我国创业板市场IPO盈余管理和影响因素研究

发布时间：2018-05-22 10:02

本文选题：创业板 + IPO　；参考：《合肥工业大学》2016年硕士论文

【摘要】：2009年10月30日,我国创业板在深圳证券交易所正式上市。创业板的创立,为新兴高科技产业及成长性较高的企业提供了广阔的融资平台,也很大程度上改善了这些新兴高科技产业及高成长性公司的融资结构,丰富了这些企业的融资方式,这是我国建立多层次股票市场体系迈出的第一步。与主板及中小板相比,创业板调整了上市条件,降低了“盈利性”要求,强调了“创新性”与“成长性”,最低盈利指标和经营业绩的成长性要求的提出,使得创业板拟上市企业仍然存在着进行盈余管理的强烈动机。目前针对创业板盈余管理的研究较少,本文选取了2011年和2012年在创业板上市的201家公司为样本,首先从IPO盈余管理及IPO盈余管理与第三方中介相关关系两个角度出发,对国内外的相关研究进行梳理；其次,从创业板上市条件、市场特征分析创业板上市公司进行盈余管理的动机及其手段几方面阐述了创业板盈余管理相关理论；接着,运用修正的Jones模型实在检验了创业板市场盈余管理行为存在的程度；然后,通过差异性比较、相关性分析以及回归模型分析,检验第三方因素对创业板市场盈余管理程度的影响；最后,就实证分析结果提出了相应建议。基于Jones模型,本文发现创业板公司在上市前一年、上市当年以及上市后一年的盈余管理程度在0.05的显著水平下显著,这就说明创业板上市公司在IPO过程中存在盈余管理行为,在上市前一年的盈余管理程度最低,上市当年程度最高。而关于IPO盈余管理与第三方影响因素关系的实证研究结果表明：首先,从第三方中介的分布来看,高声誉承销商保荐的上市公司IPO盈余管理程度低于低声誉组；高声誉会计师事务所审计的上市公司IPO盈余管理程度低于低声誉组；有风险投资背景的上市公司IPO盈余管理程度低于没有风险投资背景的上市公司。其次,从差异性统计量上来看,只有在上市当年,十大会计师事务所与非十大会计师事务所的差异显著,这说明会计师事务所还是有效抑制了盈余管理程度,但其他样本年份均不显著,并且承销商声誉和风险投资背景在上市前后也都不显著。这就说明,第三方并没能在抑制盈余管理行为、降低盈余管理程度上发挥作用；从回归模型结果来看,只有在上市当年,较高声誉的会计师事务所有效抑制了创业板公司的盈余管理程度,其他年份的会计师事务所以及所有样本年份的承销商和风险投资对盈余管理程度的影响都不显著。这个结果与差异性检验结果相符。最后文章根据实证结果,从会计准则、证券监管机构以及投资者几个角度提出相应的政策建议。
[Abstract]:On October 30, 2009, China's gem was officially listed on the Shenzhen Stock Exchange. The establishment of the gem has provided a broad financing platform for emerging high-tech industries and companies with high growth, and also greatly improved the financing structure of these emerging high-tech industries and high growth companies. It enriches the financing methods of these enterprises, which is the first step to establish a multi-level stock market system in China. Compared with the main board and the small and medium-sized board, the gem adjusts the listing conditions, reduces the requirement of "profitability", and emphasizes the requirements of "innovation" and "growth", the minimum profit index and the growth of operating performance. So that gem listed enterprises still have a strong motivation for earnings management. At present, there are few researches on earnings management in the gem. This paper selects 201 companies listed on the gem in 2011 and 2012 as samples, starting from the perspective of IPO earnings management and the relationship between IPO earnings management and third-party intermediaries. Secondly, from the gem listing conditions, market characteristics analysis of the gem listed companies earnings management motivation and means several aspects of the gem earnings management theory; then, Using the modified Jones model to test the extent of earnings management behavior in gem market, and then, through the comparison of differences, correlation analysis and regression model analysis, This paper examines the influence of third-party factors on the earnings management of gem market, and finally, puts forward corresponding suggestions on the empirical analysis results. Based on the Jones model, this paper finds that the earnings management degree of gem companies is significant in the year before listing, the year before listing and the year after listing, which indicates that the listed companies of gem have earnings management behavior in the process of IPO. The level of earnings management is the lowest in the year before listing, and the highest in the year of listing. The empirical study on the relationship between IPO earnings management and third-party factors shows that: first, from the distribution of third-party intermediaries, the degree of IPO earnings management of listed companies recommended by high-reputation underwriters is lower than that of low-reputation companies; The degree of IPO earnings management of listed companies audited by high reputation accounting firms is lower than that of low reputation companies, and the degree of IPO earnings management of listed companies with venture capital background is lower than that of listed companies with no background of venture capital. Secondly, from the difference statistics, only in the year of listing, the difference between the ten accounting firms and the non-top ten accounting firms is significant, which shows that accounting firms effectively restrain the degree of earnings management. But the other sample years are not significant, and the underwriter reputation and venture capital background are not significant before and after listing. This shows that the third party does not play a role in restraining earnings management and reducing earnings management. From the regression model results, only in the year of listing, The accounting firms with high reputation effectively restrain the earnings management degree of the gem companies, while the accounting firms in other years and the underwriters and venture capital in all the sample years have no significant influence on the earnings management degree. This result is consistent with the difference test. Finally, according to the empirical results, this paper puts forward the corresponding policy recommendations from the perspective of accounting standards, securities regulatory bodies and investors.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.51

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