19世纪中期的盈利质量:中亚案例

A. Nauruzbayev, M. Berniyazova
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摘要

本研究的目的。2021 年,Gong & Choi 研究了国家所有权对会计质量的影响。近年来,国有股权与收益管理之间的正相关关系有所减弱,这是混合所有制改革卓有成效的结果[1]。我们的研究是一项事件研究,旨在评估 COVID-19 在部分国有企业盈利质量变化方面对全国 IPO/SPO 计划结果的影响。我们分析了 2009-2021 年期间的 572 个非平衡面板年观测值。样本数据来自 KASE 证券交易所的不同行业人口,不包括金融机构和投资控股公司。为了估计收益质量,我们结合了权责发生制收益管理的卡兹尼克现金流模型和实际活动收益管理的罗伊乔杜里总体模型[2; 3]。我们发现,COVID-19 对部分国有企业的盈利质量产生了积极影响,而且与 100%所有的私营企业和国有企业的盈利质量相比,其影响更为强烈。尽管 COVID-19 带来了直接的积极影响,但在 COVID-19 后的 2021 年,部分国有企业(政府持股 50-99% 的企业)的盈利质量却下降到了 100%私营/国有企业的水平。我们的研究是哈萨克斯坦 2009-2021 年收益质量动态分析与 COVID-19 影响评估的首次尝试之一。作为一项切实可行的建议,我们的研究结果可纳入国家首次公开募股(IPO)/首次公开发行股票(SPO)计划,作为影响部分国有企业盈利质量趋势的红色工具。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
EARNINGS QUALITY DURING COVID-19: CENTRAL ASIAN CASE
The purpose of this research. In 2021 Gong & Choi investigated the eff ect of State ownership on Accounting quality. Positive relationship between State ownership and Earnings management has weakened in recent years, which is the result of the eff ective mixed-ownership reform [1]. Our research is an event study to assess the impact of COVID-19 on the National IPO/SPO Program results in terms of Earnings quality changes in partial state-owned enterprises.Methodology. We analyze 572 unbalanced panel fi rm-year observations during 2009-2021period. Sample data is extracted from KASE Stock Exchange population across diff erent industries excluding fi nancial institutions and investment holdings. To estimate Earnings quality, we combine Kasznik cash fl ow model for accrual-based Earnings management and Roychowdhury aggregate model for real activity Earnings management [2; 3].Findings. We found that COVID-19 positively aff ected Earnings quality in partially state-owned companies and its eff ect was stronger compared to Earnings quality in 100 % owned private and state enterprises. Despite such the immediate and positive reaction, in post COVID-19 2021 year, Earnings quality deteriorated in partial state-owned companies (with 50-99 % Government ownership) up to the level of 100 % private/state companies.Originality / value of the research. Our study is among the fi rst attempts to analyze Earnings quality dynamics over 2009-2021 horizon in Kazakhstan with the assessment of COVID-19 impact. As a practical recommendation, our research fi ndings could be integrated into the National IPO/SPO Program as a red fl ag to impact Earnings quality trend in partial state-owned enterprises.
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