The Pricing of Earnings Management in China’s A-Share Market: Measured by Discretionary Accruals

本文主要研究中国A股股票市场对盈余管理（以可操纵应计为表征变量）的价格反应，以求更深入地理解我国证券市场如何处理会计信息。全文内容框架及主要结论如下：引言主要介绍选题动机、正文各章节的内容安排、以及本文主要贡献；第一章对笔者检索到的盈余管理研究文献进行简要评述；第二章检验了各应计分解模型在中国证券市场的适用性，证明了横截面Jones模型的相对优越性；第三章检验了我国A股股票市场对可操纵应计的价格反应，发现市场对净利润各组成部分（经营活动现金净流量、不可操纵应计、可操纵应计）均进行了单独定价；第四章解释了市场为何对可操纵应计进行定价，发现可操纵应计确实含有有关公司未来盈利能力的信息；第五章检验了...The main purpose of this paper is to test the pricing mechanism of China’s A-share stock market on discretionary accruals, which is the proxy of earnings management, so as to improve our understanding on how Chinese security market process the accounting information. The paper consists of seven sections. The first part introduces the motive for this research, and describes its framework and mai...学位：管理学博士院系专业：管理学院会计系_会计学学号：B20021100

审计师个人声誉受损是否会影响其职业生涯?

本文以2001~2013年被证监会处罚的审计师所审的公司为样本公司,考察审计师个人声誉在市场中的有效性。结果发现:审计师个人声誉受损会影响其职业生涯,包括更容易和当前客户解约,审计师如果离职则更可能流向比现任所排名低的小所,客户整体审计收费和客户数量都会有显著的下降。进一步分析发现,媒体的正面报道所带来的定价偏差在审计失败后会导致投资者的愤怒转移,进而加剧审计师声誉受损的后果。这些结果综合表明审计师个人声誉受损具有经济效应。国家自然科学基金项目(71422008,71372074,71572163);;“国家万人计划”青年拔尖人才项

Thermodynamic Analysis of the Efficiency Improvement of a Photovoltaic-thermoelectric Hybrid System

太阳能电池和热电模块组成的复合系统有望获得较高的太阳能到电能的转换效率。本文利用热力学方法分析了由商业化太阳能电池构成的复合系统,并根据一维模型下能流输运特性计算了系统内各模块温度及其对转换效率的影响,发现低温度系数和低效率的太阳能电池可以通过构建复合系统获得更大的性能提升。同时,由于太阳辐照的有限性导致流经热电模块的热流受到限制,因此热电模块效率无法达到理想条件下的最优值。这表明复合系统的优化并非各个模块优化后结果的简单线性叠加,而需要考虑构成复合系统的各个模块间的约束条件进行整体计算和优化,即复合系统效率不仅与材料本征特性(如电导率、热导率等)有关,也和其工作状态(如入射太阳辐照强度、热电模块构成及几何尺寸、模块之间热学特性等)有关。上述模型与结果对于类似复合系统的设计有着指导作用。A hybrid system formed by a photovoltaic module and a thermoelectric module has a great potential to enhance the solar-to-electricity efficiency.A mathematical model based on the first law of thermodynamics and the heat transfer analyses of the hybrid system is built, where the overall efficiency of the system is enhanced by optimizing the system as a whole.The model is used to study hybrid systems formed by commercially available photovoltaic modules and thermoelectric modules.It is found that, due to a limited incoming heat flux for the thermoelectric module, the overall performance of the hybrid system depends not only on the intrinsic properties of the materials forming such a hybrid system, but also on their working conditions, such as incoming solar radiation, geometry of each module, and interfacial properties.The results indicate that only photovoltaic modules with low temperature coefficient and low efficiency can truly benefit from forming such hybrid system, and the optimization of a hybrid system must be done as a whole.教育部高等学校博士学科点专项科研基金新教师项目(20090121120028);教育部高等学校博士学科点专项科研基金博导类项目(20120121110021); 国家自然科学基金项目(U1232110

The Study of the System Environment of Enterprises' Financial Publish Management

财务披露及其管理受到企业所处制度环境的影响与制约。这些制度包括竞争性规则、强制性规则、模仿性规则和职业性规则。这些规则的来源及对财务披露管理的影响方式各异,其中强制性规则对我国企业财务披露管理活动的影响最为显著。Financial publish and the management were effected and restrained by enterprise's system environment.These system include competitive rule,mandatory rule,imitational rule and occupational rule.The source of these rules and the effect to financial publish management are variedly,and the effect on our country's Financial publish management of mandatory rule is the most remarkable.国家社会科学基金项目(02CJY005)

对“期后事项”定义的探讨

注册会计师在会计报表审计中对期后事项负有审计责任,即期后事项的审计是会计报表审计的组成部分。这已成为审计界的共识。为此,中国注册会计师协会特地制定了《独立审计具体准则第15号—期后事项》,并于1996年12月发布,自1997年1月1日起实施。该具体审计准则明确规定了注册会计师对不同的期后事项应负的审计责任,为规范我国注册会计师审计实务发挥了巨大作用。但是其中对期后

论企业财务披露管理的经济学动机

经济环境为企业提供了管理财务披露的机会,而市场机制和政府监管皆不能消除之。企业管理财务披露的经济动机可以分为契约动机和市场动机。由于股东与企业管理层之间存在基于业绩指标的雇佣契约,企业管理层为了自身效用最大化,有主动生产财务信息并对财务披露进行管理的内在动机。企业在产品市场、资本市场和劳动力市场面临各不相同的成本与收益,对成本与收益的权衡构成了企业财务披露管理的市场动机。国家社会科学基金资助,批准号02cjy00

Pricing of Discretionary Accruals——Evidence from Chinese Security Market

基于应计制核算的净利润和经营活动现金流量之间的差异,可以分为不可操纵应计和可操纵应计,后者为企业管理层提供了一种重要的盈余管理手段。本文利用中国证券市场的数据,证明中国上市公司平均而言通过操纵应计项目进行了正的盈余管理,而且证券市场对可操纵应计作出了价格反应。The difference between accrual-basis accounting income and net cash flow from operations is accruals, which can be divided into undiscretionary (normal) accruals and discretionary (abnormal) accruals. The latter provides an important way for corporate managers to manage earnings. Using data from Chinese security market, we find evidence that on average, Chinese listed companies manage discretionary accruals positively, and the market does price such kind of activities

An Economic Analysis on Accountant Firm's Low-balling Behavior

本文利用两期定价模型,证明了会计师事务所利用低报价招揽新客户是其在市场均衡时的理性选择,并推导出了影响低报价的因素及其符号。This paper uses a two-period model to demonstrate that low-balling is a rational choice for the accountant firms and clients in the market equilibrium, and deduces the key factors influencing such a pricing

帕玛拉特财务舞弊事件分析及其启示

“帕玛拉特就是欧洲的安然!”意大利经济部长特莱蒙蒂如是说。事实的确如此,自美国安然公司掀起会计造假浪潮以来,不少欧洲知名企业也步入其后,相继爆出法国维望迪公司和阿尔斯通公司、荷兰零售商阿霍伊公司、意大利西瑞奥食品公司等财务舞