中文摘要：

本文对2001年债务重组会计准则变更的经济后果进行了研究,实证分析了1999年和2001年债务重组会计准则下重组公司盈余管理行为和重组后公司长期业绩的差异。研究结果发现,2001年债务重组会计准则减少了重组公司利用重组收益以达到扭亏为盈、股权再融资和撤销ST的动机;同时,2001年债务重组会计准则下重组公司重组后的长期业绩比1999年债务重组会计准则下要好。研究结果表明,2001年债务重组会计准则的变更抑制了公司运用债务重组收益进行盈余管理的动机,从而使得重组公司的长期业绩更好。本文的研究结论可以为我国会计准则的制定和投资者的投资决策提供重要依据。

英文摘要：

This paper examines the economic consequences of change in accounting standard on debt restructuring in 2001. We compared accounting standard on debt restructuring of 2001 to the one of 1999, and empirically analyzed their different influences on earnings management by restructuring companies and firm performance after the restructuring. The results are as follows., the accounting standard of 2001 restrained restructuring companies＇ motivations to manage earnings to achieve certain earnings thresholds, such as positive earnings, equity refinancing requirements and renouncing requirements for special treatment; meanwhile, the restructuring companies performed better after the debt restructuring under the accounting standard of 2001 than those under the accounting standard of 1999. Our findings have important implications for accounting regulators and investors.