بحران مالی و تکنیک هموارسازی سود
محورهای موضوعی : مدیریت صنعتی
Behrooz Ghorbani
1
,
mehrdad ghanbari
2
,
babak jamshidinavid
3
,
Alireza Moradi
4
1 - Accounting Department, Kermanshah Branch, Islamic Azad University, Kermanshah, Iran.
2 - Department of accounting , Kermanshah Branch, Islamic Azad University ,Kermanshah, Iran
3 - Department of accounting , Kermanshah Branch, Islamic Azad University ,Kermanshah, Iran.
4 - Department of economics, Kermanshah Branch, Islamic Azad University, Kermanshah, Iran.
کلید واژه: "فقدان نقدینگی", "هموارسازی سود", "شکست عملیات و ناتوانی ایفای تعهدات, "ورشکستگی", "بحران مالی",
چکیده مقاله :
بحران مالی به عنوان یک فرآیند طولانی مدت است که بر بسیاری از جنبه های مالی و عملیاتی شرکت ها تاثیر می گذارد و سیستم گزارشگری مالی با بکارگیری روش های متفاوت حسابداری نقش اساسی در این فرآیند دارد. هدف این پژوهش، تحلیل بحران مالی با بکارگیری روش هموارسازی سود و درنظرگرفتن اثرات متغیرهای تئوری اثباتی حسابداری می باشد. این پژوهش یک تحقیق تحلیلی از نوع نیمه تجربی می باشد که به لحاظ هدف کاربردی بوده و جزء پژوهش های توصیفی طبقه بندی می گردد. داده های پژوهش با استفاده از نمونه ای شامل 144 شرکت پذیرفته شده در بورس اوراق بهادار تهران، طی دوره 10 ساله (1386 الی 1395) به روش داده های ترکیبی و مدل رگرسیون چند متغیره مورد تحلیل قرار گرفته اند. نتایج حاصل از فرضیه اول تا سوم بیانگر آن است که بین فقدان نقدینگی، ناتوانی در ایفای تعهدات و شکست عملیات با هموارسازی سود رابطه معناداری وجود ندارد و به این دلیل است که شرکت ها در شرایط بحران مالی مذکور توجه بهینه به استفاده از هموارسازی سود نداشته اند. همچنین بین ورشکستگی با هموارسازی رابطه معنادار و معکوس وجود دارد که نشان می دهد شرکت های مواجه با ورشکستگی از طریق هموارسازی سود، بدنبال بهبود شرایط ورشکستگی می باشند.
The financial crisis is a long-term process which affects many financial and operational aspects of companiesand the financial reporting system has played a major role in this process by employing different accounting methods.The purpose of this study is to analyze the financial crisis by applying the method of smoothing the profit and considering the effects of the variables of the positive accounting theory.This research is a semi-experimental analytical researchWhich is applied in terms of purpose and is classified as descriptive research. Data were analyzed using a sample of 144 listed companies in Tehran Stock Exchange,during the period of 10 years (2007 to 2016), the data were combined and the multivariate regression model was analyzed.The results of the first to third hypotheses indicate thatthere is no significant relationship between the lack of liquidity, the inability to fulfill obligations and the failure of the operation with the profit smoothingand the reason for this is that the companies did not pay much attention to the use of smoothing in the context of the financial crisis.There is also a significant and inverse relationship between bankruptcy and profit smoothingwhich shows that companies facing bankruptcy by smoothing the profits seek to improve the conditions of bankruptcy.
Altman, E.I, & Hotchkiss, E. (2005). Corporate Financial Distress and Bankruptcy: Predict
and Avoid Bankruptcy, Analyse and Invest in Distressed Debt: Wiley.
2. - Charitou, A.; Lambertides, N. and Trigeorgis, L. (2015). Distress Risk, Growth and
Earnings Quality. Abacus, 47 (2), 158-181.
3. Cheng, C. S. A. & Li, Sh. (2017). Does Income Smoothing Improve Earnings
Informativeness? A Comparison between the US and China Markets. China Accounting
and Finance Review, 16 (2), 128-147.
4. Darabi, M. & Janati, M. (2016), Evaluating the Effects of Earning Smooth on the
Economic Value Added of Chemical and Pharmaceutical Industries Accepted in Tehran
Stock Exchange. Auditing Knowledge, 16(63), 177-178. (in Persian)
5. Etemadee, H. & Slori, M. (2012). Investigate the Effect of Income Smoothing on Cash
Flows and Future Earnings with respect to Two Variables: Industry Type and Firm Size.
Empirical Research in Financial Accounting, 2 (5), 29- 45. (In Persian).
98 هؼل هذ شٗ زٗ غ قٌش دا طًکذ فل مَ ا سًب دا طًگب آصاد اسلاه اٍحذ س ذٌٌع – سبل س ض٘د نّ / ضوبس 45 /دب ضٗ٘ 1397
6. Fedorova, E.; Gilenko, E.; and S. Dovzhenko. (2016). Bankruptcy Prediction for Russian
Companies: Application of Combined. Expert Systems with Applications, 40(18), 7285-
7293.
7. Filip, A., Raffournier, B. (2012). The impact of the 2008–2009 financial crises on earnings
management: The European evidence. In: Illinois International. Journal of Accounting
Symposium, Ontario Canada, July 5–7. Available in:
https//business.illinois.edu/Zimmerman/wp-content/uploads/sites/56/2015/08/023-
Filip.pdf.
8. Garcia Lara, J.M, Garcia Osma, B. and Neophytou, E. (2009). Earning quality in export
failed firms, Journal of Accounting and Business research, 39 (2), 411-437.
9. Hejazi, R. & Bilandi, Z, (2011). Effect of Growth and Management Reporting Behavior on
Conservatism, Accounting Knowledge, 6, 111-128.
10. Jabarzade, S & Yegane, Kh. & Soltani, A. (2009). investigating the relationship between
financial smoothing and financial distress in Tehran Stock Exchange, Financial Accounting
Quarterly, first year, 2, 60-80. (in Persian)
11. Karami, Gh. & Seidhoseini, S. (2012). The usefulness of accounting information in relation
to market information in predicting bankruptcy, Accounting Knowledge, 3(10), 3-116. (in
Persian)
12. Kia, A & Safari Graili, M. (2017). Ability to compare financial statement, Accrued earning
management, Real profit management, Accounting Knowledge, Vol. 13. (in Persian)
13. Linck, J. S., Netter, J., & Tao, S. (2013). Can Managers use Discretionary Accruals to Ease
Financial Constraints? Evidence from Discretionary Accruals prior to investment.
Accounting Review, 88(6), 2117-2143.
14. Mansorfar, Gh. & Ziaei, R. (2013). Evaluating real profit management and earnings
accounting and conservatism in successful and unsuccessful companies, financial
accounting research, 53, 19-40. (in Persian)
15. Mc Vay, Srah Elizabeth. (2006). Earning Management Using Classification Shifting: An
Examination of Core Earning and Special Items. Accounting Review, 81(3), 501-531.
16. Mcknight, Philip J., & weir, Charlie. (2009). Agency Costs, Corporate governance
mechanisms and ownership structure in large UK publicly quoted companies: A Panel data
analysis. The Quarterly review of Economics and finance, 49(2), 139-158.
17. Namazi, M. (2005). Investigating the applications of representation theory in management
accounting, Journal of Social Sciences and Human Sciences, Shiraz University, Twentysecond
period, 2, 148-164. (in Persian)
18. Newton, G. W.(2010). Bankruptcy and Insolvency Accounting, practice and
procedure.Volume1, John Wiley & Sons, Seventh Edition.
19. Poorzamani, Z & Poyanrad, M. (2012), Investigating the relationship between earnings
management and financial disability of companies in Tehran Stock Exchange. Financial
Knowledge Quarterly, 16, 77-88. (in Persian)
20. Pryscheya,o., Aretz., & Banerjee, S. (2013). Can investors restrict managerial behaviour in
distressed firms? Journal of corporate finance, 23, 222-239.
ثحشاى هبل سک کٌ٘ وّ اَسسبص س دَ 91
21. Rahmani, A. & Ramesheh, M. (2013). An alternative relationship between accrual-based
profit management and real-life management, Accounting and auditing reviews, 74, 39-60.
(in Persian)
22. Rosner, R. L. (2003). Earning Manipulation in Failing Firms”. Contemporary Accounting
Research, 20(2), 361-408.
23. Saghafi, A. & Mohammadi, A. (2012). Future cash flows, unusual accruals and bankruptcy
risk, Financial Accounting Research, 3(4), 1-12.
24. Saghfi, A. & Jmalianpoor, M. (2013). Unexpected accruals, distortion of profit stability
and financial crisis, Accounting Knowledge, 4, 7-34. (in Persian)
25. Seidnejhad fahim, S. & Eghdami, S. & Jozebarkand, M. (2015). Auditing Knowledge, 59,
177-178. (in Persian)
26. Taleb Beydokhti, A., Vadiee, M. H. & Kazeroni, A. (2011). The Impact of Income
Smoothing on the Information Content of Earnings. Financial Accounting and Auditing
Researches, 3 (9), 167-191. (in Persian)
27. Valipoor, H. & Talebnia, Gh. Javanmard. (2013). Effect of Earnings Management on the
Quality of Earnings of Companies with Financial Crisis, Accounting Knowledge, 13, 75-
103. (in Persian)
28. Zmijewski, M. E., & Hagerman, R. L. (1981). An Income Strategy Approach to the
Positive Theory of Accounting Standard Setting/Choice. Journal of Accounting &
Economics, 3(2), 129-149.
Altman, E.I, & Hotchkiss, E. (2005). Corporate Financial Distress and Bankruptcy: Predict
and Avoid Bankruptcy, Analyse and Invest in Distressed Debt: Wiley.
2. - Charitou, A.; Lambertides, N. and Trigeorgis, L. (2015). Distress Risk, Growth and
Earnings Quality. Abacus, 47 (2), 158-181.
3. Cheng, C. S. A. & Li, Sh. (2017). Does Income Smoothing Improve Earnings
Informativeness? A Comparison between the US and China Markets. China Accounting
and Finance Review, 16 (2), 128-147.
4. Darabi, M. & Janati, M. (2016), Evaluating the Effects of Earning Smooth on the
Economic Value Added of Chemical and Pharmaceutical Industries Accepted in Tehran
Stock Exchange. Auditing Knowledge, 16(63), 177-178. (in Persian)
5. Etemadee, H. & Slori, M. (2012). Investigate the Effect of Income Smoothing on Cash
Flows and Future Earnings with respect to Two Variables: Industry Type and Firm Size.
Empirical Research in Financial Accounting, 2 (5), 29- 45. (In Persian).
98 هؼل هذ شٗ زٗ غ قٌش دا طًکذ فل مَ ا سًب دا طًگب آصاد اسلاه اٍحذ س ذٌٌع – سبل س ض٘د نّ / ضوبس 45 /دب ضٗ٘ 1397
6. Fedorova, E.; Gilenko, E.; and S. Dovzhenko. (2016). Bankruptcy Prediction for Russian
Companies: Application of Combined. Expert Systems with Applications, 40(18), 7285-
7293.
7. Filip, A., Raffournier, B. (2012). The impact of the 2008–2009 financial crises on earnings
management: The European evidence. In: Illinois International. Journal of Accounting
Symposium, Ontario Canada, July 5–7. Available in:
https//business.illinois.edu/Zimmerman/wp-content/uploads/sites/56/2015/08/023-
Filip.pdf.
8. Garcia Lara, J.M, Garcia Osma, B. and Neophytou, E. (2009). Earning quality in export
failed firms, Journal of Accounting and Business research, 39 (2), 411-437.
9. Hejazi, R. & Bilandi, Z, (2011). Effect of Growth and Management Reporting Behavior on
Conservatism, Accounting Knowledge, 6, 111-128.
10. Jabarzade, S & Yegane, Kh. & Soltani, A. (2009). investigating the relationship between
financial smoothing and financial distress in Tehran Stock Exchange, Financial Accounting
Quarterly, first year, 2, 60-80. (in Persian)
11. Karami, Gh. & Seidhoseini, S. (2012). The usefulness of accounting information in relation
to market information in predicting bankruptcy, Accounting Knowledge, 3(10), 3-116. (in
Persian)
12. Kia, A & Safari Graili, M. (2017). Ability to compare financial statement, Accrued earning
management, Real profit management, Accounting Knowledge, Vol. 13. (in Persian)
13. Linck, J. S., Netter, J., & Tao, S. (2013). Can Managers use Discretionary Accruals to Ease
Financial Constraints? Evidence from Discretionary Accruals prior to investment.
Accounting Review, 88(6), 2117-2143.
14. Mansorfar, Gh. & Ziaei, R. (2013). Evaluating real profit management and earnings
accounting and conservatism in successful and unsuccessful companies, financial
accounting research, 53, 19-40. (in Persian)
15. Mc Vay, Srah Elizabeth. (2006). Earning Management Using Classification Shifting: An
Examination of Core Earning and Special Items. Accounting Review, 81(3), 501-531.
16. Mcknight, Philip J., & weir, Charlie. (2009). Agency Costs, Corporate governance
mechanisms and ownership structure in large UK publicly quoted companies: A Panel data
analysis. The Quarterly review of Economics and finance, 49(2), 139-158.
17. Namazi, M. (2005). Investigating the applications of representation theory in management
accounting, Journal of Social Sciences and Human Sciences, Shiraz University, Twentysecond
period, 2, 148-164. (in Persian)
18. Newton, G. W.(2010). Bankruptcy and Insolvency Accounting, practice and
procedure.Volume1, John Wiley & Sons, Seventh Edition.
19. Poorzamani, Z & Poyanrad, M. (2012), Investigating the relationship between earnings
management and financial disability of companies in Tehran Stock Exchange. Financial
Knowledge Quarterly, 16, 77-88. (in Persian)
20. Pryscheya,o., Aretz., & Banerjee, S. (2013). Can investors restrict managerial behaviour in
distressed firms? Journal of corporate finance, 23, 222-239.
ثحشاى هبل سک کٌ٘ وّ اَسسبص س دَ 91
21. Rahmani, A. & Ramesheh, M. (2013). An alternative relationship between accrual-based
profit management and real-life management, Accounting and auditing reviews, 74, 39-60.
(in Persian)
22. Rosner, R. L. (2003). Earning Manipulation in Failing Firms”. Contemporary Accounting
Research, 20(2), 361-408.
23. Saghafi, A. & Mohammadi, A. (2012). Future cash flows, unusual accruals and bankruptcy
risk, Financial Accounting Research, 3(4), 1-12.
24. Saghfi, A. & Jmalianpoor, M. (2013). Unexpected accruals, distortion of profit stability
and financial crisis, Accounting Knowledge, 4, 7-34. (in Persian)
25. Seidnejhad fahim, S. & Eghdami, S. & Jozebarkand, M. (2015). Auditing Knowledge, 59,
177-178. (in Persian)
26. Taleb Beydokhti, A., Vadiee, M. H. & Kazeroni, A. (2011). The Impact of Income
Smoothing on the Information Content of Earnings. Financial Accounting and Auditing
Researches, 3 (9), 167-191. (in Persian)
27. Valipoor, H. & Talebnia, Gh. Javanmard. (2013). Effect of Earnings Management on the
Quality of Earnings of Companies with Financial Crisis, Accounting Knowledge, 13, 75-
103. (in Persian)
28. Zmijewski, M. E., & Hagerman, R. L. (1981). An Income Strategy Approach to the
Positive Theory of Accounting Standard Setting/Choice. Journal of Accounting &
Economics, 3(2), 129-149.