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2006年颁布的新会计准则改变了母公司对子公司长期股权投资的核算方法,为母公司获得子公司分红收益提供了一定的弹性。本文研究母公司是否利用了这一分红弹性进行利润操纵,进而分析母公司实施上述行为的经济动因。实证结果发现:新会计准则实施后,母公司确实利用了分红弹性,通过影响子公司的分红决策来获取分红收益,以此实现利润操纵。进一步的研究表明,母公司利用分红弹性进行利润操纵是源于子公司分红收益可以增加债务融资规模。
The new accounting standards promulgated in 2006 changed the accounting method of the parent company’s long-term equity investment in subsidiaries and provided some flexibility for the parent company to obtain the dividend income of its subsidiaries. This paper investigates whether the parent company uses the dividend elasticity for profit manipulation and analyzes the economic motivation of the parent company to implement the above behavior. The empirical results show that: After the implementation of the new accounting standards, the parent company did make use of the flexibility of dividend to obtain dividend income by influencing the dividend decision of its subsidiaries so as to realize the profit manipulation. Further research shows that the profit manipulation by the parent company using the dividend elasticity derives from the dividend income from the subsidiaries and can increase the debt financing scale.