A股上市公司变相财务操纵对行业估值的影响

关于上市公司利润操控的相关研究主要是将净利润作为一个事关操控的敏感指标,但在监管与被监管双方努力的博弈下,其可被操纵的潜力已被充分挖掘。从实证角度关注上市公司财务操纵的其他可操作途径,其中就包括一些看似合理的变相财务操纵手段。按照2001年中国证监会公布的《上市公司行业分类指引》,把我国上市企业分为13个行业,对不同行业内企业2003—2013年部分主观可操控的财务指标与其所在行业的平均市盈率进行格兰杰因果检验和回归分析,结果表明,一些行业内企业的部分财务指标与其所在行业的平均市盈率存在领先与滞后关系,并且影响作用显著。

Influence of disguised financial manipulation of Share A listed companies on industry valuation

The relative researches on profit manipulation of listed companies are mainly about the net profit as a sensitive indicator of the manipulation;but under the game between the regulating party and the regulated party, the manipulative potentials of which have been completely excavated. Other operation approaches of financial manipulation of the listed companies are focused from empirical perspective, including some plausible approaches of disguised financial manipulations. In accordance with the Industry Classification Guidelines for Listed Companies published by the China Securities Regulatory Commission in 2001, the listed enterprises in China are divided into 13 industries. Granger causality test and regression analysis are carried out on the partial subjective manipulating financial indexes and the average price-earnings ratio of the industries for the enterprises in different industries form 2003 to 2013. The results show that there exists leading and lagging relationship between some partial financial indexes of enterprises in some industries and the average price-earnings ratio in the industries, and the influences are significant.