بررسی اهمیت استفاده از اطلاعات تجدید ارائه شده در پیش‌بینی سود و رتبه‌بندی شرکت‏ها

اقتصاد پولی مالی

مقاله 8، دوره 21، شماره 8، دی 1393، صفحه 175-201   

نوع مقاله: پژوهشی

شناسه دیجیتال (DOI): 10.22067/pm.v21i8.45864

نویسندگان

محمدجواد ساعی^{* 1}؛ محمدعلی باقرپور ولاشانی¹؛ سید ناصر موسوی بایگی²

¹گروه حسابداری دانشگاه فردوسی مشهد

²فردوسی مشهد

چکیده

چکیده
در این پژوهش با استفاده از اطلاعات 1603 مشاهده، دردوره 1380 تا 1387 به بررسی معنی‌داری تفاوت مبلغ ارائه اولیه و تجدید ارائه اقلام سود و زیان و سود (زیان) انباشته و هم‏چنین اهمیت استفاده از اطلاعات مالی تجدید ارائه شده در مدل‌های تصمیم‌گیری پرداخته شده و در این راستا، بررسی پژوهش حاضر به مدل پیش‌بینی سود اسلوان و مدل رتبه‌بندی شرکت‌‏‏ها بر اساس تصمیم‌گیری چند شاخصه محدود گردیده است.
با بررسی انجام شده روی 70% از جامعه مورد بررسی و بر اساس یافته‌های آزمون‌تی انجام شده مشخص می‌شود، تفاوت معنی‌داری بین ارقام اولیه و تجدید ارائه شده وجود داشته و توان مدل اسلوان در پیش‌بینی سود عملیاتی با استفاده از اطلاعات تجدید ارائه شده به‌ طور معنی‌داری افزایش و خطای رتبه‌بندی براساس مدل ترکیبیGRA & Shannon entropy کاهش می‌یابد. این یافته می‌تواند به عنوان توان پیش‌بینی بالاتر اطلاعات تجدید ارائه شده در پیش‌بینی سود عملیاتی تفسیر شود.
نتایج تحقیق خاطر نشان می‌سازد که استفاده ‌کنندگان صورت‏های مالی و محققان بهتر است از مبالغ تجدید ارائه شده استفاده نموده و پیشنهاد می‌شود که بانک‌های اطلاعاتی موجود نیز نسبت به ارائه این گونه اطلاعات اقدام نمایند.

کلیدواژه‌ها

صورت‌های مالی تجدید ارائه ‌شده؛ مدل پیش‌بینی سود اسلوان؛ تصمیم‌گیری چند شاخصه؛ آنتروپی‌شانون؛ GRA؛ تعدیلات سنواتی؛ بورس اوراق بهادار تهران

مراجع

[1] Ahmed, Kamran; Goodwin, John. (2007);An Empirical Investigation of Earnings Restatements by Australian Firms. Accounting and Finance. Clayton: Vol. 47, Iss. 1; pg. 1.##

[2] Aier, Jagadison K; Comprix, Joseph; Gunlock, Matthew T; Deanna Lee. (2005); The Financial Expertise of CFOs and Accounting Restatements. Accounting Horizons; Vol.19, No. 3; Accounting & Tax Periodicals; pp. 123-135.##

[3] Altamuro, J., A. Beatty; & J. Weber. (2005); The Effects of Accelerated Revenue Recognition on Earnings Management and Earnings Informativeness: Evidence from the SEC Staff Accounting Bulletin. The Accounting Review; 80 (2) No. 101; pp. 373–402.

[4] Amiri, M; Shariatpanahi, M.; and Banakar, M.H.; (2011); Optimal Portfolio Selection Based on MCDM; TSE publication; Vol.11; p.p 5-24.(in Persian)##

[5] Anderson, K.L. and T.L. Yohn. (2002); The Effect of 10-K Restatements on Firm Value, Information Asymmetries, and Investors’ Reliance on Earnings. Working paper: Georgetown University.##

[6] Audit organization; (2005), Accounting changes and errors correctionTecnicalcommitee, Tehran, 8th Edition, .(in Persian)##

[7] Babic, P; Plazibat, L.; (1998); Ranking of Enterprises Based on Multicriteria Analysis. International Journal of Production Economics; Vol. 56; PP. 29_35.##

[8] Beaver, w., R. Lambert and D. Morse (1980); The Information Content of Security Prices. Journal of Accounting and Economics, Vol.2 ; pp 3-28 ##

[9] Bergstresser, D., and Philippon, T. (2006);CEO Incentives and Earnings Management: Evidence From the 1990s. Journal of Financial Economics; Vol. 80; pg. 511–529.##

[10] Bowen R. M., Davis A. K., &Rajgopal S.; (2002); Determinants of Revenue-Reporting Practices for Internet Firms. Contemporary Accounting Research, Vol. 19 (Winter); pp. 523-562.##

[11] Brown, L. (1993); Earnings Forecast Research: Implication for Capital Market Research, International Journal of Forecasting.Vol. 9; pp.295-320##

[12] Burns, N. and S. Kedia. (2006); The Impact of Performance-based Compensation on Misreporting. Journal of Financial Economics; Vol. 79; pp.35-67.##

[13] Callen, J. L., Livnat, J. and Segal, D. (2002); Accounting Restatements: are They Always Bad news?; Working paper.##

[14] Callen, Jeffrey L; Robb, Sean W G; Segal, Dan. (2008); Revenue Manipulation and Restatements by Loss Firms. Auditing: A journal of Practice & Theory; Vol. 27,No. 2; pp. 1-29##

[15] Cao, Ying; Myers, Linda A; Omer, Thomas C. (2008); Does Company Reputation Matter for Financial Reporting Quality? Evidence from Restatements.SSRN Working Paper Series, Rochester.##

[16] Caylor, M. (2006); Strategic Revenue Recognition Around Earnings Benchmarks. Working paper, Georgia State University.##

[17] Chenlung, Chin; Hsin-Yi, Chi. (2009); Reducing Restatements with Increased Industry Expertise. Contemporary Accounting Research, Toronto: Vol. 26, Iss. 3; pg. 4##

[18] Chou, T. Y.; Liang, G. S.; (2001); Application of a Fuzzy Multi Criteria Decision Making Model for Shiping Company Performance Evaluation. Maritime Policy & Management; Vol. 28; PP. 375_392.##

[19] Collins, D., and S. Kothari. (1989); An Analysis of Intertemporal and Cross-Sectional Determinants of Earnings Response Coefficient. Journal of Accounting and Economics, Vol.11, pp 143-181.##

[20] Defond, M. L., and Jiambalvo, J. (1991); Incidence and Circumstances of Accounting Errors. Accounting Review; Vol. 66, pp 643–655##

[21] Edirisinghe, N.C.P.; Zhang, X.; (2008); Portfolio Selection Under DEA Based Relative Financial Strength Indicators. Case of US industries; Journal of the Operational Research Society; Vol. 59; pp 842–856.##

[22] Efendi, J.; Kenney, M.; & Swanson P. (2004); Can Short Sellers Predict Accounting Restatements?. Working paper: Texas A&M University.##

[23] Ertugrul, I.; Karakasoglu, N.; (2009); Performance Evaluation of Turkish Cemet Firms With Fuzzy Analytic Hierarchy Process and TOPSIS Methods. Expert System with Applications; Vol. 36; PP. 702_715.##

[24] Ettredge, Michael; Scholz, Susan; Smith, Kevin; R, Sun, Lili. (2010); How Do Restatements Begin? Evidence of EarningsManagement Preceding Restated Financial Reports. Journal of Business Finance & Accounting, Vol. 37, Iss. 3/4; pp. 332–355##

[25] Feng, C. M.; Wang, R. T.; (2000); Performance Evaluation for Airlines Including the Consideration of Financial Ratios. Journal of Transport Management; Vol. 6; PP. 133_142.##

[26] General Accounting Office (GAO). (2002); Financial Statement Restatements: Trends, Market Impacts, Regulatory Reponses, and Remaining Challenges. Washington, DC: GAO-03-138.##

[27] Ghodratian, k; AnvariRostami, A.; (2004); Performance Evaluation Comprehensive Model Development and Firm’s Ordering; TSE publication; Vol.11; pp. 5-24. .(in Persian)##

[28] Graham, J.; Li, S. &Qiu, J.P. (2008). Corporate Misreporting and Bank Loan Contracting. Journal of Financial Economics, forthcoming.##

[29] Hamzacebi, C.; Pekkaya, M.; (2011); Determining of Stock Investments with Grey Relational Analysis. Expert System with Applications; Vol. 38; PP. 9186-9195.##

[30] Hay, Laura; Sandefur, Gary. (2007). Financial Restatements: The Changing Rules of the Game. Catalyst (Dubline, Ohio), (law-journals-books.vlex.com/vid/financial-restatements-changing-rules-game-55164978)##

[31] Hearly, P.; Wahlen, J. (1999). A Review of the Earnings Management Literature and its Implications for Standard Setting. Accounting Horizons; Vol.13; pp 365-383.##

[32] Hribar, P. and N. Jenkins. (2004); The Effect of Accounting Restatements on Earnings Revisions and the Estimated Cost of Capital. Review of Accounting Studies, 9, pp. 337–356.##

[33] Khotanloo, M.; (2005); Firm’s Ordering Based on Profitability Ratios and TSE Indexes; a dissertation of Tarbiat-e-modarres university , Tehran.##

[34] Kinney, W. and L. McDaniel. (1989); Characteristics of Firms Correction Previously Reported Quarterly Earnings. Journal of Accounting and Economics; Vol. 11: 71-94.##

[35] Linn, Erik; Diehl, Kori. (2005); Financial Restatements Causes, Consequences, and Corrections. Strategic Finance; Volume: 87 Issue: 3 pp.35-39. ##

[36] Marcy, Steven. (2008); Financial Restatements Reverse Trend by Falling in 2007. Accounting Policy & Practice Report; Glass Lewis Reports, Corp. L. Daily (BNA) (Jan. 28, 2008).##

[37] Modarres,A; Abbaszadeh,M.R; (2008) An Analytic Study on Effect of Predictive Ability of Accruals and Cash Flow on Predicted Earnings Quality.science and development, Vol24, pp205-239 (in persian)##

[38] Nikbakht,M.R; Rafiei,A; (2012) Compilation of Effecting Factors on Financial Statement Restatements in Iran. Accounting knowledge ,Vol 9, pp167-194 (in Persian)##

[39] Palmrose, Z., V. Richardson and S. Scholz. (2004); Determinants of Market Reactions to Restatement Announcements. Journal of Accounting and Economics; Volume 37, Issue 1, pp. 59–89##

[40] Park, J., C., Wu, Q. (2009); Financial Restatements, Cost of Debt, and Information Spillover: Evidence from the Secondary Loan Market, Journal of Business Finance and Accounting, 36 (9-10).pp. 1117-1147.##

[41] Patel, F. & Zeckhauser, R. (1999); Earnings Management to Exceed Thresholds. Journal of Business; Vol. 72, pp 1-33.##

[42] Plumlee, Marlene; Teri Lombardi, Yohn. (2010); An Analysis of the Underlying Causes Attributed to Restatements.Accounting Horizons, Vol. 24, No. 1, pp. 41–64##

[43] Plummer, E.;Mest, D. (2001); Evidence on the Management of Earnings Components. Journal of accounting, auditing, and Finance; Vol.16; pp. 301-323##

[44] Richardson, S., I. Tuna and Min Wu. (2002); Capital Market Pressures and Earnings Management: The Case of Earnings Restatements. Working paper: University of Pennsylvania. ( papers.ssrn.com /sol3/papers.cfm?abstract_id=338681)##

[45] Sajjadi, S.H; (2004); The Relationship Between Prior-Period Adjustment in Financial Statements With Stock Price and Company’s Size and Life Listed in the Tehran Stock Exchange Market. Economic Review, Vol1. No.1, pp.63-87 (in persian)##

[46] Sloan, Richard G. (1996); Do Stock Prices Reflect Information in Accruals and Cash Flows About Future Earnings?. the Accounting Review, Vol. 71, No.3, pp 289-315##

[47] Stubben, S. (2006); Do Firms Use Discretionary Revenues to Meet Earnings and Revenue Targets? Working paper: Stanford University.##

[48] (http://areas.kenan-flagler.unc.edu/Accounting/Documents/ Stubben %20 Job%20Market%20Paper%20Feb06.pdf)##

[49] Turner L. E.; Weirich Thomas R. (2006); A Closer Look at Financial Statement Restatements. The CPA Journal; Vol. 76, 12; (http://www.nysscpa.org/cpajournal/2006/1206/infocus/p12.htm)##

[50] Turner, L., J.R. Dietrich, K. Anderson, and A.J. Bailey. (2001); Accounting restatements. Unpublished Working paper: SEC.##

[51] Wang Xia. (2006); Accounting Restatement: A Comparison Between China and USA. Journal of Modern Accounting and Auditing, Vol.2,No.10 (Serial No.17), pp.10-15##

[52] Wang, Y. J.; (2008); Applying FMCDM to Evaluate Financial Performance of Domestic Airlines in Taiwan. Expert Systems with Applications; Vol. 34; PP. 1837-1845.##

[53] Wu, M. (2002); Earnings Restatements: A Capital Market Perspective. Working paper: New YorkUniversity. ( papers. ssrn. com/sol3/papers. cfm?abstract_id=1844265‎)##

[54] Xu, Tan, Li, Diane, Jongdae Jin, John. (2010); Short Term Market Reaction to Earnings Restatement: Value Stocks VIS-À-VIS Glamour Stocks. Allied Academies International Conference. Academy of Accounting and Financial Studies. Proceedings. Cullowhee: Vol. 13, no. 1. Pp. 85-96.##

[55] Zhang & Sanjian. (2006); Accounting Restatements and the Cost of Debt Capital. Dissertation in University of California, Irvine; AAT 3225059.##