Changes In The Debt Restructuring Guidelines Listed Companies Empirical Research

The guidelines for debt restructuring is a special accounting standards, which is used to regulate the conduct of listed companies by the Ministry of Finance. So far, there were three stages of development, the first was in 1998, the next was in 2001, and now the Ministry of Finance enact the new "debt restructuring accounting standards." The three changes are mainly centered on the two core issues:the gains of debt restructuring and the choice of measurement attributes. In the latest guidelines for debt restructuring, there are mainly two changes:Firstly, the "fair value" measurement model is introducted again, which replaces the old criteria in the "book value." Second, the debt restructuring income no longer included in "capital surplus", but recognized as income factor, included in "operating income" account. This change seemed baek in 1998.It is seemed that the new guidelines for debt restructuring is used again to inflate assets and manipulate profits by listed companies. Therefore, the in-depth research of impact on listed company for the new standards is have theoretical and practical significance on both the listed company's own and the investors.In view of this, this paper mainly uses empirical research methods, summarize the characteristics of three changes of debt restructuring principles, and analysis the impact of listed companies'profits and ST company for new guidelines for debt restructuring. On this basis, this paper collects relevant data of listed company in 2008, selects non-core earnings rate of listed companies as a direct characterization of earnings management variables, and views indicators of the five aspects of the profitability, debt capacity, management structure, regulatory policy, audit and supervision as a control variable. By building Logistic regression and multiple linear regression model, this paper selects some listed companies which performance debt restructuring in 2008 listed to verify the extent of earnings management.The main conclusions of this paper are the following:First, compared to the companies without debt restructuring, the companies with debt restructuring in 2008 makes use of the new guidelines for the earnings management. Because of the benefits from debt restructuring will increase the profits of enterprises, so as to provides an opportunity for companies to manipulate profits through related party transactions. Second, compared to the companies with debt restructuring in 2001, the listed companies with debt restructuring in 2008 have a higher degree of earnings management by the new guidelines for debt restructuring.Third, the ST companies which use the non-recurring gains and losses from debt restructuring will achieve the purpose of profitability, but this one-time gains and the surface of "profit" does not make the company's performance enhanced substantially.