摘要:一直以来，不论是国内外的学者还是业内人士都对盈余管理的问题保持着高度的关注。上市公司向来擅长运用盈余管理来解决问题，对整个市场而言已经司空见惯，然而这么做的话，广泛上可以说会破坏市场的稳定性，具体上又可以说是损害中小股东的利益，所以逐渐吸引了学者们的关注并开始进行研究。任何事都有双面性，盈余管理也不例外，但国内学者更关注的是过度盈余管理有可能会带来的负面效应。只有对上市公司盈余管理的行为加以密切的关注和治理，才有可能会创造更好的资本市场，所以这方面的研究可以说是意义非凡。其中ST公司由于其特殊性，使得他们在关键年度若不能依靠主营业务盈利，必定需要进行一定的盈余管理，他们的这种行为非常可能给投资者造成不可预估的利益损失。本文选择从这一点出发，将多次披星戴帽的ST南化作为研究对象，研究其在上市十年里进行盈余管理的行为，并从中找出治理对策。
关键词： ST制度；盈余管理；政府支持；关联交易
Analysis of earnings management case ST Nanning Chemical Company
Abstract：All the time, both domestic and foreign scholars and industry insiders have always paid high attention to the issue of earnings management. Listed companies have always been good at using earnings management to solve problems. They have become commonplace for the entire market. However, if this is done, it can be widely said to undermine the stability of the market. In fact, it can be said to harm the interests of small and medium shareholders, so it gradually attracts Scholars paid attention and began to conduct research. Everything has two-sidedness, and earnings management is no exception. However, domestic scholars are more concerned with the negative effects that excessive earnings management may bring. Only by paying close attention and governance to the behavior of earnings management of listed companies will it be possible to create a better capital market. Therefore, this research can be said to be of extraordinary significance. Among them, because of their particularity, ST companies have to make certain earnings management if they cannot rely on the profitability of their main business in key years. Their behavior is very likely to cause unpredictable loss of profits to investors. This article chooses to proceed from this point, and takes the ST Nanhua of many wearing stars and caps as the research object, studying its behavior of earnings management in the ten years of listing, and finding out the governance measures from it.
Key Words: Special treatment system; Earnings management; Governmental aid; Relevant transaction
目录
绪论 1
一、ST制度及盈余管理的基本概念 2
（一）ST制度的含义 2
（二）盈余管理的定义 2
二、 ST南化盈余管理案例 4
（一） ST南化公司介绍 4
（二） ST南化发展历程 4
1、 2000年6月上市 4
2、 2011年首次摘星成功 5
3、 2012年首次摘帽成功 5
4、 2017年更名为ST南化 5
（三） ST南化盈余管理的初步识别 6
1、 ST南化利润变化情况分析 6
2、 ST南化应计利润变化情况分析 ST南化公司盈余管理案例分析:http://www.chuibin.com/kuaiji/lunwen_205591.html