中国投资者对不同手段的盈余管理行为的识别

分别使用扩展的Jones模型和非主营业务净资产收益率(none-core ROE)度量了通过应计利润和线下项目进行的盈余管理行为,并根据盈余管理的度量分组。使用3种方法分别计算了不同组的公司在会计年末4个月后的12个月和24个月的超额收益率,并进行比较,来检验投资者能否识别通过这两种手段进行的盈余管理。结果发现,投资者能够识别通过none-core ROE进行的盈余管理,但不能识别通过操纵性应计项进行的盈余管理。

Chinese investors' identification of different earnings management strategies

The extended Jones model and the none-core return on equity (none-core ROE model were used to measure earnings management by accruals with the samples grouped according to the magnitude of the earnings management. The abnormal return of the companies in the different groups for twelve months and twenty-four months starting four months after the end of the fiscal year was calculated to test whether investors can identify the different earnings management methods. The result shows that investors can identify earnings management using the none-core ROE method, but can not identify the earnings management by discretional accrual.