我国A股上市公司定向增发前盈余管理的实证研究

发布时间：2018-01-02 11:30

本文关键词：我国A股上市公司定向增发前盈余管理的实证研究　出处：《合肥工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：自股权分置改革和《上市公司证券发行管理办法》宣布实行后，定向增发在全流通的背景下借鉴境外市场经验引入的新的融资发行制度，正在被越来越多的上市公司所运用。上市公司融资过程中的盈余管理行为是国内、外学术界的一个热门话题，本章对我国A股上市公司在定向增发前是否存在盈余管理现象；针对不同的发行对象，上市公司会采取不同盈余管理；大股东持股比例与盈余管理程度的关系；定向增发前的盈余管理对公司的经营业绩的影响进行了研究分析。本文的研究主要有五个部分：第一章对研究的相关理论及实务背景进行分析，明确本文的意义所在，点出可能的创新点，接着介绍了本文的研究思路及方法，最后阐明本文的主要内容和框架结构。第二章是国内外文献回顾，这章先介绍了国外SEO过程中的盈余管理及私募发行的相关文献，再介绍了关于我国配股、公开增发和定向增发过程中盈余管理的相关文献。第三章是关于上市公司定向增发的相关概述，首先介绍了定向增发的定义及市场概况，然后介绍了上市公司进行定向增发的目的，接着介绍了定向增发的发行规则和流程，最后对中美定向增发进行了对比。第四章在综合本文的研究目的和理论分析的基础上，推出了文章的四个研究假设。第五章实证检验分析。关于这部分首先选取了样本公司，分三组通过修正的琼斯模型计算出盈余管理程度，接着构造回归模型，对上文中提出的研究假设进行全面系统的分析论证，并对增发后的绩效进行分析。第六章研究结论与政策建议。首先对上文得到的实证结果与发现进行总结，，并据此提出文章的相关政策建议，最后给出了文章的研究不足与展望。由于定向增发在05年后才在我国发展起来，导致文章所能搜集的样本量有限，且因为时间的限制，文章无法获得长时间段的数据，只能获取了定向增发公司增发后两年的数据，所以没能得到定向增发前实施盈余管理的上市公司更长时间后的业绩变化。这是本文的不足，希望以后能对此做进一步的研究。
[Abstract]:Since the reform of the split share structure and the implementation of the "measures for the Administration of Securities issuance of listed companies", the new system of financing and issuance has been introduced in the context of the full circulation of targeted additional offerings for reference to the experience of overseas markets. Earnings management behavior in the financing process of listed companies is a hot topic in domestic and foreign academia. In this chapter, whether there is earnings management in China's A-share listed companies before directional placement; The listed companies will adopt different earnings management for different issuing objects. The relationship between the shareholding ratio of major shareholders and the degree of earnings management; The effect of earnings management on the performance of the company is analyzed. There are five parts in this paper: The first chapter analyzes the relevant theoretical and practical background of the study, clarifies the significance of this paper, points out the possible innovations, and then introduces the research ideas and methods of this paper. Finally, the main content and frame structure of this paper are expounded. The second chapter is a review of domestic and foreign literature, this chapter first introduces the earnings management and private equity issuance in the process of foreign SEO, and then introduces the rights issue in China. Disclose the relevant documents of earnings management in the process of additional and directional issuance. The third chapter is about the listed companies of the related overview of private placement, first introduced the definition of directional additional issuance and the market situation, and then introduced the purpose of the listed companies to conduct directional additional issuance. Then it introduces the issuing rules and flow chart, and finally makes a comparison between China and the United States. Chapter 4th, on the basis of synthesizing the purpose of this paper and theoretical analysis, puts forward four hypotheses of this paper. Chapter 5th empirical analysis. This part of the first selected sample companies, divided into three groups through the revised Jones model to calculate earnings management, and then construct a regression model. The research hypotheses mentioned above are analyzed systematically and the performance after the increase is analyzed. Chapter 6th: conclusions and policy recommendations. First, the empirical results and findings obtained above are summarized, based on which the relevant policy recommendations are put forward, and finally, the research deficiencies and prospects of the article are given. Due to the development of directional placement in China after 2005, the amount of samples that can be collected is limited, and because of the time constraints, the article can not obtain data for a long period of time. We can only get the data of two years after the additional issuance, so we can not get the performance changes of the listed companies which implemented earnings management before the directional placement. This is the deficiency of this paper. Hope to do further research on this in the future.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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