上市公司“多次摘帽”的盈余管理行为研究

我国普遍存在大量ST企业出于“摘帽”动机采取各种盈余管理手段达到短期内的业绩提升,更有部分企业盈利情况常年在亏损边缘徘徊,在多次被ST和摘帽间长期游走,每次摘帽都并未从根本上增强企业自身的盈利能力。这种钻政策漏洞的行为不利于企业长期健康的发展,同时损害了投资者的利益,也极大地扰乱了资本市场的秩序。文章以WL公司为例,对其上市27年来“三次摘帽”过程中的盈余管理动机和手段加以剖析和揭露,并提出治理建议。

Research on the Earnings Management Behavior of Listed Companies

The existing ST system in China's securities market provides investors with early warning of securities investment risks.But every year,a large number of St enterprises take various means of earnings management to achieve short-term performance improvement out of the motivation ofdecapitation,and some enterprises'profi t situation lingers on the edge of loss all the year round,wandering for a long time between being decapitated by st and decapitation for many times,and each decapitation does not fundamentally enhance their own profi tability.This kind of behavior of drilling policy loopholes is not conducive to the long-term healthy development of enterprises,but also damages the interests of investors,and greatly disrupts the order of the capital market.Taking Wl shares as an example,this paper analyzes and exposes the motivation and means of earnings management in the process ofthree times toppingof Wl shares in the past 27 years,and puts forward some governance suggestions.