论文部分内容阅读
基于公司层面的生命周期阶段变量,结合Roychowdhury(2006)提出的销售操控估计方法,本文检验生命周期不同阶段下公司销售操控程度及其经济后果是否存在差异。结果表明:(1)销售操控程度存在显著的生命周期效应,在生命周期各阶段呈现出U型分布:导入期和衰退期的销售操控程度最高,淘汰期和增长期次之,成熟期最低。(2)销售操控的经济后果也存在显著的生命周期效应,同样呈现出U型分布:导入期和衰退期销售操控对未来业绩的负面影响最小,淘汰期和增长期次之,成熟期的负面影响最大。本文的研究结论不仅提供了销售操控影响因素和经济后果方面的经验证据,而且对于透析企业生命周期的作用机理具有重要的实践意义。
Based on the lifecycle stage variables at the company level, and combining with the sales manipulation estimation method proposed by Roychowdhury (2006), this paper examines whether the degree of company sales control and its economic consequences are different at different stages of the life cycle. The results showed that: (1) There was a significant life-cycle effect on the degree of sales control. U-shaped distributions were observed in all stages of the life cycle: the sales control during the introduction period and the recession period were the highest, the elimination period and the growth period were the second, and the maturity period was the lowest. (2) There is also a significant life-cycle effect on the economic consequences of sales control. U-shaped distributions are also found in the economic consequences of sales control. Sales operations during the introduction phase and the recession period have the least adverse impact on future performance, elimination phase and growth phase, negative maturity most influential. The conclusions of this study not only provide empirical evidence on the influencing factors and economic consequences of sales control, but also have important practical significance for the mechanism of dialysis enterprise life cycle.