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旨在惩罚财务舞弊的美国萨班斯法案对认知性盈余管理(CEM)的消除效果已得到验证。为了检验作为中国版萨班斯法案的内部控制规范体系在颁布后是否抑制了CEM,本文采用Benford定律分析了1990至2014年间净利润为正的全部A股上市公司盈余数据。研究发现,CEM在内控规范体系颁布前广泛存在,但是内控规范体系颁布后CEM在整体上并未明显消除;CEM在内控规范体系颁布后的自愿实施阶段依然存在,但在强制实施公布的当年得到了消除,而在强制实施公布后两年又出现反弹。研究还发现,CEM并没有因较高的内部控制质量而得到完全抑制。这表明,与美国萨班斯法案的实施效果不同,我国企业内控规范体系对CEM的抑制效果呈现阶段性和时效性特征,应该提升内控规范体系的法律地位和强制执行力并明确规定严惩措施,同时审计机构在出具审计意见时也应该重点关注企业CEM。
The elimination of cognitive earnings management (CEM) by the Sarbanes-Oxley Act to punish financial fraud has been verified. In order to test whether the internal control system, which is the Chinese version of Sarbanes-Oxley Act, suppresses CEM after its promulgation, this paper uses Benford’s law to analyze the surplus data of all A-share listed companies whose net profit was positive from 1990 to 2014. The study found that CEM existed extensively before the internal control system was promulgated, but CEM was not eliminated as a whole after the internal control system was promulgated; CEM still exists during the voluntary implementation stage after the internal control system was promulgated, but it was acquired during the year of mandatory publication. Eliminated, and rebounded two years after the enforcement announcement. The study also found that CEM was not completely suppressed by the high quality of internal control. This shows that, unlike the effect of Sarbanes-Oxley in the United States, the inhibitory effect of China’s internal control system on CEM shows a phased and time-dependent nature. It should improve the legal status and enforcement of the internal control system and clearly stipulate severe measures. At the same time, audit institutions should also focus on corporate CEM when issuing audit opinions.