新股发行速度裁量与公司盈余管理——基于首次公开发行股票公司视角的考察

发布时间：2019-01-30 16:58

【摘要】：中国A股新股发行速度受到证券监管部门的控制,属于证券管制部门裁量事项。本文使用2006-2015年的数据,对首次公开发行股票公司的盈余管理行为是否受到股票发行速度这一行政裁量事项影响的命题进行了研究。研究结论表明,拟上市公司的盈余管理水平与新股发行速度呈负相关,上述特征显著存在于拟上市公司的真实盈余管理行为中,而未发现显著存在于应计盈余管理行为;同时,盈利增长和持续性差的公司,上述盈余管理倾向更明显,上市后业绩也更容易发生下滑。本文结论有助于进一步理解首次公开发行股票公司的盈余管理行为,也有助于深入认识行政裁量与公司行为的关系,对丰富公司治理理论和加强证券监管实务具有积极作用。
[Abstract]:China A-share issuing speed is controlled by the securities regulatory department, which belongs to the discretion of the securities regulatory department. Using the data from 2006 to 2015, this paper studies whether the earnings management behavior of IPO companies is affected by the administrative discretion. The results show that the earnings management level of the listed companies is negatively correlated with the issuing speed of new shares, and the above characteristics exist significantly in the real earnings management behavior of the listed companies, but not in the accrual earnings management behavior. At the same time, earnings growth and poor persistence of companies, the earnings management trend is more obvious, post-IPO results are also more prone to decline. The conclusion of this paper is helpful to further understand the earnings management behavior of IPO stock companies, and also to understand the relationship between administrative discretion and corporate behavior, which has a positive effect on enriching the theory of corporate governance and strengthening the practice of securities supervision.
【作者单位】：南京大学会计学系;南京大学财务与会计研究院;南京市广电集团财务部;
【基金】：国家自然科学基金项目“法律环境、行政裁量与公司价值”(71272102)的阶段性成果
【分类号】：F275;F832.51

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