股份回购宣告前后的上市公司盈余管理行为研究

发布时间：2018-07-20 19:22

【摘要】：本文以我国证券市场的公开市场股份回购公司为研究对象,发现宣告进行公开市场股份回购的公司,存在股份回购前负向调整操纵性应计,在股份回购后正向调整操纵性应计的现象。公司采取这种行为是为了达到"在回购前压低股价,减少回购成本;回购后释放利润,提高股价"的目的。本文发现宣告股份回购本身是一种"偏负面"信号,企业在进行盈余管理和股份回购调整权益等一系列财务游戏之后,公司的经营业绩、财务表现和市场价值等无法获得本质改善,公司的发展前景并不乐观。在所有宣布回购的样本中,"真回购"公司的回购真正动机和宣告动机相似性较高,而"假回购"公司宣告回购目的背后还隐藏着其他动机。资本市场能够在一定程度上识别公司宣告股份回购是属于"真回购"还是"假回购"。
[Abstract]:This paper takes the open market share repurchase companies in the stock market of our country as the research object, and finds that the companies that declare the share repurchase in the open market have negative adjustment maneuverability accruals before the share repurchase. After the share repurchase the positive adjustment manipulative accrual phenomenon. The aim is to "hold down the share price before repurchase, reduce the cost of repurchase; release profits after repurchase and increase the share price". This paper finds that declaring share repurchase is a kind of "partial negative" signal. After a series of financial games, such as earnings management and stock repurchase adjustment, the business performance of the company is found. The financial performance and the market value cannot obtain the essential improvement, the company's development prospect is not optimistic. Among all the announced repurchase samples, the true motivation and declaration motivation of "true repurchase" company are quite similar, while other motives are hidden behind the "false repurchase" company's declared repurchase purpose. The capital market is able to identify to a certain extent whether a company declares a share buyback to be a "real repurchase" or a "fake repurchase".
【作者单位】：上海财经大学金融学院;中国民生银行上海分行;
【基金】：教育部人文社科规划基金资助(项目号:12YJA790074)
【分类号】：F275;F832.51;F224

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