我国投资者对IPO公司会计业绩的功能锁定问题研究

发布时间：2018-02-15 02:47

本文关键词： IPO 长期弱势可操纵性应计利润账面市值比功能锁定　出处：《合肥工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：IPO股票长期弱势问题是IPO研究领域的三大热点问题之一。一方面学术界对于弱势的存在与否并未达成一致看法，而随着股权分置改革的完成，，我国的股票市场发生了很大变化，前期的市场结论是否仍适用也值得考虑。另一方面对于导致这种长期走势现象的原因学者们给出了多种解释，目前还未形成统一观点。所以对我国IPO股票的长期市场走势以及出现这种现象的原因进行研究具有现实意义。论文在借鉴国内外研究成果的基础上，采用事件研究法，以市场收益率为基准，以股权分置改革后的2006-2008年间A股市场上市的232只新股为样本，实证研究了我国A股市场上新股上市后3年内的市场表现。然后，运用CAR和BHAR两种模型来计算IPO股票的长期超额收益率，检验是否存在长期弱势以及是否存在显著性。最后对可操纵性应计利润是否能解释这种现象进行了检验，并提出自己的看法。通过实证发现新股在发行初期就表现出弱势现象，随后弱势程度逐渐加强，弱势程度在一年以后略有好转，但弱势现象一直持续到第三年。可操纵性应计利润并不能合理解释这种弱势现象，而账面市值比对这一现象则具有很好的解释力，投资者对IPO公司的会计业绩存在功能锁定才是导致这一现象的真正原因。
[Abstract]:The long-term weakness of IPO stock is one of the three hot issues in the field of IPO research. On the one hand, the academic community has not reached a consensus on the existence of weakness, but with the completion of the split share structure reform, great changes have taken place in the stock market in China. It is also worth considering whether early market conclusions are still applicable. On the other hand, scholars have given a variety of explanations for the reasons leading to this long-term trend. So it is of practical significance to study the long-term market trend of IPO stock in China and the reasons for this phenomenon. On the basis of the domestic and foreign research results, this paper adopts the event study method, taking the market return as the benchmark and 232 new shares listed in the A share market between 2006 and 2008 after the split share structure reform as a sample. This paper empirically studies the market performance within 3 years after the listing of new shares in China's A-share market. Then, we use CAR and BHAR models to calculate the long-term excess return rate of IPO stock. Finally, the paper tests whether the accrual profit of maneuverability can explain this phenomenon, and puts forward its own view. Then the degree of vulnerability gradually increased, and the degree of vulnerability improved slightly after a year, but the phenomenon of vulnerability continued into the third year. Accrual profits of maneuverability do not reasonably explain this phenomenon. But the book market value comparison has the very good explanation power, the investor to the IPO company's accounting performance existence function lock is the real reason which causes this phenomenon.
【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】：F830.42;F832.51

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