创业板公司上市前后管理费用分析

发布时间：2018-01-03 09:02

本文关键词：创业板公司上市前后管理费用分析　出处：《清华大学》2012年硕士论文　论文类型：学位论文

更多相关文章： 管理费用 IPO 创业板 盈余管理

【摘要】：我国深圳创业板第一家公司上市距今已有2年半的时间，创业板公司频发业绩变脸现象使创业板IPO过程中的盈余管理问题备受关注。创业板公司总体成立时间短，规模小，公司治理制度不健全，以企业家创富或风险投资退出的盈余管理短期激励明显。并且创业板公司多集中在高新技术产业，研发投入高，营业风险大，这些因素都使得创业板投资的风险更高。加强创业板公司的监管与信息披露，不仅与投资者的利益休戚相关，也是监管者关心的问题。2012年1月6日，证监会发布了创业板上市公司年度报告的内容与格式准则之2011年修订版并公开征求意见，显示了这一问题的重要性。管理费用是一个利润表科目，核算范围包括无形资产摊销、长期待摊费用摊销、修理费、研究开发费、董事会费、办公费及归属于管理部门的工资福利、固定资产折旧等。其核算范围既包括了应计项盈余管理中资产摊销，也涵盖了真实活动盈余管理中研究开发费、修理费。数据显示管理费用对2010年沪深两市2129家上市公司营业利润的拖累较大，占利润总额和净利润的百分比为59.25%和75.23%。针对创业板公司IPO过程中风险高、信息不对称严重的现象，本文试图考察创业板公司IPO前后的业绩变化，IPO过程中的盈余管理问题，检验管理费用科目是否反映了盈余管理，以及管理费用科目盈余管理与业绩的关系。本文创新性地提出了操纵性管理费用的预测模型，并发现创业板公司利用压低管理费用的方法在IPO前进行了正向的盈余管理。发现管理费用模型可以反映盈余管理水平，业绩越差的公司，，越倾向于采用压低管理费用水平的方法来进行盈余管理。
[Abstract]:China's Shenzhen Venture 2 years ago half the time listed in the first company, the GEM companies frequent performance face make earnings management problems of IPO process in gem concern. GEM companies generally set up a short time, small scale, corporate governance system is not perfect, the entrepreneurial wealth or risk investment exit earnings management the short-term incentive is obvious. And the GEM companies are more concentrated in high-tech industries, R & D investment, business risk, these factors make the risk of gem investment higher.
Strengthen supervision and information disclosure of GEM companies, not only the interests of investors and regulators are bound together in a common cause concern,.2012 in January 6th, the Commission released the 2011 Annual Report of the standards for the contents and forms of companies listed on gem of the revised version and public comment, shows the importance of this issue.
Cost management is an income statement, accounting scope includes amortization of intangible assets, amortization of long-term deferred expenses, repair cost and cost for research and development, the board of directors fees, office expenses and attributable to the management of wages and benefits, the depreciation of fixed assets. The accounting scope includes accrued asset amortization items of earnings management, but also cover the cost for research and development, real earnings management activities in repairs. Data management fees of 2129 listed companies in Shanghai and Shenzhen two city 2010 operating profit drag, the percentage of total profit and net profit was 59.25% and 75.23%.
In view of the high risk of the GEM companies in the IPO process, the serious information asymmetry phenomenon, this paper attempts to examine the performance of the GEM companies before and after IPO, the problem of earnings management in the process of IPO, whether the management fee inspection subjects reflect the earnings management, and management expense account surplus management and performance.
This paper put forward a prediction model of handling cost management, and found the GEM companies using the method of lower management fees were positive earnings management before IPO. That cost management model can reflect the level of earnings management, the worse the performance of the company, the more likely to use lower level of management fees to earnings management.

【学位授予单位】：清华大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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