创业板上市公司IPO过程中的盈余管理研究

发布时间：2018-04-21 03:24

本文选题：创业板 + 融资动机　；参考：《南京航空航天大学》2013年硕士论文

【摘要】：2009年10月30日，中国创业板市场面世，，我国形成了主板市场、中小板市场、创业板市场及海外市场组成的多层次资本市场体系；同时，创业板市场的推出为中小企业提供了新的直接融资平台。无论从数量还是创造的价值来说，中小企业在我国国民经济中扮演了极为重要的角色，但是中小企业在发展过程中极易遭遇融资瓶颈，深陷融资困境。为获得创业板融资机会，取得上市资格，中小企业在创业板上市过程中是否也会采取盈余管理行为？而盈余管理行为的发生与IPO抑价之间又存在怎样的关系？本文从上述疑问出发，以2009-2011年创业板上市公司为研究对象，开展了相关研究。首先，本文介绍了研究的背景、意义并回顾了国内外相关领域的研究现状。进一步地，本文规范研究了创业板IPO公司盈余管理的理论基础，着重对其盈余管理动机进行了剖析。实证研究中，本文以截止2012年12月31日281家创业板上市公司为研究对象，分别运用范霍恩模型、琼斯-CFO模型以及IPO抑价多元回归模型对创业板上市公司的资金需求动机、IPO过程中盈余管理行为的存在性以IPO过程中盈余管理水平与IPO抑价之间的相关关系进行了实证检验。研究发现：我国创业板上市公司IPO当年及前两年的实际增长率显著高于可持续增长率，存在较明显的融资需求动机；在IPO过程中，我国创业板上市公司的盈余管理行为显著，且盈余管理的水平与IPO抑价之间存在正相关关系。最后，为规范创业板上市公司IPO过程，本文从拓展筹资渠道、满足中小企业融资需求，健全公司治理结构、形成内部制约机制，减少外部盈余管理诱因、创造良好投资氛围三个方面提出了规范创业板上市公司IPO过程的政策建议。
[Abstract]:On October 30, 2009, China's gem market came into being. China has formed a multi-level capital market system composed of main board market, small and medium-sized market, growth enterprise market and overseas market. The launch of the gem market provides a new direct financing platform for SMEs. In terms of quantity and value, SMEs play a very important role in the national economy of our country. However, SMEs are prone to encounter financing bottlenecks in the process of development and are trapped in financing difficulties. In order to obtain the financing opportunity of the gem and obtain the listing qualification, will the small and medium-sized enterprises also adopt the earnings management behavior in the process of listing on the gem? What is the relationship between earnings management behavior and IPO underpricing? Based on the above questions, this paper studies the gem listed companies in 2009-2011. Firstly, this paper introduces the background and significance of the research, and reviews the current research situation in related fields at home and abroad. Furthermore, this paper normalizes the theoretical basis of earnings management in gem IPO, and analyzes the motivation of earnings management. In the empirical study, 281 companies listed on the gem as of December 31, 2012 are taken as the research objects, and the van Horne model is used respectively. The Jones-CFO model and the multiple regression model of IPO underpricing are used to test the existence of earnings management behavior in the process of listed companies' capital demand and the correlation between earnings management level and IPO underpricing in IPO process. It is found that the real growth rate of IPO in China's gem is significantly higher than that of sustainable growth rate in that year and the first two years, and there is obvious motivation for financing demand, and in the process of IPO, the earnings management behavior of gem listed companies in China is significant. And there is a positive correlation between earnings management level and IPO underpricing. Finally, in order to standardize the IPO process of gem listed companies, this paper expands the financing channels, meets the financing needs of small and medium-sized enterprises, improves the corporate governance structure, forms the internal restriction mechanism, and reduces the external earnings management incentives. In order to create a good investment atmosphere, this paper puts forward some policy suggestions on standardizing the IPO process of gem listed companies.
【学位授予单位】：南京航空航天大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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