创业板IPO前盈余管理和抑价的相关性研究
发布时间：2018-09-12 18:30
【摘要】：2009年10月30日,我国28家中小企业首次在我国创业板公开发行交易,这个酝酿了长达10年的创业板,终于破茧而出了。创业板的推出很大程度上解决了中小企业的融资困难问题,为我国中小企业的发展提供无限动力。同时为了规范我国资本市场秩序,降低金融风险,保护投资者利益,国家对创业板上市公司做出了相应的要求,其中对于企业的盈余指标做出了严格的规定,只有达到了相关规定的企业才能够在创业板上市,这就导致了一部分想上市但又达不到上市条件的企业产生了盈余管理的动机,即企业在IPO过程中会存在盈余管理行为。同时我国创业板新股高抑价现象一直存在,这些严重影响了我国创业板市场的正常发展。那么IPO前盈余管理行为同IPO抑价现象两者之间是否存在某种相关关系?IPO前的盈余管理是否能够解释IPO公司上市发行首日高抑价现象呢? 本文就以“IPO前盈余管理和抑价的相关性”为主题,采用规范和实证相结合的研究方法,回顾以前相关学者做出的研究成果,分析盈余管理相关概念、产生的原因及盈余管理的动机,阐述盈余管理相关理论基础,针对我国一级市场和二级市场的相关特点,从投资者行为角度深入探讨IPO前盈余管理同抑价之间的内在联系。本文采用修正的琼斯模型来计量盈余管理水平,用抑价率公式来衡量IPO抑价程度。本文选取了2009年10月-2011年7月在我国创业板上市的230家IPO公司做为研究样本,研究结果发现样本公司在IPO过程中存在盈余管理行为,同时IPO公司上市首日存在抑价现象,IPO前盈余管理同IPO抑价现象正相关,但不显著,发行价同IPO前报告盈余的相关性要胜于同IPO前真实盈余的相关性,而收盘价同IPO前真实盈余的相关性要胜于同报告盈余的相关性。IPO抑价现象产生的原因主要是一级市场的制度缺陷,导致新股定价主要依赖于企业的报告盈余,同时,二级市场投资者无法正确识别企业存在的盈余管理,对新股发行存在过度反应,最终使得新股价格严重的偏离其内在真实的价值,从而导致新股发行首日高抑价现象。通过对本文实证研究结果的分析,提出了改善我国IPO前的盈余管理和抑价的一些建议。
[Abstract]:On October 30, 2009, 28 small and medium-sized enterprises of our country first issued and traded in the gem of our country, which has been brewing for 10 years, and finally broke out of the cocoon. The launch of the gem solves the financing difficulties of SMEs to a great extent and provides unlimited impetus for the development of SMEs in China. At the same time, in order to standardize the order of China's capital market, reduce financial risks and protect the interests of investors, the state has made corresponding requirements to listed companies on the gem, among which the earnings indicators of enterprises have been strictly stipulated. Only those enterprises that have reached the relevant regulations can be listed on the gem, which leads to the earnings management motivation of some enterprises that want to go public but fail to reach the listing condition, that is, the earnings management behavior will exist in the process of IPO. At the same time, the phenomenon of high underpricing of new shares in gem has been existed all the time, which seriously affects the normal development of gem. Is there a correlation between earnings management before IPO and underpricing of IPO? can earnings management before IPO explain the phenomenon of high underpricing on the first day of listing of IPO companies? Based on the theme of "the correlation between earnings management and underpricing before IPO", this paper adopts the research method of combining norms and empirical evidence, reviews the previous research results made by relevant scholars, and analyzes the related concepts of earnings management. The causes and motivation of earnings management, the theoretical basis of earnings management, and the relationship between earnings management and underpricing before IPO are discussed from the perspective of investor behavior in view of the relevant characteristics of primary market and secondary market in China. In this paper, the modified Jones model is used to measure the earnings management level, and the underpricing formula is used to measure the IPO underpricing level. In this paper, 230 IPO companies listed on the gem from October 2009 to July 2011 are selected as the research samples. The results show that the sample companies have earnings management behavior in the IPO process. At the same time, there is a phenomenon of underpricing in the first day of listing of IPO Company. The pre-IPO earnings management is positively correlated with IPO underpricing, but it is not significant. The correlation between the IPO price and the reported earnings before IPO is better than that with the real earnings before IPO. The reason that the relationship between the closing price and the real earnings before IPO is better than the correlation with the reported earnings. The main reason for the underpricing phenomenon is the institutional defects in the primary market, which leads to the pricing of new shares mainly depends on the reported earnings of the enterprises, at the same time, Investors in the secondary market can not correctly identify the earnings management existing in the enterprise and overreact to the issue of new stock. Finally, the price of the new stock deviates seriously from its intrinsic real value, which leads to the phenomenon of high underpricing on the first day of the new issue. Based on the analysis of the empirical results of this paper, some suggestions on how to improve earnings management and underpricing before IPO in China are put forward.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224
本文编号：2239877
[Abstract]:On October 30, 2009, 28 small and medium-sized enterprises of our country first issued and traded in the gem of our country, which has been brewing for 10 years, and finally broke out of the cocoon. The launch of the gem solves the financing difficulties of SMEs to a great extent and provides unlimited impetus for the development of SMEs in China. At the same time, in order to standardize the order of China's capital market, reduce financial risks and protect the interests of investors, the state has made corresponding requirements to listed companies on the gem, among which the earnings indicators of enterprises have been strictly stipulated. Only those enterprises that have reached the relevant regulations can be listed on the gem, which leads to the earnings management motivation of some enterprises that want to go public but fail to reach the listing condition, that is, the earnings management behavior will exist in the process of IPO. At the same time, the phenomenon of high underpricing of new shares in gem has been existed all the time, which seriously affects the normal development of gem. Is there a correlation between earnings management before IPO and underpricing of IPO? can earnings management before IPO explain the phenomenon of high underpricing on the first day of listing of IPO companies? Based on the theme of "the correlation between earnings management and underpricing before IPO", this paper adopts the research method of combining norms and empirical evidence, reviews the previous research results made by relevant scholars, and analyzes the related concepts of earnings management. The causes and motivation of earnings management, the theoretical basis of earnings management, and the relationship between earnings management and underpricing before IPO are discussed from the perspective of investor behavior in view of the relevant characteristics of primary market and secondary market in China. In this paper, the modified Jones model is used to measure the earnings management level, and the underpricing formula is used to measure the IPO underpricing level. In this paper, 230 IPO companies listed on the gem from October 2009 to July 2011 are selected as the research samples. The results show that the sample companies have earnings management behavior in the IPO process. At the same time, there is a phenomenon of underpricing in the first day of listing of IPO Company. The pre-IPO earnings management is positively correlated with IPO underpricing, but it is not significant. The correlation between the IPO price and the reported earnings before IPO is better than that with the real earnings before IPO. The reason that the relationship between the closing price and the real earnings before IPO is better than the correlation with the reported earnings. The main reason for the underpricing phenomenon is the institutional defects in the primary market, which leads to the pricing of new shares mainly depends on the reported earnings of the enterprises, at the same time, Investors in the secondary market can not correctly identify the earnings management existing in the enterprise and overreact to the issue of new stock. Finally, the price of the new stock deviates seriously from its intrinsic real value, which leads to the phenomenon of high underpricing on the first day of the new issue. Based on the analysis of the empirical results of this paper, some suggestions on how to improve earnings management and underpricing before IPO in China are put forward.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224
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