问询函监管与企业的真实盈余管理对策

当代财经 ›› 2020, Vol. 0 ›› Issue (3): 90-101.

问询函监管与企业的真实盈余管理对策

张岩^a,b

江西财经大学 a.会计学院; b.工商管理博士后流动站,江西南昌 330013

收稿日期:2019-11-18 修回日期:2020-01-10 出版日期:2020-03-15 发布日期:2020-12-11
作者简介:张岩,江西财经大学讲师,博士,主要从事公司治理研究,联系方式zhangyan@jxufe.edu.cn。
基金资助:
国家自然科学基金面上项目“定向增发新股、中介监督与盈余管理研究”（71772081）

Enquiry Letter Supervision and Corporate Real Earnings Management Strategy

ZHANG Yan

Jiangxi University of Finance and Economics, Nanchang 330013, China

Received:2019-11-18 Revised:2020-01-10 Online:2020-03-15 Published:2020-12-11

摘要/Abstract

摘要： 利用2015—2018年交易所披露的问询函考察了问询函制度对上市公司真实盈余管理行为的影响。现有文献指出,财务报告问询函会对上市公司的应计盈余管理起抑制作用,而本研究发现,收到财务报告问询函的上市公司会转而实施真实盈余管理。进一步研究发现,收函公司实施真实盈余管理的行为在代理问题严重的企业更明显,但在国有企业、审计师声誉较高以及上市年限较长的企业中却受到抑制。上述研究表明,中国证券市场的问询函制度尚存在一定的监管盲区。研究结论为监管机构改进监管措施提供理论依据和政策参考。

关键词: 问询函, 真实盈余管理, 信息披露

Abstract: By making use of the enquiry letters disclosed by stock exchanges from 2015 to 2018, this paper investigates the impact of enquiry letter system on the real earnings management behaviors of the listed companies. The existing literatures point out that the enquiry letters in the financial reports can restrict the accrued earnings management of the listed companies, while this study finds out that the listed companies receiving enquiry letters in financial reports can turn to implement real earnings management. Further study finds out that the behavior of implementing real earnings management by the companies receiving the letters would be more significant in the enterprises with severe agency problems; however, it is restricted in the state-owned firms and the firms with higher reputation auditors or with longer listed years. The above study shows that there is still a certain blind spot of supervision in the enquiry letter system in China’s securities markets. The conclusion of this paper can provide the theoretical basis and policy reference for regulators to improve their regulatory measures.

Key words: enquiry letter, real earnings management, information disclosure

中图分类号:

F275.5

张岩. 问询函监管与企业的真实盈余管理对策[J]. 当代财经, 2020, 0(3): 90-101.

ZHANG Yan. Enquiry Letter Supervision and Corporate Real Earnings Management Strategy[J]. Contemporary Finance & Economics, 2020, 0(3): 90-101.

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