体说明了我国上市公司进行金融资产盈余管理模式的主要动机及其采用的主要方式。最后在借鉴前人的理论成果，选取2009-2012年上海证券交易所的数据，采用受欢迎的频率分布模型方案，对净资产收益率以及总资产收益率两大财务指标进行逐个配比研究，利用实例证明了我国现有上市公司中很大程度上是存在金融资产盈余管理模式现象的。本文的创新之处在于：一是首次采用净资产收益率和总净资产收益率两大指标相配比的研究方法，二是从实证研究的角度验证出上市公司金融资产盈余管理模式行为是存在的。

关键词：金融资产盈余管理模式；动机与方式；；实证研究分析

ABSTRACT

At present, earnings management of financial assets seems to be a universal enterprise behavior. It has not been studied for a long time in China, but it is particularly evident in China's listed companies. Over the past 20 years, China's economic system is undergoing profound changes, and the accounting regulations related to it are constantly changing. At the same time, the way of earnings management of financial assets is growing gradually in China. The serious consequence is the distortion of accounting information. The motives of earnings management of financial assets are various, mainly the motives of capital financial market, contractual debt and political motives in line with our national conditions. Among the listed companies in our country, one motive is the motive of capital market, that is, the main motive. There are many ways of earnings management of financial assets. The adjustment of accruals in accounting standards, the calculation of assets impairment reserve and the construction of real economic transactions are also the main ways of earnings management of financial assets. The main ways of capital market in China are asset impairment preparation, asset restructuring, debt restructuring and so on.

This paper first explains the theoretical knowledge related to earnings management of financial assets, including the self-definition, development characteristics and corresponding theoretical basis of earnings management of financial assets. Then in the main part of the article, the main motivation and the main way of earnings management of financial assets of Listed Companies in China are explained in detail. Finally, in reference to the previous theoretical results, this paper selected the data of Shanghai Stock Exchange from 2009 to 2012, and used the popular frequency distribution model to study the ratio of return on net assets and return on total assets one by one. Using examples, it proved that there is a phenomenon of earnings management of financial assets in the existing listed companies in China to a large extent. The innovation of this paper lies in: firstly, the research method of matching the two indicators of return on net assets and return on total net assets is adopted for the