The Sale of Assets to Manage Earnings in Japan
研究日本经理人如何通过出售固定资产和有价证券来管理盈余，发现当实际营业利润低于（高于）管理层预测时，企业会通过资产出售增加（减少）收益。
In this article we investigate Japanese managers’ use of income from the sale of fixed assets and marketable securities to manage earnings. The earnings management target examined is Japanese managers’ forecasts of current–year earnings. We find a negative relation between income from asset sales and management forecast error. When current reported operating income is below (above) management's forecast of operating income, firms increase (decrease) earnings through the sale of fixed assets and marketable securities. The results hold after controlling for expected future performance, debt–to–equity ratio, size, growth, and last year's income from asset sales.