会计治理经典之最后一典巅峰之作6_Earnings Management.pdfVIP

Earnings Ch.11 Management Financial Accounting Theory 1 Chapter 11 Earnings Management I Financial Accounting Theory 22 What is Earnings Management?  Earnings management is the choice by a manager of accounting policies, or real actions that affect earnings, so as to achieve some specific reported earnings objective Financial Accounting Theory 33 Patterns of Earnings Management  Bath  Income minimization  Income maximization  Income smooth Financial Accounting Theory 44 Take a Bath: Bad Debt Recoveries “洗大澡”的魔术（万元）： 03年扣除 上市公司 02年主营 02年计提 02年 03年主营 03年坏帐 03年 非经常性损益 业务收入 坏帐准备 净利润 业务收入 准备转回 净利润 后的净利润 ST美雅 45751 52653 -84821 50410 14600 587 -14358 ST宁窖 8115 51782 -68120 1569 6020 2115 -4656 ST盛润 671 40327 -56649 7727 4023 1139 -4425 坏帐准备 管理费用 02 52653 02 52653 03 14600 03 14600 5 of 116 Motivations for Earnings Management  Contractual motivations  Bonus plan hypothesis: to manage cash bonus  Evidence: [Healy (1985)]  Debt covenant hypothesis: to manage debt covenants  Evidence: Dichev Skinner (2002), text Section 8.5.3  Political cost hypothesis  To lower political “heat”  Evidence: Jones (1991), text Section 8.5.3 Financial Accounting Theory 66 Motivations for Earnings