中國新三板企業應計盈餘管理

Accrual Earnings Management on the Enterprises of National Equities Exchange and Quotations in China

"中國新三板市場於2016年推出分層制度，將掛牌於新三板的企業劃分為基礎層與更高層級的創新層，我們以2016-2017年間14,038筆在中國新三板市場掛牌的企業為樣本，討論新三板分層制度與應計盈餘管理之關聯性，實證結果支持在新三板市場的創新層企業確實存在應計盈餘管理現象，而且這樣的盈餘管理行為主要發生於升級至創新層的企業。若就應計盈餘管理程度及動機而論，則發現升級至創新層的企業，有美化財務報表績效以符合創新層分層維持門檻的盈餘管理誘因；但連續兩年維持在創新層的企業，應計盈餘管理主要的目的則是為了平穩化盈餘，並隱藏超過預期的獲利，以減輕日後保層之壓力；至於從創新層被降級至基礎層的企業，則未發現企業會趁著財務績效惡化年度，利用洗大澡的盈餘管理操弄手法，取得虧損扣抵的租稅利益，並為日後重返創新層製造機會之現象。"

"In China, National Equities Exchange and Quotations (NEEQ) launched a tieredsystem in 2016, classifying the NEEQ into two tiers: innovation and basic. We collected14,038 firm-year observations of NEEQ-listed enterprises between 2016 and 2017 toinvestigate the correlation between the tiered system in the NEEQ and discretionaryaccruals management. According to the empirical findings, the enterprises listed in theinnovation tier, particularly those that were upgraded, would be more likely to carry outdiscretionary accruals management. With regard to the motivation and magnitude ofdiscretionary accruals management, we find that the enterprises who enter the innovationtier are motivated to window-dress their financial statements via discretionary accrualsmanagement so as to prevent being downgraded from the innovation tier. However, forenterprises that have remained at the innovation tier for two successive years, the objectiveof discretionary accruals management is to not only smooth their income but alsocamouflage above-expectation profits, thereby attenuating the pressure to remain in theinnovation tier. Finally, we do not observe that the enterprises downgraded from theinnovation tier into the basic tier were motivated to take a big bath during the year of a sharpdecline in financial performance to lower their future corporate tax payments by carryingforward net operating loss and creating opportunities to return to the innovation tier."