基于创业板的上市公司盈余质量问题探讨

发布时间：2018-05-14 22:34

本文选题：创业板 + 上市公司　；参考：《江西财经大学》2013年硕士论文

【摘要】：1990年深圳证券交易所、上海证券交易所相继成立，此后随着我国经济的飞速发展，资本市场的规模迅速扩大，并逐渐在我国经济体系中占有重要地位。众所周知，在资本市场中，企业通过资本市场筹资，投资者通过资本市场向企业提供资金，而会计盈余信息便是资本市场中联系各方的纽带，受到人们的广泛关注。股权人、债权人的投资，政府部门对公司申请上市的资格审查等决策，都把盈余作为决策的重要依据。然而，公司所公布的报表仅仅反映盈余的数量水平，难以判断其质量水平，因此对盈余质量的评价成为一种必然的趋势。2009年10月，中国创业板市场正式开启，它为高成长的新兴创新公司特别是高科技公司提供了筹资与资本运作的场所。与主板市场上市公司相比，一方面，由于创业板市场上市公司大都处于初创期，资本规模小、风险大，盈余质量更是投资者以及其他会计信息使用者的指路灯。另一方面，创业板市场成立后，苏州恒久专利造假接受调查、同花顺业绩造假等负面事件的发生，更进一步地说明了对创业板盈余质量相关问题研究的重要性。本文运用规范研究方法，结合我国创业板的特征对在其板块上市的企业盈余质量问题进行探讨，寻求创业板上市公司盈余质量不高的原因，并针对这些原因，提出提高创业板上市公司盈余质量的途径。本论文研究的内容主要涵盖以下几个方面：盈余质量研究文献综述、创业板市场与盈余质量的理论概述、我国创业板上市公司盈余质量的现状、我国创业板上市公司盈余质量较低的原因分析、提高创业板上市公司盈余质量的对策、研究结论与展望。具体来说分为以下几个部分：第一部分，盈余质量研究文献综述。本章系统地回顾了盈余质量的相关文献，通过对国内外相关研究成果的总结，引出本文所要研究的问题。第二部分，创业板市场与盈余质量的理论概述。本章阐述了创业板市场的概念及特征，多角度阐述了盈余质量的内涵，从盈余质量特征、资本市场、盈余管理等角度说明了盈余质量的测算方法，并且论述了信息不对称理论、委托代理理论、全面盈余理论等与本文相关的理论基础。第三部分，我国创业板上市公司盈余质量的现状。本章主要从定性分析与定量分析两个角度详细描述了当前我国创业板市场上市公司盈余质量的现状。首先，，定性分析是指从盈余质量的几个特征入手，来描述盈余质量的现状并得出创业板上市公司盈余质量不高的结论。其次，运用陆建桥先生提出的扩展的琼斯模型，选定一个典型行业，分别通过计算得出创业板市场与主板市场的能代表盈余质量的值，并对其进行分析得出结论，进一步佐证前面定性分析的结论。第四部分，针对我国创业板上市公司盈余质量较低的现状，分析其原因。具体说来，造成我国创业板上市公司盈余质量低下的原因有以下几点：一是创业板上市公司的内在特征，从上市公司的资本规模小、高成长性、高风险性三方面来说明；二是相关会计准则的选择性及漏洞；三是创业板市场外部监管的漏洞，从创业板市场的保荐人制度、退市标准以及公众监管三方面来说明；四是企业内部治理结构不合理，从股权高度集中、独立董事与监事会的职能未充分发挥这两方面来说明；五是企业内部控制制度的缺陷，从内部控制环境、风险评估意识、内部监管运转三方面说明。第五部分，针对上文中所分析的原因，逐条提出对策。包括完善会计准则体系、完善外部监管制度、优化内部治理结构、加强企业内部控制制度等四方面来说明。第六部分，研究结论与展望。
[Abstract]:With the rapid development of China ' s economy and the rapid development of China ' s economy , the scale of capital market has been expanded rapidly and has gradually become an important basis in our country ' s economic system .

This paper discusses the reasons why the earnings quality of listed companies listed in the GEM is not high , and puts forward some ways to improve the earnings quality of the listed companies listed in the GEM . The paper mainly covers the following aspects : the review of the surplus quality , the analysis of the reasons for the surplus quality of the listed companies in China , and the countermeasures , conclusions and prospects of the earnings quality of the GEM listed companies .

In the first part , the literature review of surplus quality is reviewed in this chapter . This chapter systematically reviews the relevant literatures of surplus quality . Through summarizing the relevant research results at home and abroad , this chapter brings out the problems to be studied in this paper .

This chapter expounds the concept and characteristics of GEM market , expounds the connotation of surplus quality from the angle of surplus quality characteristic , capital market and surplus management , and discusses the theory basis of information asymmetry theory , principal agent theory , comprehensive surplus theory and so on .

In the third part , the present situation of earnings quality of listed companies in China ' s GEM is described in detail from qualitative analysis and quantitative analysis . First , qualitative analysis refers to the conclusion that earnings quality is not high .

The fourth part , aiming at the present situation of the lower earnings quality of Chinese GEM listed companies , analyzes its causes . In particular , the reasons for the low earnings quality of listed companies in China are as follows : First , the internal characteristics of the listed companies of the GEM are explained from the three aspects of small capital scale , high growth and high risk .
Second , the selectivity and flaw of the relevant accounting standards ;
Third , it is a flaw in the external supervision of the GEM market , which is explained from the recommendation system of the GEM market , the refund standard and the public regulation ;
Fourth , the internal governance structure of the enterprise is unreasonable , from the high concentration of equity , the functions of the independent director and the board of supervisors do not give full play to the two aspects ;
Fifth , the defects of the internal control system of enterprises are described in three aspects : internal control environment , risk assessment consciousness and internal regulation operation .

In the fifth part , according to the reasons discussed above , countermeasures are put forward , including perfecting the accounting standards system , perfecting the external supervision system , optimizing the internal governance structure and strengthening the internal control system of the enterprise .

Part VI , research conclusion and prospect .

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【参考文献】