1、外文文献翻译原文EARNINGSMANAGEMENTUSINGDISCONTINUEDOPERATIONSWHENMAKINGFIRMVALUATIONDECISIONS,INVESTORSPLACEAHIGHERVALUEONITEMSOFINCOMEEXPECTEDTOBEPERSISTENTINTHEFUTUREPRESUMABLYTOAIDUSERSVALUATIONDECISIONS,GAAPGENERALLYREQUIRESTHATMATERIALNONRECURRINGITEMSBESEPARATELYDISCLOSEDINTHEFINANCIALSTATEMENTSHOWEVE
2、R,THESEPARATIONOFNETINCOMEINTORECURRINGANDNONRECURRINGCOMPONENTSALSOGIVESMANAGERSTHEOPPORTUNITYTOMISLEADINVESTORS,BYMISCLASSIFYINGINCOMEANDEXPENSEITEMSFOREXAMPLE,AMANAGERWANTINGTOINCREASEFIRMVALUATIONCANMISCLASSIFYRECURRINGEXPENSESASNONRECURRING,MISLEADINGINVESTORSASTOTHEPERSISTENCEOFTHEINCOMEINCREA
3、SEINTHEACCOUNTINGLITERATURE,THISTYPEOFEARNINGSMANAGEMENTISCALLEDCLASSIFICATIONSHIFTINGMCVAY_2006_DISCUSSESTWOREASONSWHYCLASSIFICATIONSHIFTINGCANBEARELATIVELYLOWCOSTMETHODFORMANAGINGEARNINGSFIRST,UNLIKEACCRUALMANAGEMENTORREALACTIVITYMANIPULATION,THEREISNO“SETTLINGUP”INTHEFUTUREFORPASTEARNINGSMANAGEME
4、NTIFAMANAGERDECIDESTOINCREASEEARNINGSUSINGINCOMEINCREASINGACCRUALS,THEN,ATSOMEPOINT,THESEACCRUALSMUSTREVERSETHEREVERSALOFTHESEACCRUALSREDUCESFUTUREREPORTEDEARNINGSIFAMANAGERDECIDESTOINCREASEEARNINGSBYMANAGINGREALACTIVITIES,SUCHASREDUCINGRESEARCHANDDEVELOPMENTEXPENDITURES,THENTHISLIKELYLEADSTOFEWERIN
5、COMEPRODUCINGPROJECTSANDREDUCEDEARNINGSINTHEFUTUREINCONTRAST,CLASSIFICATIONSHIFTINGINVOLVESSIMPLYREPORTINGRECURRINGEXPENSESINANONRECURRINGCLASSIFICATIONONTHEINCOMESTATEMENT,HAVINGNOIMPLICATIONSFORFUTUREEARNINGSSECOND,BECAUSECLASSIFICATIONSHIFTINGDOESNOTCHANGENETINCOME,ITISPOTENTIALLYSUBJECTTOLESSSCR
6、UTINYBYAUDITORSANDREGULATORSTHANFORMSOFEARNINGSMANAGEMENTTHATCHANGENETINCOMEDISCONTINUEDOPERATIONSREPRESENTTHEINCOMEANDCASHFLOWSOFAPORTIONOFACOMPANYTHATHASBEEN_ORWILLBE_DISCONTINUEDFROMTHECONTINUINGOPERATIONSOFTHECOMPANYUNDERSFASNO144,THEGAINORLOSSFORDISCONTINUEDOPERATIONSISCOMPRISEDOFTHREEAMOUNTSTH
7、EFIRSTAMOUNTISTHEOPERATINGINCOMEORLOSSFROMTHEOPERATIONSOFTHECOMPONENTBEINGDISCONTINUEDFORTHEENTIREYEARINWHICHTHEDECISIONTODISCONTINUEISMADETHESECONDAMOUNTISTHEGAINORLOSSFROMDISPOSAL,WHICHISTHENETAMOUNTREALIZEDOVERTHECARRYINGVALUEOFNETASSETSOFTHECOMPONENTTHETHIRDAMOUNTISANIMPAIRMENTLOSSONTHE“ASSETSHE
8、LDFORSALE”IFTHECOMPONENTISNOTDISPOSEDINTHESAMEYEARASTHEDECISIONTODISCONTINUE5THERESULTSOFDISCONTINUEDOPERATIONSAREREPORTEDONTHEINCOMESTATEMENTASASEPARATEITEM_NETOFTAXEFFECTS_AFTERINCOMEFROMCONTINUINGOPERATIONSTHE“BELOWTHELINE”REPORTINGOFDISPOSALSASDISCONTINUEDOPERATIONSISLIKELYPERCEIVEDTOBEDESIRABLE
9、FORINVESTORS,BECAUSEITCOMMUNICATESTOTHEMTHERESULTSOFAFIRMSOPERATIONSONA“WITHANDWITHOUT”BASISHOWEVER,ITCOULDBEDETRIMENTALTOINVESTORSIFMANAGERSUSETHEIRREPORTINGDISCRETIONTOMANAGEEARNINGSWHENREPORTINGDISCONTINUEDOPERATIONSFOREXAMPLE,MANAGERSCOULDALLOCATENORMALOPERATINGEXPENSESTODISCONTINUEDOPERATIONSIN
10、ORDERTOREPORTINCREASEDINCOMEFROMCONTINUINGOPERATIONSMANAGERSHAVEDISCRETIONOVERTHEALLOCATIONOFJOINTCOSTSBETWEENCONTINUINGANDDISCONTINUEDOPERATIONS,ANDTHISINFORMATIONISNOTNORMALLYAVAILABLETOEXTERNALINVESTORSITISDOUBTFULTHATAUDITORSWOULDDETECTTHISMANIPULATIONDURINGTHEIRANALYTICALREVIEWBECAUSETHECOMPANY
11、SFINANCIALRATIOSWOULDBESIMILARTOWHATTHEYWEREPREVIOUSLYTHEABILITYOFASSETDISPOSALSTOBECLASSIFIEDASDISCONTINUEDOPERATIONSHASVARIEDTHROUGHOUTTIMEUNDERAPBOPINIONNO30_APB1973_,ONLYDISPOSITIONSOFBUSINESS“SEGMENTS”WEREABLETOQUALIFYFORREPORTINGASDISCONTINUEDOPERATIONSINGENERAL,BUSINESSSEGMENTSWEREDEFINEDASAM
12、AJORLINEOFBUSINESSORACUSTOMERCLASSTHEFASBBELIEVEDTHATINVESTORSWOULDBENEFITFROMEXPANDEDAPPLICATIONOFTHEACCOUNTINGANDDISCLOSURERULESOFDISCONTINUEDOPERATIONSANDISSUEDSFASNO144,ACCOUNTINGFORTHEIMPAIRMENTORDISPOSALOFLONGLIVEDASSETS_FASB2001A_SFASNO144REDUCEDTHETHRESHOLDFORRECOGNITIONOFDISCONTINUEDOPERATI
13、ONSTREATMENTBYINTRODUCINGTHE“COMPONENTOFANENTITY”CONCEPTACOMPONENTOFANENTITYISDISTINGUISHABLEFROMTHERESTOFTHEENTITYBECAUSEITHASITSOWNCLEARLYDEFINEDOPERATIONSANDCASHFLOWSACOMPONENTOFANENTITYCANBEAREPORTABLESEGMENT,ANOPERATINGSEGMENT_ASDEFINEDBYSFASNO131,FASB1997_,AREPORTINGUNIT_ASDEFINEDBYSFASNO142,F
14、ASB2001B_,ASUBSIDIARY,ORANASSETGROUPTHISREDUCTIONINTHETHRESHOLDFORDISCONTINUEDOPERATIONSHASALLOWEDFORMOREASSETDISPOSALSTOBECLASSIFIEDASDISCONTINUEDOPERATIONSCONSEQUENTLY,THEFASBMAYHAVEINADVERTENTLYGIVENMANAGERSMOREDISCRETIONTOMANAGEEARNINGS,POTENTIALLYREDUCINGTHEQUALITYOFREPORTEDEARNINGSINADDITIONTO
15、THE“COMPONENTOFANENTITY”REQUIREMENT,SFASNO144MANDATEDTWOOTHERREQUIREMENTSFORANASSETDISPOSALTOQUALIFYFORTREATMENTASADISCONTINUEDOPERATIONTHEFIRSTREQUIREMENTISTHATTHEOPERATIONSANDCASHFLOWSOFTHECOMPONENTBEINGDISPOSEDARECOMPLETELYSEPARABLEFROMTHESELLERSCONTINUINGOPERATIONSTHESECONDREQUIREMENTISTHATTHESE
16、LLERHASNOSIGNIFICANTINVOLVEMENTWITHTHECOMPONENTAFTERTHESALEINTHEORY,THEAPPLICATIONOFTHESEREQUIREMENTSAPPEARSSTRAIGHTFORWARDHOWEVER,SFASNO144DIDNOTCLEARLYDEFINETHEMEANINGOFSIGNIFICANTINVOLVEMENTINPRACTICE,MANYASSETDISPOSALSINVOLVECONTRACTUALTERMSSELLERFINANCING,RETAINEDEQUITYBYTHESELLER,ROYALTIESPAID
17、TOTHESELLERBYTHEBUYER,SERVICEAGREEMENTS,ETCTHEINCLUSIONOFTHESETERMSINTHEASSETDISPOSALCONTRACTCOULDBEINTERPRETEDASSIGNIFICANTINVOLVEMENTBYTHESELLERINORDERTOPROVIDEBETTERGUIDANCEONTHEMEANINGOFTHETERM“SIGNIFICANTINVOLVEMENT,”THEFASBISSUEDEITF0313_FASB2004_ASAGUIDEFORDETERMININGWHETHERANENTITYRETAINSSIG
18、NIFICANTINVOLVEMENTORRECEIVESCASHFLOWSINSHORT,IFAFIRMRECEIVESMATERIALDIRECTCASHFLOWSFROMTHEDISCONTINUEDOPERATIONSORMAINTAINSSIGNIFICANTCONTINUINGINVOLVEMENT,THENTHEDISPOSALDOESNOTQUALIFYASADISCONTINUEDOPERATIONEITF0313TOOKEFFECTIN2005BUTCOULDBEADOPTEDASEARLYAS2004ITSHOULDBENOTEDTHAT,WHILETHERECOGNIT
19、IONCRITERIAFORDISCONTINUEDOPERATIONSAREWELLDEFINEDINGAAP,THECOSTSTOBEALLOCATEDTOTHEDISCONTINUEDOPERATIONSARENOTACCOUNTINGTREATMENTFORDISCONTINUEDOPERATIONSISALSOAGLOBALACCOUNTINGISSUESIMILARTOAPBNO30,IFRS5,NONCURRENTASSETSHELDFORSALEANDDISCONTINUEDOPERATIONS_IASB2004_DEFINESADISCONTINUEDOPERATIONASA
20、SEPARATEMAJORLINEOFBUSINESSORGEOGRAPHICALAREAOFOPERATIONSIFRS5ALSOREQUIRESDETAILEDDISCLOSUREOFREVENUE,EXPENSES,PRETAXPROFITORLOSS,ANDTHERELATEDINCOMETAXEXPENSE,EITHERINTHENOTESORONTHEFACEOFTHEINCOMESTATEMENTCURRENTLY,BOTHTHEFASBANDTHEIASBAREWORKINGTOWARDACONVERGEDACCOUNTINGDEFINITIONANDTREATMENTFORD
21、ISCONTINUEDOPERATIONS,WITHBOTHBOARDSISSUINGPROPOSALSAMENDINGSFASNO144ANDIFRS5,RESPECTIVELYINCLOSING,MATERIALASSETDISPOSALSAREREPORTEDONTHEINCOMESTATEMENTASDISCONTINUEDOPERATIONSIFTHEYMEETTHEREQUIREMENTSOFSFASNO144_ORAPBNO30FORDISPOSALSPRIORTO2002_ANDLIKELYREPORTEDASSPECIALITEMSIFTHEYDONOTEITHERINCOM
22、ESTATEMENTCLASSIFICATIONGIVESMANAGERSTHEOPPORTUNITYTOENGAGEINCLASSIFICATIONSHIFTINGPRIORRESEARCHPROVIDESEVIDENCETHATSPECIALITEMSAREUSEDFORCLASSIFICATIONSHIFTINGSINCETHERECOGNITIONCRITERIAFORDISCONTINUEDOPERATIONSAREBETTERDEFINEDINTHEACCOUNTINGSTANDARDSTHANFORSPECIALITEMS,THISMAYGIVEMANAGERSLESSFLEXI
23、BILITYTOMANAGEEARNINGSUSINGCLASSIFICATIONSHIFTINGFOREXAMPLE,ITMAYNOTBEPOSSIBLEFORMANAGERSTOTIMETHERECOGNITIONOFDISCONTINUEDOPERATIONSTOCOINCIDEWITHAPERIODDURINGWHICHEARNINGSMANAGEMENTISDESIREDCONSEQUENTLY,WHETHERMANAGERSUSEDISCONTINUEDOPERATIONSFOREARNINGSMANAGEMENTPURPOSESISANEMPIRICALEARNINGSMANAG
24、EMENTISONEOFTHEMOSTSTUDIEDAREASINFINANCIALACCOUNTINGRESEARCHPREVIOUSSTUDIESDOCUMENTTHATEARNINGSMANAGEMENTCANBECARRIEDOUTTHROUGHACCRUALMANAGEMENT_EG,DECHOWETAL1995PAYNEANDROBB2000_,REALACTIVITYMANAGEMENT_EG,DECHOWANDSLOAN1991BUSHEE1998ROYCHOWDHURY2006_,8ORCLASSIFICATIONSHIFTING_RONENANDSADAN1975BARNE
25、AETAL1976MCVAY2006FANETAL2010_HOWEVER,INCREASINGCURRENTEARNINGSUSINGTHEFORMERTWOMETHODSHASTHEPOTENTIALOFREDUCINGFUTUREEARNINGSSINCECLASSIFICATIONSHIFTINGSIMPLYMOVESCERTAINREVENUES,EXPENSES,GAINS,ANDLOSSESTODIFFERENTLINEITEMSONTHEINCOMESTATEMENT,ITDOESNOTACTUALLYCHANGENETINCOMEASARESULT,CLASSIFICATIO
26、NSHIFTINGISLIKELYTOBELESSCOSTLYANDLESSSCRUTINIZEDBYAUDITORSANDREGULATORS_NELSONETAL2002_9PREVIOUSSTUDIESHAVELARGELYFOCUSEDONEARNINGSMANAGEMENTUSINGACCRUALSANDREALACTIVITYMANAGEMENTRELATIVELYFEWSTUDIESHAVEEXAMINEDEARNINGSMANAGEMENTTHROUGHCLASSIFICATIONSHIFTINGRONENANDSADAN_1975_CONTENDTHATTHEDIMENSIO
27、NSANDOBJECTSOFINCOMESMOOTHINGARECLOSELYASSOCIATEDTHEYALSOREASONTHAT,IFTHESMOOTHINGOBJECTISNETINCOME,THENCLASSIFICATIONSHIFTINGISIRRELEVANTHOWEVER,IFTHESMOOTHINGOBJECTISANYINCOMESUBTOTALOTHERTHAN“BOTTOMLINE”NETINCOME,THENMANAGERSHAVEANINCENTIVETOENGAGEINCLASSIFICATIONSHIFTINGTHISBEGSTHEQUESTIONOFWHIC
28、HINCOMESUBTOTALSINTERESTINVESTORSLIPE_1986_DOCUMENTSTHATINVESTORSUNDERSTANDTHEFUTUREEARNINGSIMPLICATIONSBETWEENTHEDIFFERENTEARNINGSCOMPONENTSREPORTEDONTHEINCOMESTATEMENTBRADSHAWANDSLOAN_2002_PROVIDEEVIDENCEOF“STREETEARNINGS”_IE,MODIFIEDGAAPEARNINGSWITHNONCASHANDNONRECURRINGITEMSEXCLUDED_REPLACINGGAA
29、PEARNINGSASONEOFTHEPRIMARYDETERMINANTSOFSTOCKPRICETOGETHER,THESESTUDIESPROVIDEEVIDENCEOFINVESTORSINTERESTINRECURRINGINCOMESUBTOTALSRATHERTHAN“BOTTOMLINE”NETINCOMETHATINCLUDESNONRECURRINGITEMSIFINVESTORSVALUERECURRINGEARNINGSHIGHERTHANNONRECURRINGEARNINGS,THENMANAGERSHAVEANINCENTIVETOMISCLASSIFYOPERA
30、TINGEXPENSESASNONRECURRINGEXPENSES,TOINCREASERECURRINGINCOMESUBTOTALSALTHOUGHONECANNOTOBSERVEWHICHINCOMESTATEMENTSUBTOTALSINVESTORSUSE,WEFOLLOWMCVAY_2006_INASSUMINGTHATCOREEARNINGSISTHEMANAGEDSUBTOTALHOWEVER,USINGDISCONTINUEDOPERATIONSTOINCREASECOREEARNINGSALSOINCREASESINCOMEFROMCONTINUINGOPERATIONS
31、ANDOTHER“ABOVETHELINE”EARNINGSSUBTOTALSONEOFTHEEARLIESTSTUDIESINTHEAREAOFCLASSIFICATIONSHIFTINGISRONENANDSADAN_1975_THEYFINDEVIDENCECONSISTENTWITHMANAGERSUSINGEXTRAORDINARYITEMSTOSMOOTHEARNINGSBEFOREEXTRAORDINARYITEMSBARNEAETAL_1976_EXTENDTHISLINEOFRESEARCHBYPROVIDINGEVIDENCETHATMANAGERSALSOUSEEXTRA
32、ORDINARYITEMSTOSMOOTHOPERATINGINCOMETAKENTOGETHER,THESESTUDIESPROVIDEEVIDENCETHATMANAGERSAREINTERESTEDINMANAGINGMULTIPLEINCOMESTATEMENTSUBTOTALS,PRESUMABLYBECAUSEINVESTORSVALUEVARIOUSINCOMESTATEMENTSUBTOTALSDIFFERENTLYWHILETHEABOVESTUDIESPROVIDEEVIDENCEOFEARNINGSMANAGEMENTUSING“BELOWTHELINE”INCOMEST
33、ATEMENTITEMS,THEYDONOTEXAMINETHEMOTIVATIONSBEHINDCLASSIFICATIONSHIFTINGKINNEYANDTREZEVANT_1997_INVESTIGATEWHETHERMANAGERSUSESPECIALITEMSOPPORTUNISTICALLYTOMANAGEBOTHEARNINGSANDINVESTORSPERCEPTIONSTHEYFINDTHATINCOMEDECREASINGSPECIALITEMSAREMORELIKELYTOBEREPORTEDASLINEITEMSONTHEINCOMESTATEMENT,PRESUMA
34、BLYTOCALLATTENTIONTOTHETRANSITORYNATUREOFTHEEARNINGSDECREASECAUSEDBYTHESEITEMSTHEYALSOFINDTHATINCOMEINCREASINGSPECIALITEMSAREMORELIKELYTOBEREPORTEDINTHEFOOTNOTESTOTHEFINANCIALSTATEMENTS,PRESUMABLYTOSHIFTATTENTIONAWAYFROMTHETRANSITORYNATUREOFTHEEARNINGSINCREASECAUSEDBYTHESEITEMSTHEIRFINDINGSSUGGESTTH
35、ATMANAGERSBEHAVEOPPORTUNISTICALLYWHENDISCLOSINGSPECIALITEMSHOWEVER,RIEDLANDSRINIVASAN_2010_FURTHEREXAMINEMANAGERSREPORTINGBEHAVIORREGARDINGSPECIALITEMSTHEYFINDTHATSPECIALITEMSSEPARATELYDISCLOSEDONTHEINCOMESTATEMENTHAVEALOWERPERSISTENCETHANSPECIALITEMSDISCLOSEDINTHEFINANCIALSTATEMENTFOOTNOTESTHEIRRES
36、ULTSARECONSISTENTWITHMANAGERSUSINGFINANCIALSTATEMENTPRESENTATIONTOASSISTINVESTORSINEVALUATINGTHEPERSISTENCEOFSPECIALITEMSTHISEVIDENCEOFFERSANALTERNATIVEEXPLANATIONFORTHEMANAGERIALOPPORTUNISMDETECTEDBYKINNEYANDTREZEVANT_1997_MCVAY_2006_INVESTIGATESWHETHERMANAGERSENGAGEINCLASSIFICATIONSHIFTING,BYREPOR
37、TINGCOREEXPENSESININCOMEDECREASINGSPECIALITEMSSHEUSESANEXPECTATIONMODELTOSEPARATECOREEARNINGS,DEFINEDASOPERATINGINCOMEBEFOREDEPRECIATIONANDAMORTIZATION,INTOEXPECTEDANDUNEXPECTEDCOMPONENTSSHEFINDSSPECIALITEMSAREPOSITIVELYASSOCIATEDWITHCONTEMPORANEOUSUNEXPECTEDCOREEARNINGSANDNEGATIVELYASSOCIATEDWITHTH
38、EUNEXPECTEDCHANGEINFUTURECOREEARNINGSTHESERESULTSARECONSISTENTWITHHERHYPOTHESISTHATMANAGERSSHIFTOPERATINGEXPENSESTOSPECIALITEMSSHEALSOPROVIDESEVIDENCESUGGESTINGTHATMANAGERSMOTIVATIONFORCLASSIFICATIONSHIFTINGISTOMEETORBEATANALYSTSFORECASTSINADDITION,SHEFINDSANEGATIVESTOCKPRICEREACTIONTOTHEREVERSALOFU
39、NEXPECTEDCOREEARNINGS,INDICATINGTHATINVESTORSDONOTUNDERSTAND_ORARENOTABLETOFULLYUNDO_THEEARNINGSMANAGEMENTONEDRAWBACKTOTHECOREEARNINGSEXPECTATIONMODELUSEDBYMCVAY_2006_ISTHEUSEOFCONTEMPORANEOUSACCRUALS_INCLUDINGACCRUALSRELATEDTOSPECIALITEMS_ASACONTROLFORFIRMPERFORMANCETHEINCLUSIONOFSPECIALITEMACCRUAL
40、SINTHEEXPECTATIONMODELCREATESAPOTENTIALBIASINFAVOROFHERHYPOTHESESSHEACKNOWLEDGESTHERELIANCEONANIMPERFECTMODELISALIMITATIONOFHERSTUDYFANETAL_2010_EXTENDSMCVAYS_2006_COREEARNINGSEXPECTATIONMODELSBYCONTROLLINGFORPERFORMANCEUSINGRETURNSANDLAGGEDRETURNSRATHERTHANCONTEMPORANEOUSACCRUALS,THUSELIMINATINGANY
41、POTENTIALBIASTHEYCONFIRMMCVAYS_2006_FINDINGSTHATMANAGERSSHIFTCOREEXPENSESTOINCOMEDECREASINGSPECIALITEMSUSINGQUARTERLYDATA,THEYFINDTHATCLASSIFICATIONSHIFTINGUSINGINCOMEDECREASINGSPECIALITEMSISMOREPREVALENTINTHEFOURTHQUARTERTHANINOTHERQUARTERSTHEYALSOFINDTHATCLASSIFICATIONSHIFTINGISMOREPREVALENTWHENMA
42、NAGERSARECONSTRAINEDFROMUSINGINCOMEINCREASINGACCRUALSSOURCEMICHAELPOWERFAIRVALUEACCOUNTING,FINANCIALECONOMICSANDTHETRANSFORMATIONOFRELIABILITYJACCOUNTINGANDBUSINESSRESEARCH2010114197210译文清算企业的盈余管理企业往往喜欢高估账面价值，吸引投资者对其投资。现行会计准则要求企业计入特别项目的数据应单独列报在财务报表中，避免管理者通过计入经常性开支还是非经常性开支来进行盈余管理。例如，企业经营者将取得的收入计入非经常性
43、收入，误导投资者认为是经常性收入，在一定程度上影响投资者的投资决策。企业管理人员将高估的收入计入经常性收入还是非经常性收入来进行盈余管理，就是会计文献中所说的利用分类转移进行盈余管理。麦克韦（2006）主要讨论了盈余管理的动机和方法。首先阐述的是企业虚增当期收入进行盈余管理，如有的经营者利用收到的预收账款确认为当期收入，在发出货物后，结转收入的时候又把以前确认的收入转回，这样还是会影响那一期的会计利润。还有的企业经营者通过少计费用的方法达到盈余管理的目的。以上盈余管理虽然可以调节当期的会计利润，但是还是会影响未来期间的会计利润。而利用分类转移进行盈余管理就不会影响未来期间的会计利润，因为它是当
44、期确认为经常性收入或者非经常性收入进行盈余管理的。判断一个企业停业的标准是是否有持续的现金流流入和是否有持续的主营业务收入。根据SFAS第144号，判断企业停业有三个标准一是在经营期内一直处于亏损状态；二是被出售的资产在扣除通货膨胀率后还是明显低于其账面价值；三是资产减值的计提将从备抵科目转出，作资产清算处理。清算企业的资产处理，APB30号是这样规定的，出具企业停业证明后，才可处置企业的资产。FASB2001对企业停业的定义为，企业的主要资产被出售，即可认定该企业是停业了。规定中的主要资产并不是指价值量特别大的资产，而是指维持企业正常运营不可或缺的资产。对上述规定，会计准则委员会认为存在许多
45、会计准则漏洞和政策的真空地带，若被企业利用进行盈余管理，会降低了财务报告中会计信息的质量。会计准则第144号规定，根据资产处置来判定企业停业有两个标准，一是大多数资产出售，并且出售的资产直接导致企业无法维持正常的生产，二是出售资产方不具有售后收益权。但是在实际业务处理中，许多资产处置后有合同条款约束，如有的售后合同中规定，出售的资产属于卖方的融资，卖方拥有该资产的股权等。财务会计准则对企业停止运营时处置资产是这样规定的如果被处置资产作为特殊项目列示在报表中的，对该资产需要进行详细地批注。详细批注可以缩小企业盈余管理的空间。在此前的许多研究表明，管理者或者经营者均有把一些资产计入特殊项目，即利用
46、分类转移的会计手段进行盈余操纵，达到修饰公司报表的目的。盈余管理方面的研究还有很多，如佩恩和罗布在2000年发表的实际经济活动管理一书对实际案例的研究，麦克韦2006的发表关于分类转移理论的研究等。其中麦克韦的分类转移理论主要阐述的是利用分类转移进行盈余管理的操作方法，即在不影响当期净收入的情况下，将某些收入、费用、损失计入不同的科目类别。采用分类转移进行盈余管理的主要优势在于，它的成本非常低，而且风险比较小，风险小表现在不易被审计人员和有关监管部门发现。目前利用分类转移进行盈余管理的相关理论研究还是比较少的。罗蒙等（1975）研究认为平滑收入项目与金额大小密切相关。他们认为如果平滑的是净收入
47、则对会计信息影响不大，但是平滑的是其他收入，则有理由认为管理者进行了盈余管理。罗蒙等的研究认为管理人员通过记入特殊项目，或者计入非经常性项目进行盈余管理。斯巴尼亚认为管理人员利用特殊项目平滑营业收入进行盈余管理。总的来说，管理人员一般利用利润表中的相关项目进行盈余管理，影响投资者的决策。特雷兹万特研究认为管理者利用特殊项目平滑各期收益进行盈余管理。他的研究还发现收入增加的特殊项目，管理者会在附件中有详细地说明，似乎想把投资者的注意力吸引到这些项目上，而忽略收入减少的特殊项目。麦克韦（2006）的预期利润模型对折旧、摊销等数据分析后得出这样的结论盈余管理与特殊项目成正相关。虽然他的预期利润模型存
48、在一定的局限性，但特殊项目与盈余管理存在一定关联这一点是可以证明的。范韦等（2010）对麦克韦（2006）提出的预期利润模型进行修正，他们认同麦克韦的研究结果，并从他研究的数据得出这样的结论管理者利用特殊项目进行分类转移进行盈余管理的现象比较普遍。其他文献中也有利用分类转移进行盈余管理的研究，主要归纳为以下三种方法，一是零收入法，二是以前年度损益法，三是分析师预期利润法。基于上述的方法及有关其他学者的理论，我们得出以下三个结论H2A停止运营的企业，管理人员进行盈余管理，主要是美化财务报表，期望给潜在投资者正面的盈利期望，减少负面损失影响。H2B停止运营的企业，管理人员进行盈余管理，主要使报表财
49、务数据美化，使潜在投资者认为企业当期的会计利润比前一期的会计利润高，希望潜在投资者认为企业的盈利水平是逐年增长的。H2C停止运营的企业，管理人员进行盈余管理，美化财务报表，超出潜在投资者的评估师的预期，吸引潜在投资者对其投资。本章主要讨论的是清算企业利用分类转移进行盈余管理。研究的资料是财务报表中的利润表，其中的特殊项目的收益比正常项目平均收益低很多，对此的解释是特殊项目的核算管理人员有自由裁量权。由此可以得出管理人员对特殊项目的开支有很大的自主权。从而推断出管理人员是有机会通过特殊项目的调整来进行盈余管理的。此外，清算企业还利用营业费用来调增主营业务收入，但是清算企业即使利用营业费用修饰报表也不太可能在吸引投资者对其投资了。企业若要停业清算，首先需要管理层决定停业，之后企业才进入清算环节，再讨论针对相关的营业费用等进行分类转移的问题。我们是假设了管理人员先做停止运营的决定，再决定如何分类转移企业的营业费用。并且，我们认为这两个决策是互相独立的。我们这么认为的理由如下理由一是停止企业运营决定是一项非常重要的决定，需要管理人员提交一份关于企业停止运营的报告，再送达董事会批准，才可以认定企业停止运营。理由二是企业停止运营需要支付一些必要的费用，如遣散费、鉴定费、律师费等。理由三是停止运营的决定可能会导致该公司的经营业绩改善，如果预期会发生这种情况，那么该企业在转卖
