文献解读：盈余管理与盈余质量——理论与证据

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我们在做实证研究时经常会对“盈余质量”进行度量，从盈余持续性的角度看，波动性较小、持续性较高的盈余一般认为是高质量的，那么企业外部信息使用者（比如投资者）观测到的盈余波动性，到底是企业真实经营活动的波动还是会计报告偏差所带来的波动？两者的影响程度各自如何？为了回答会计领域的这一基本问题，本期向大家介绍TAR最新接受发表的一篇关于盈余质量的理论和实证估计相结合的文章，这篇论文在理论上进行了探讨，并对理论模型进行了估计，具体如下：

Earnings Management and Earnings Quality: Theory and Evidence

Anne Beyer

Stanford University

Ilan Guttman

New York University

Iván Marinovic

Stanford University

Abstract: We study a dynamic model of earnings management and provide predictions about the time-series properties of earnings quality and reporting bias. Our model distinguishes between two components of investor uncertainty: fundamental economic uncertainty and information asymmetry between the manager and investors due to reporting noise. We estimate the model to empirically separate these two components of investor uncertainty. We find that (i) the null hypothesis of zero reporting bias is rejected; (ii) the ratio of the variance of the noise introduced by the reporting process to the variance of earnings shocks is on average 45%, (iii) the reporting noise plays a significantly less prominent role in valuation, due to the persistence of shocks to economic earnings, (iv) the magnitude of investors' uncertainty created by reporting noise about firms' assets-in-place and about future earnings is similar; and (v) ignoring the possibility of reporting distortions would bias the estimates of variance and persistence of economic earnings.

Keywords: Earnings Management, Earnings Quality, Structural Estimation

Accepted: 08.31, 2018; Received: October 23, 2015

Article Citation: Anne Beyer, Ilan Guttman, and Iván Marinovic (2018) Earnings Management and Earnings Quality: Theory and Evidence. The Accounting Review In-Press.

https://doi.org/10.2308/accr-52282