会计学院知识库

近几年，伴随着中国国力的日益强大，我国的市场经济得到了迅速的发展，同时也逐步形成了一个较为健全的资本市场，受到了国际社会的普遍重视。但是，在经济迅速发展的同时，一系列的问题也就产生了。与国外相比，中国股市起步较晚，有关的法律和制度尚待完善。这就造成了我国会计标准的弹性过大，不能完全发挥其作用。另外，在互联网媒体环境下，公司更多地关注公司的信息披露，并利用印象管理的方法来强化公司的正面和负面信息。在我国，当ST公司面临退市风险时，管理层往往会在年报中进行印象管理，通过文本信息操纵掩盖盈余管理行为，形成印象管理完整链条。相关业绩指标的美化通过印象管理得以实现，ST公司顺利保壳摘帽，解除退市警告，代价是误导投资者扰乱市场秩序。

本文以 ST莲花公司作为案例，对文本信息的客观分析——对盈余管理的定性与定量分析——对印象管理的治理进行了详细的论述。第二章节介绍了有关印象管理的基本概念与理论，为后面的分析做了一定的铺垫。第三章节是典型的案例介绍，首先是对ST莲花的企业简介和发展情况的介绍，然后是对ST莲花保壳摘帽的全过程的叙述，为后面的个案分析做好准备，其次是ST莲花印象管理的内外部动机分析。第四章节为ST莲花印象管理特征以及后果分析，分非财务信息与财务信息两部分展开，揭示该公司在摘帽过程中盈余管理与文本信息操纵相辅相成的现象，从偿债、盈利、发展三个方面分析其印象管理的后果。第五章节为针对印象管理的相关治理措施，完善股票发行和退市制度、重视年报文本信息披露、强化内部监管与外部监管，提高投资者对公司财务报告的辨证认识。对ST公司进行系统的监管“双管齐下”治理，可以对其进行有效的遏制，从而促进我国证券市场的健康、稳定地发展。

In recent years, with the increasing strength of China's national strength, our market economy has developed rapidly, at the same time also gradually formed a sound capital market, which is paid attention to by the international community. However, with the rapid development of the economy, a series of problems with it also appear. Compared with other countries, the rise of our stock market is relatively short, and relevant laws and regulations need to be further improved. This causes the elasticity of our accounting standards, which can not fully play its role. In addition, in the Internet media environment, companies pay more attention to corporate information disclosure and use impression management to strengthen the positive and negative information of the company. In China, when ST companies face the risk of delisting, the management tends to carry out impression management in the annual report, and cover up earnings management behavior through text information manipulation, forming a complete chain of impression management. Although impression management behavior can beautify related performance indicators in the short term, and help ST company realize shell protection and survive the delisting crisis, it will also cause certain negative effects on the company and investors.

This paper takes ST Lianhua Company as a case, the objective analysis of text information -- the qualitative and quantitative analysis of earnings management -- the governance of impression management is discussed in detail. The second chapter introduces the basic concepts and theories of impression management, which lays a foundation for the following analysis. The third chapter is a typical case introduction, the first is the introduction of ST Lotus enterprise profile and development situation, and then is the whole process of ST Lotus shell to take off the cap of the narrative, for the subsequent case analysis, followed by ST Lotus impression management of internal and external motivation analysis. The fourth chapter is the analysis of the characteristics and consequences of ST Lianhua's impression management, which is divided into two parts: non-financial information and financial information. It reveals the complementary phenomenon of earnings management and text information manipulation in the process of taking off the hat of the company, and analyzes the consequences of impression management from three aspects: debt repayment, profit and development. The fifth chapter is the relevant management measures for impression management, stock issuance and delisting system continue to improve, annual report text information disclosure to be attached importance, improve the internal and external supervision and investors adopt a dialectical thinking to look at enterprise statements. The system and the supervision mechanism "two pipes" can effectively curb the impression management behavior of ST companies, help the stability and sustainable development of our country's capital market.