上市公司公开增发与定向增发新股前盈余管理的实证研究

发布时间：2018-05-03 14:34

本文选题：上市公司 + 公开增发新股　；参考：《江西财经大学》2012年硕士论文

【摘要】：在我国现行的财务报告体系中,盈余信息一直是投资者在投资时关注的核心问题,我国企业会计准则要求使用权责发生制作为会计核算基础,权责发生制赋予会计人员对收入、费用的主观界定性,正是这样的“主观界定性”给上市公司的盈余管理行为带来广阔的空间。近年来,上市公司股权融资过程中的盈余管理行为,一直是学术界关注的热点问题。国内外学者从不同角度对此进行了深入的理论分析和实证研究,得出了许多有意义的结论并形成了系统的理论,但是其研究对象大多针对由首次公开发行新股或配股引起的盈余管理,对于公开增发及定向增发新股前的盈余管理问题则研究不深。本文的写作目的是通过对我国上市公司公开增发和定向增发新股前的盈余管理行为进行研究,揭示我国上市公司公开增发新股和定向增发新股前都存在盈余管理的现象,但两者的盈余管理程度和方向存在差异。其中公开增发新股前存在正的盈余管理,而定向增发新股前盈余管理的方式与定向增发新股类型有关。本文的研究对于我国盈余管理的理论研究、监管部门的政策制定以及投资者的投资决策行为等都具有十分重要的理论价值和现实意义。本文通过对我国上市公司公开增发、定向增发新股前盈余管理的动机进行理论分析,认为上市公司为取得公开增发股票的资格,使发行顺利完成以及获得较高的发行价格和发行收入,有动机在公开增发前进行正的盈余管理。而定向增发新股的类型将影响中国上市公司盈余管理的方式。本文选取2006-2010年已经实施公开增发、定向增发新股的A股上市公司为研究样本,对我国上市公司公开增发新股、定向增发新股前盈余管理的存在及方式进行了实证分析。实证结果表明,上市公司公开增发新股前存在正的盈余管理。定向增发新股前也存在盈余管理,其盈余管理的方式与定向增发新股类型有关。当向其控股股东及其子公司定向增发新股收购控股股东及其子公司的资产时,进行负的盈余管理；当向其他机构投资者定向增发新股募集资金时,进行正的盈余管理。本文的主要内容安排如下：第一部分是引言,介绍论文的研究背景和意义以及本文拟要揭示的问题等。第二部分是文献回顾,分别对国内外关于盈余管理的相关文献进行了梳理,并对此进行了评述。第三部分是我国上市公司公开增发新股、定向增发新股前盈余管理的理论基础,即本文的理论分析部分。文章首先对盈余管理的概念、特征、方式及其一般动机分别进行了阐述,接着从上市公司公开增发新股及定向增发新股前盈余管理的动机及方式两个方面进行了理论分析,并提出相关假设。第四部分是我国上市公司公开增发新股与定向增发前盈余管理的实证研究,即本文的实证分析部分。文章首先利用样本的时间序列分布情况初步验证了理论假设,然后经过描述性统计,单变量分析及多元回归模型进一步验证了上市公司在公开增发新股与定向增发新股前存在盈余管理的行为。第五部分是研究的结论及政策建议。
[Abstract]:In the current financial reporting system in China, the earnings information has always been the core issue for investors to pay attention to. The accounting standards for enterprises in our country require the use of accrual basis as the basis of accounting. The accrual basis endows the accountants with the subjective nature of the income and cost. It is such a "subjective qualitative" to the listed company. In recent years, earnings management behavior in the process of equity financing in listed companies has been a hot issue in the academic field. Scholars both at home and abroad have carried out in-depth theoretical analysis and empirical research from different angles, and have drawn many meaningful conclusions and formed a systematic theory. Most of the research aims at the earnings management caused by the first public issue of new shares or shares, which is not deeply studied for the issue of earnings management before the open issuance and the directional issuance of new shares. The purpose of this paper is to reveal our country through the study of the earnings management behavior before the public addition and the orientation of the new shares of the listed companies in China. There is a phenomenon of earnings management before the public new shares and the new shares of the listed companies, but there is a difference in the earnings management and direction of the two. The theoretical research of the remaining management, the policy-making of the regulatory departments and the investment decision making behavior of investors are of great theoretical and practical significance.
Through the theoretical analysis of the motives of the public issuance of Listed Companies in China and the motivation of pre issuing new stock earnings management, this paper thinks that the listed companies are qualified to obtain the open additional stock, make the issue complete and obtain the higher issuance price and the distribution income, and have a positive earnings management before the public issuance. The type of new shares will affect the way of earnings management of Chinese listed companies. In this paper, we choose the A share listed companies that have issued new shares in 2006-2010 years as the research samples. There is a positive earnings management before the listed companies open the new shares. The earnings management also exists before the new shares. The way of earnings management is related to the type of new shares. When institutional investors raise funds in private placement, they make positive earnings management.
The main contents of this article are as follows: the first part is the introduction, the research background and significance of the paper and the problems to be revealed in this paper. The second part is the literature review, the relevant literature on earnings management at home and abroad is reviewed, and the third part is the public addition of the listed companies in China. The theoretical basis of earnings management before new shares, which is the theoretical analysis part of this article. First, the article expounds the concept, characteristics, ways and general motives of earnings management, and then divides the listed companies into two aspects: the public issuance of new shares and the motives and ways of the earnings management before the new share issuance. The fourth part is the empirical study on the earnings management of the listed companies in China, which is the empirical analysis of the earnings management before the directional addition. The paper first uses the time series distribution of the sample to verify the theoretical hypothesis, and then through the descriptive statistics, the single variable analysis and multiple regression model. Further verified the earnings management behavior of listed companies before the public offering of new shares and private placement of new shares. The fifth part is the conclusion and policy recommendations.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224

【引证文献】