| With the acceleration of China's economic development,and the prosperity of the market economy and financial markets,the assets of enterprises are facing increasing risks-the possibilities of impairment at any time.Asset impairment accounting has been for almost 30 years in China's development.With the new accounting standards promulgated in 2016,asset impairment accounting in the country entered into a new phase,in particular the prohibition of the reversal of non-current assets impairment,greatly limits the listed companies to use the impairment of current assets for capital surplus management,but the new rules did not prohibit the reversal of current asset impairment,leaving a certain space for surplus management.The existence of surplus management will affect the authenticity of the financial statements of listed companies,thus affecting the efficiency of capital market.So whether there are situations that the listed companies in China utilizing the impairment provisions of current assets to make the implementation of surplus management,or utilizing the reversal of current asset impairment to implement surplus management?This is the focus of the research in this article.Foreign scholars in the eighties of last century had studied on the factors that impacted on the assets impairment provision and reversal.However,due to particular policy in China,foreign studies on asset impairment and surplus management are not applicable for China's national conditions,so when domestic scholars were in the study of the relationship between asset impairment and surplus management,in addition to the above three factors,they also included other factors like the particular ST system in China.However,until 2006 the new accounting standards regulated that impairment of non-current assets cannot be reversed while current assets impairment can be reversed,the domestic research literature on current asset impairment and surplus management are still relatively lacking,and uses more data of A Share in full version without taking the industry differences into consideration.Based on the above background,the study chooses the manufacturing industry which liquid assets accounts more in total assets,2011-2015 A-share listed companies in the manufacturing sector who uses current assets impairment provision and reversal as the research object and utilizes the methods of descriptive statistics and regression analysis to check if China's listed manufacturing companies make use of them to manage surplus capital.The results show that,under the premise of controlling economic factors,the motivation for surplus management will affect the current assets impairment provision and reversal of listed companies.Among them,the management-changecompanies and big bath companies tend to account for more current assets impairment provision,less assets impairment reversal;Reverse-Losscompanies and cut-off companies tend to more current asset impairment reversal instead of assets impairment provision.Earning smooth motivation does not significantly affect the provision and reversal of current assets impairment.At the end,this article provides several suggestions according to the research results:(1)Further improve accounting standards,make more detailed implementation on the recognition,measurement and disclosure of asset impairment,in order to use policies to avoid arbitrary operations of the company's asset impairment.(2)Revise delisting system to prevent listed companies making bigger losses as protect card.(3)Strengthen the supervision of the accounting option,require listed companies to disclose the degree of the influence that accounting option has on profit,optimize the allocation of resources(4)Strengthen the external audit and supervision of current assets impairment,including vertical and horizontal supervision,analyze of the reasonableness of current assets impairment of enterprises,prevent the acts of enterprises taking advantage of current assets impairment to do surplus management. |
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