| Due to a series of advantages of listed companies compared with unlisted companies,maintaining the listing qualification has become a valuable "shell" resource for many listed companies in China.However,China's Shanghai and shenzhen securities exchange the unique system of ST(Special treatment),it is to point to in the stock market,when the listed company financial or other aspects,its shares trade fair shall apply the system of Special treatment,through the stock with "ST" mark to remind investors when choosing the stock,the stock is there is a big risk,so that it can achieve the purpose of protection of investors.Therefore,in order to avoid the risk of delisting,some ST enterprises that have "continuous losses or other abnormal conditions" lose their precious "shell" resources.These enterprises usually use various methods to improve their reported profits.However,it is extremely difficult for ST enterprises to turn around losses before the end of the year through normal operating means.Combined with our country capital market started relatively late compared with western developed countries,listed in the system and other related laws and regulations are not perfect,lead to the ST in the practical application to choose accounting standards for enterprises have great flexibility,has led to this kind of enterprise accounting information can not be effectively disclosure,cannot reasonable regulation,it is to take the surplus management means to regulate the profits of listed companies provide opportunities,thus the vast majority of ST companies will often use a series of means of earnings management to achieve profitability,the purpose of the negative to positive,avoid being special treatment to Retain the qualifications of listed company.Based on ST system under the background,and on the basis of relevant theories,to under huge pressure to Retain the qualifications of listed company,suit case,case study mainly analyzes the *ST Youfu under 2017-2018 through asset impairment provision,non-recurring profit and loss and the affiliated party transactions,and cost control for earnings management,and achieved the purpose of Get rid of special treatment,and analyzes the *ST Youfu suits the motives of earnings management,technique,conditions and degree,finally discusses the economic effect after earnings management.Based on the analysis of the case company,study*ST Youfu under will be delisted alert after using the technique of a series of earnings management company to beautify the profit,net profit was promoted,make the enterprise temporary crossing the delisting crisis,indeed to a certain extent,also let the company business performance improved,achieve the goal of "Shell-keeping",but the company's operating activities net cash flow is negative,that too much use of the accrued items to manipulate profits without directly enhance the level of performance,in order to protect the city and ignore their real surplus situation,at the same time also means ST system loophole,removable cap condition is relatively loose,Regulators have not to evaluate the company's key indicators,and so on,so this article at the end of ST companies earnings management under the "Shell-keeping" and the phenomenon of earnings management in our country obtains enlightenment forward related Suggestions: perfecting our country's accounting standards,improving the ST delisting "Shell-keeping" related party transactions and ST threshold,standardization of ST enterprise " Retain the qualifications of listed company " should pay attention to their own business.In this way,many ST companies can be promoted to make efficient use of earnings management techniques to "Get rid of special treatment and Shell-keeping". |
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