板块差异、上市效应与盈余质量研究——来自创业板和中小板的证据
发布时间：2018-11-11 07:59
【摘要】：本文以中小板与创业板近两年首发上市的公司为样本,研究公司首发上市与盈余质量之间的关系。研究发现,公司上市前一年盈余操纵的程度显著下降,但创业板公司盈余操纵程度大于中小板公司。虽然盈余操纵行为推高了发行价,但投资者的认购热情未受到影响,首日投资回报取决于投资者情绪,与盈利能力及成长性无关。首发上市时的盈余操纵程度随着第一大股东持股比例的增加而降低,但董事长兼总经理的现象导致盈余质量下降,而机构投资者和会计师事务所也未能显著提高盈余质量。创业板公司盈余质量整体上低于中小板公司,但规模大、成立时间长的公司盈余质量相对较高。
[Abstract]:In this paper, the relationship between IPO and earnings quality of small and medium sized companies and gem listed companies in the past two years is studied. The results show that the degree of earnings manipulation in the year before listing decreases significantly, but the extent of earnings manipulation in gem companies is greater than that in small and medium-sized board companies. While earnings manipulation has pushed up the offering price, investors' enthusiasm for subscription has not been affected, and first-day returns depend on investor sentiment, not on profitability and growth. The degree of earnings manipulation decreases with the increase of shareholding ratio of the largest shareholder, but the phenomenon of chairman and general manager leads to the decline of earnings quality, and institutional investors and accounting firms fail to improve earnings quality significantly. The earnings quality of gem companies is lower than that of small and medium-sized board companies as a whole, but the earnings quality of companies with large scale and long time of establishment is relatively high.
【作者单位】： 上海对外贸易学院;复旦大学;
【基金】：教育部青年基金项目“准则趋同、管理层风险特质与盈余质量研究”(10YJC790385) 上海市教委重点项目“会计准则趋同的经济后果研究”(10ZX123) 上海市重点学科建设项目“金融学”(J51201)
【分类号】：F832.51;F275;F224
[Abstract]:In this paper, the relationship between IPO and earnings quality of small and medium sized companies and gem listed companies in the past two years is studied. The results show that the degree of earnings manipulation in the year before listing decreases significantly, but the extent of earnings manipulation in gem companies is greater than that in small and medium-sized board companies. While earnings manipulation has pushed up the offering price, investors' enthusiasm for subscription has not been affected, and first-day returns depend on investor sentiment, not on profitability and growth. The degree of earnings manipulation decreases with the increase of shareholding ratio of the largest shareholder, but the phenomenon of chairman and general manager leads to the decline of earnings quality, and institutional investors and accounting firms fail to improve earnings quality significantly. The earnings quality of gem companies is lower than that of small and medium-sized board companies as a whole, but the earnings quality of companies with large scale and long time of establishment is relatively high.
【作者单位】： 上海对外贸易学院;复旦大学;
【基金】：教育部青年基金项目“准则趋同、管理层风险特质与盈余质量研究”(10YJC790385) 上海市教委重点项目“会计准则趋同的经济后果研究”(10ZX123) 上海市重点学科建设项目“金融学”(J51201)
【分类号】：F832.51;F275;F224
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