turanВестник университета «Туран»Bulletin of "Turan" University1562-29592959-1236Университет «Туран»10.46914/1562-2959-2024-1-1-256-266turan-3856Research Article3 ТРИБУНА МОЛОДОГО ИССЛЕДОВАТЕЛЯ3 PLATFORM OF YOUNG RESEARCHERКачество корпоративных финансов и народного IPO: опыт применения АЕМ в Центральной АзииEarnings quality and national IPO: AEM practices of Central Asiahttps://orcid.org/0009-0008-1233-4127НаурузбаевА. А.NauruzbayevA. A.

Докторант.

Алматы

PhD student.

Almaty

alibek.nauruzbayev@kimep.kzhttps://orcid.org/0009-0000-8107-9969БерниязоваМ. Ж.BerniyazovaM. Zh.

Докторант.

Алматы

PhD student.

Almaty

marzhan@kimep.kzУниверситет КИМЭПКазахстанKIMEP UniversityKazakhstan20243103202401256266Copyright © Наурузбаев А.А., Берниязова М.Ж., 20242024Наурузбаев А.А., Берниязова М.Ж.Nauruzbayev A.A., Berniyazova M.Z.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://vestnik.turan-edu.kz/jour/article/view/3856

После получения ключевых результатов о качестве корпоративных финансовых данных в казахстанских государственных компаниях (SOE), включенных в листинг, необходимо перейти к анализу отдельных стратегий манипулирования корпоративной отчетностью. Целью данного исследования является рассмотрение стратегий манипулирования (AEM), основанных на начислении, которые, в свою очередь, корректируют манипуляции по средствам реальной деятельности (REM) в конце финансового года. Использована модель денежных потоков (Kasznik, 1999) для расчета манипуляций данных на основе метода начислений как одна из лучших методологий в области и применена к 572 несбалансированным панельным нефинансовым наблюдениям за 13-летний период. Чтобы усилить анализ, авторы сравнивают основные результаты с другой популярной моделью по методу начисления (Shivakumar, 1996). Также провели винксоризацию ключевых инвестиционных показателей, чтобы уменьшить влияние статистических выбросов на основные результаты. Полученные результаты отвечают на следующие вопросы: 1) какие стратегии AEM предпочитают государственные SOE; 2) как манипуляции с начислениями влияют на выбор инвестиционных показателей; 3) являются ли частично приватизированные государственные SOE эффективными в сравнении с частными компаниями (POE) в Казахстане. С точки зрения теоретических и практических рекомендаций результаты исследования могут быть полезны аналитикам различных стратегий в областях AEM/REM, ученым в академической среде и сторонникам частичной приватизации государственных компаний. Авторы уверены, что теоретические пробелы в области манипулирования корпоративными данными в центральноазиатском контексте будут сокращаться по мере увеличения числа публикаций в области практик AEM.

Once the key insights of corporate finance quality in Kazakhstani listed state SOEs are obtained, it is time to turn to separate strategies of corporate reporting manipulations. The purpose of this research is to look at accrual-based AEM strategies that adjust real activity REM practices at year-end. We follow Kasznik cash flow model for accrual-based earnings management as a best practice methodology and apply it to 572 unbalanced panel firm-year non-financial observations over 13-year time horizon. To strengthen our analysis, we compare main results with another popular measurement of accrual-based Earnings management based on the Shivakumar 1996 model. We also winsorised key investment indicators to reduce the impact of outliers on the main results. The results answer major questions: 1) what AEM strategies state SOEs prefer; 2) how accrual-based manipulations affect the choice of investment indicators; and 3) whether partially-privatized state SOEs under/over perform private POEs in Kazakhstan. In terms of theoretical and practical implications, our research findings could be useful to analysts of various strategies in the AEM/REM dimensions, academic scientists and advocates of partial privatization of state companies. We assure that theoretical gaps of corporate data manipulations in Central Asian context are to be reduced with increasing number of publications in the field of AEM practices.

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The authors declare that there are no conflicts of interest present.