SURVEY RESEARCH ON EARNINGS QUALITY: EVIDENCE FROM JAPAN
SURVEY RESEARCH ON EARNINGS QUALITY: EVIDENCE FROM JAPAN
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DOI：
10.1108/s1574-076520190000022007
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发表时间：
2019-01-01
期刊：
影响因子：
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通讯作者：
Nakashima, Masumi
中科院分区：
文献类型：
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作者：
Nakashima, Masumi
本研究重点对日本上市公司首席财务官（CFO）进行了调查，涉及以下六点：盈利质量定义的重要性；更高质量的收益；盈利质量的决定因素；盈余管理的普遍性、规模和动机；影响盈利质量的会计；以及歪曲收入。结果如下：首先，日本首席财务官将盈余质量定义为准确反映经济现实的盈余、准确反映经营成果的盈余、以现金流为支撑的盈余、盈余的可持续性、经常性和一致性、反映长期趋势重要性的盈余。其次，日本公司认为反映长期一致的报告选择的收益质量更高。他们并不认为具有最终以现金流形式实现的应计收益意味着较高的收益质量。第三，日本首席财务官表示，30%的盈利质量受到公司商业模式、行业和宏观经济状况等公司特征的影响。令人惊讶的是，董事会的影响力大于内部控制的影响力。第四，对于盈余质量的决定因素，CFO认为超过70%的日本CFO不允许自由裁量权，而且会计准则限制了他们报告更高盈余质量的能力。第五，日本首席财务官认为，较高的收益受到会计原则的影响，例如将支出与收入相匹配的政策以及尽可能依赖公允价值会计的政策。第六，首席财务官们自己预测，50% 的日本公司会使用自由裁量权，并且会使用 20% 的每股收益 (EPS)。由于存在达到盈利基准的内部和外部压力，日本企业有动机利用盈利来歪曲经济表现，当普遍接受的会计原则的盈利与经营现金流不相关时，日本管理者就会看到危险信号。
This study focuses on a survey of chief financial officers (CFOs) in public firms in Japan concerning the following six points: the importance of the definition earnings quality; higher quality earnings; the determinants of earnings quality; prevalence, magnitude, and motivation of earnings management; accounting that influences earnings quality; and misrepresenting of earnings. The results are following: first, Japanese CFOs define earnings quality as earnings accurately reflecting economic reality, earnings accurately reflecting the results of operations, and earnings backed by cash flows, earnings sustainability, recurring, and consistent, and earnings reflecting long-term trend importance. Second, Japanese firms consider earnings that reflect consistent reporting choices over time as higher quality. They do not consider that earnings having accruals that are eventually realized as cash flow as higher earnings quality. Third, Japanese CFOs indicate that 30% of earnings quality is impacted by firm characteristics such as firm's business model, industry, and macroeconomic conditions. Surprisingly, the influence of the board of directors is greater than the impact of their internal controls. Fourth, as for the determinants of earnings quality, CFOs consider that more than 70% of Japanese CFOs do not allow the discretion and that accounting standards limit their ability to report higher earning quality. Fifth, Japanese CFOs consider that higher earnings are influenced by accounting principles such as policies that match expenses with revenues and policies that rely on fair value accounting as much as possible. Sixth, CFOs themselves predict that 50% of Japanese firms use discretions and that they use 20% of earnings per share (EPS). Since there is inside and outside pressure to hit earnings benchmarks, Japanese firms possess the motivation to use earnings to misrepresent economic performance, Japanese managers see a red flag when generally accepted accounting principle's earnings do not correlate with cash flow from operations.