발생액 이익조정기준을 이용한 실질이익조정의 식별

초록

The purpose of this paper is to inspect whether the criteria which detect manager's earnings management in prior studies can distinguish the manager's real earnings management activities from the real management activities. According the prior study, in this article we use DAC benchmark, Cross-sectional histogram benchmark and NDNI benchmark to do empirical analysis. To measure the real earnings management, following Roychowdhury(2006), we use abnormal cash flow from operation, abnormal discretionary expense and abnormal production cost as variables. The research method is: first, according the benchmarks we distinguish two groups, upward earnings management and earnings management without upward. To compare the real earnings management variables we do the t-test and Wilcoxon rank-sum test. Second, we inspect the relationship between upswing earnings management and real earnings management with logistic regression analysis. The empirical results are as follows. First, according the variation analysis result of real earnings management variables in the two groups, cross-sectional histogram benchmark can not distinguish real earnings activity very well, but the other two benchmarks can do. According to the prior studies, there is no earnings management in some of the earnings management firms which is distinguished by cross-sectional histogram benchmark. So cross-sectional histogram benchmark has the problem with validity when detect the earnings management. Second, to examine the relationship between upward earnings management and real earnings management variables, the logistic regression make sure cross-sectional histogram benchmark can not distinguish real earnings management very well. Moreover, there are no firm doing real earnings management in the earnings management firms which are distinguished by NDNI benchmark. The final conclusion is that in the benchmarks with earnings management in this study, DAC benchmark can detect real earnings management activities best.

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