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中文摘要：
Givoly和Hayn（2000）发现1950年以来美国上市公司的会计应计持续下滑，并将此归因于稳健性的提高。本文将其主要方法拓展到中国资本市场，发现1998年后中国上市公司会计应计也大幅下滑，但采用Basu模型却发现稳健性无法解释这一现象。我们发现IPO后公司的会计应计在大幅下滑，而控制了IPO公司的影响后，上市公司整体并没有表现出会计应计下滑的趋势，因此我们认为中国上市公司整体表现出的会计应计下滑只不过是带着面纱的IPO后会计应计下滑。
英文摘要：
The role of the accounting accrual is to smooth the variance of the CFO, so the accrual is very important for accounting system. Givoly ＆ Hayn （2000） documents changes in the patterns of accruals over the last four decades in US, and found that the patterns are consistent with an increase in conservative. This paper found the same pattern in Chinese listed companies. That is decline of accruals over the past 9 years in China. But this conservatism can＇t explain this pattern when we used Basu model to measure conservatism. Secondly, we found that the accrual of Chinese listed companies declined after IPO. The decline of the accrual disappeared when we control the IPO effect. And we conclude that the time series property of accrual of Chinese listed companies is the result of the IPO effect. So the decline of the accrual could well turn out to be just the decline of the accrual after IPO.
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