중국의 신회계제도와 이익조정가능성

A goal of the reforms of accounting institution is to reduce degree of management and manipulation of reported earnings. The evidence found in this paper is that firms reduced degree of management and manipulation of reported earnings after the reforms of accounting institution in China using a sample of the listed firms at Shang-hai Stock Exchanges from 1998 to 2003 with available data. Especially, The major contents of this paper are followings. First, accruals is reduced after the reforms of accounting institution based on average of two period around the 2000 reforms of accounting institution in China. Second, we further examine whether accruals are reduced after reforms of accounting institution with respect to three factors following incomes size, operating cash flow size and manufactures vs non-manufactures in China. Some cross-sectional distribution graphs show that firms reduced degree of management and manipulation of reported earnings after reforms of accounting institution in China. Accruals is not same between all groups which are divided by incomes size, operating cash flow size and manufactures vs non-manufactures at the 0.05 or 0.01 significance level in paired t-tests, ANOVA and additional analysis. Third, This paper demonstrate that the non-discretionary accruals items such as sales, receivable and depreciation assets of Chinese financial statements are not working in modified Jones model, because firms try to avoid reporting losses or increase earnings using all items including sales, accounts receivable and depreciation assets in Chinese financial statements.