本文選題：債務(wù)重組 + 市場(chǎng)反應(yīng)��； 參考：《北京交通大學(xué)》2012年碩士論文

【摘要】：我國(guó)資本市場(chǎng)形成的時(shí)間較短,與國(guó)外資本市場(chǎng)相比仍不夠成熟,在我國(guó)資本市場(chǎng)發(fā)展和完善的過(guò)程中,會(huì)計(jì)信息的可靠性、準(zhǔn)確性和及時(shí)性一直是市場(chǎng)發(fā)展的重要前提,但是近年來(lái),國(guó)際和國(guó)內(nèi)發(fā)生的一些會(huì)計(jì)造假和盈余管理案例引起了多方關(guān)注,政府和投資者對(duì)會(huì)計(jì)信息質(zhì)量提出了越來(lái)越高的要求。我國(guó)監(jiān)管部門從1999年起開始要求披露非經(jīng)常性損益,并在公司發(fā)行股票、再融資時(shí)要求考慮非經(jīng)常性損益的影響,加強(qiáng)了會(huì)計(jì)信息質(zhì)量。然而上市公司仍然可能利用非經(jīng)常性損益中的債務(wù)重組進(jìn)行盈余管理,獲得一次性的巨額重組收益以實(shí)現(xiàn)扭虧、避免退市的目的。 本文就是在利用非經(jīng)常性損益進(jìn)行盈余管理的理論背景下,選取了債務(wù)重組損益這一項(xiàng),分析利用債務(wù)重組進(jìn)行盈余管理的可能性,建立未預(yù)期盈余與超額報(bào)酬的線性模型,用盈余反應(yīng)系數(shù)定量分析債務(wù)重組損益的市場(chǎng)反應(yīng),在短窗口內(nèi)檢驗(yàn)資本市場(chǎng)對(duì)年報(bào)中債務(wù)重組損益信息是否有反應(yīng)?具體是何種反應(yīng)?資本市場(chǎng)對(duì)債務(wù)重組損益和經(jīng)常性損益的反應(yīng)有何不同?從而加深對(duì)債務(wù)重組的認(rèn)識(shí)。本文經(jīng)過(guò)實(shí)證研究證實(shí)了未預(yù)期盈余與超額報(bào)酬具有正相關(guān)性,說(shuō)明在我國(guó)會(huì)計(jì)盈余具有信息含量；債務(wù)重組損益的盈余反應(yīng)系數(shù)為正,說(shuō)明其與超額回報(bào)正相關(guān)；并且債務(wù)重組損益的盈余反應(yīng)系數(shù)高于經(jīng)常性損益的盈余反應(yīng)系數(shù),說(shuō)明我國(guó)投資者是不理性的,不能夠區(qū)分經(jīng)常性損益和債務(wù)重組,仍然存在利用債務(wù)重組進(jìn)行盈余管理的可能性。
[Abstract]:The forming time of our country's capital market is relatively short, compared with the foreign capital market, it is still not mature enough. In the process of the development and perfection of our country's capital market, the reliability, accuracy and timeliness of accounting information is always the important premise of the market development. However, in recent years, some cases of accounting fraud and earnings management, both at home and abroad, have attracted more and more attention, and the government and investors have put forward higher and higher demands on the quality of accounting information. Since 1999, China's regulatory authorities have required disclosure of non-recurrent profits and losses, and the need to consider the impact of non-recurrent gains and losses on the refinancing of companies, which strengthens the quality of accounting information. However, it is still possible for listed companies to make use of the debt restructuring in non-recurrent profit and loss to manage earnings, and to obtain a huge amount of recombination earnings in order to achieve the purpose of reversing losses and avoiding delisting. In this paper, under the theoretical background of earnings management with non-recurrent profit and loss, this paper selects the profit and loss of debt restructuring, analyzes the possibility of using debt restructuring to manage earnings, and establishes a linear model of unexpected earnings and excess returns. The market reaction of debt restructuring gains and losses is quantitatively analyzed by the earnings response coefficient, and the capital market is tested in a short window to see if there is any response to the information of debt restructuring gains and losses in the annual report. What was the reaction? How do capital markets react to debt restructuring gains and losses from recurring gains and losses? In order to deepen the understanding of debt restructuring. In this paper, the positive correlation between unanticipated earnings and excess returns is confirmed by empirical research, which shows that accounting earnings have information content in China, and the earnings reaction coefficient of debt restructuring gains and losses is positive, which shows that it is positively correlated with excess returns. Moreover, the surplus reaction coefficient of debt restructuring profit and loss is higher than that of recurrent profit and loss, which indicates that Chinese investors are irrational and can not distinguish between recurring profit and debt restructuring. There is still the possibility of using debt restructuring for earnings management.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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