创业板IPO公司盈余管理研究

发布时间：2018-01-03 01:43

本文关键词：创业板IPO公司盈余管理研究　出处：《山东财经大学》2012年硕士论文　论文类型：学位论文

更多相关文章： 创业板 IPO 盈余管理 政策建议

【摘要】：2009年10月，积聚了十多年力量的创业板正式在深圳证券交易所挂牌交易，这是我国建立多层次股票市场体系迈出的第一步，是“有中国特色的二板市场”，弥补了之前单层次的主板市场的不足。但其高成长性，高发行价，高市盈率等等特点导致创业板IPO公司吸引了许多投机资金。总体来说，公司大都进行了相应的盈余管理行为，出现上市后业绩大面积的下滑，净利润的大幅度下降现象。无论是国内还是国外的企业，盈余管理在企业首次公开发行股票并上市交易（IPO）的过程中始终扮演着一个重要的角色。为了取得上市资格及最大化的筹资额，企业往往通过盈余管理，运用会计方法和非会计方法，对以经营业绩为基础的会计信息进行“加工”和构造交易事项等，严重损害会计信息的真实性。这些行为一方面误导了投资者，对我国证券市场的诚信基础产生了负面影响，另一方面对资本市场资源的优化配置也产生负面影响，最终必将损害整个市场的信心和长远发展。近年来，国内众多学者对A股及中小企业板上市公司IPO中盈余管理进行了研究，本文把目光仅聚集到创业板上市公司，在已有的研究成果的基础上结合创业板的特征，对创业板上市公司IPO过程中的盈余管理进行理论与实证研究，试图提出一些防范创业板上市公司盈余管理的政策建议。就研究方法和思路而言，本文以委托代理理论、信息不对称等为指导，对创业板IPO过程中盈余管理进行了理论分析，并且采用实证分析的方法，进行配对样本T检验、线性回归分析，并且结合我国的实际情况，提出了五个方面的政策建议，希望有助于避免或控制创业板上市公司盈余管理行为，防范盈余管理导致的市场风险。本文的各章内容简要概括如下：本文首先通过介绍文章的研究背景及意义，提出要解决的问题；通过梳理国内外相关文献，寻找研究契机；在此基础上，提出研究思路及方法、文章结构及创新点。其次，介绍了盈余管理的基本理论，从经济学理论的角度对盈余管理行为的产生原因进行了分析，认为盈余管理的存在具有一定的必然性。接着，研究了盈余管理的内部动因，并研究了上市公司可利用的盈余管理手段。再次，针对创业板公司IPO过程中盈余管理进行了理论分析，研究显示创业板公司在外源融资上有很大的困难，获取上市资格，在资本市场最大化融资，是解决发展所需资金的捷径，从而在理论上得出创业板上市公司在IPO过程中存在盈余管理的结论。并通过实证研究的方法来进行验证，选取了153家2009年至2010年在深圳证券交易所创业板首次公开募股公司，并采用修正的Jones—CFO模型进行检验，运用配对样本T检验、线性回归分析，证明样本公司在IPO中确实存在盈余管理。最后为结论、局限性及建议。在结合我国实际情况的基础上，提出了五个方面的政策建议，希望有助于避免或控制创业板上市公司盈余管理行为，防范盈余管理导致的市场风险，使创业板市场可以健康成长。本文的创新点主要体现在以下两个方面：一是研究视角创新，本文以我国创业板IPO公司为研究对象，在国内外众多学者的研究的基础上，结合创业板的特征，把IPO中盈余管理的研究细化到创业板，在理论和实证上分析了我国创业IPO公司的盈余管理行为，从创业板盈余管理问题和创业板建设两个方面提出相关政策建议，期待对促进证券市场的健康发展有一定参考价值。二是模型构建及方法创新，，在分析国内学者对盈余管理模型的研究基础上，采用修正的Jones—CFO模型，并对经营现金流量进行调整，剔除资产规模的影响，从而提高了模型的拟合度，使研究结果更具有说服力，同时采用了最新的数据。
[Abstract]:In October 2009, the accumulation of the gem more than 10 year power officially listed on the Shenzhen stock exchange, this is the first step towards the establishment of China's multi-level stock market system, there is Chinese characteristics of the second board market. To compensate for the lack of previous single level motherboard market. But its high growth, high issue price. The characteristics of high earnings and so lead to the gem IPO companies attracted many speculative funds. Generally speaking, companies are mostly carried out corresponding earnings management behavior, decline in performance after the listing of a large area of the phenomenon, the net profit decline.
Whether domestic or foreign enterprises, earnings management in the enterprise IPO Trading (IPO) process plays an important role. In order to obtain financing listing eligibility and maximize the enterprise often through earnings management, using the accounting method and the non accounting methods, and "processing" to construct transactions based on business performance of the accounting information, serious damage to the authenticity of accounting information. These behaviors on the one hand to mislead investors, had a negative impact on the basis of the integrity of China's securities market, on the other hand also have a negative impact on the capital market to optimize the allocation of resources, will eventually damage the entire market confidence and the long-term development. In recent years, many domestic scholars on the A shares and SME Board Listed Companies Earnings Management in IPO were studied in this paper to look only to gather the gem Based on the existing research results and the characteristics of gem, listed companies conduct theoretical and empirical research on earnings management in IPO process of GEM listed companies, trying to put forward some policy recommendations to prevent earnings management of GEM listed companies.
The research methods and ideas, based on the principal-agent theory, information asymmetry and other guidance on the earnings management of the gem IPO process is analyzed, and using the method of empirical analysis of paired samples T test, linear regression analysis, and combined with China's actual situation, put forward five aspects of the policy suggestions, hope to help prevent or control the GEM listed company earnings management behavior, prevent earnings management due to market risks.
A brief summary of the contents of each chapter are as follows: This paper firstly introduces the background and significance of this research, put forward to solve the problem; through combing the related literature at home and abroad, looking for the opportunity to study; on this basis, puts forward research ideas and methods, the structure and innovation points. Secondly, introduces the basic theory of earnings management. The analysis of causes of earnings management behavior from the perspective of economic theory, that the existence of earnings management is inevitable. Then, study the internal motivation of earnings management, and study of the listed companies can use the means of earnings management. Thirdly, according to the earnings management of GEM companies in the IPO process is analyzed research shows that the GEM companies have great difficulties in financing, eligible for listing in the capital market, the maximum financing, is a shortcut to resolve the funds required for the development of, So that the GEM listed companies earnings management. In the process of IPO in theory. Through the empirical research methods to verify the selected 153 2009 to 2010 IPO on the Shenzhen stock exchange gem, and tested by Jones modified CFO model, using paired samples T test. Linear regression analysis demonstrated the existence of earnings management in the Sample Firms IPO. The last part is the conclusion, limitation and suggestion. In combination with the actual situation of our country, puts forward five policy suggestions, hoping to help prevent or control the GEM listed company earnings management behavior, prevent earnings management due to market risks so, the GEM market can grow up healthily.
The innovation of this paper is mainly reflected in the following two aspects: one is the innovation of research perspective, this paper takes the gem IPO companies in China as the research object, based on the study of many scholars at home and abroad on the combination of the characteristics of the gem, the earnings management in the IPO of refinement to the gem, in theory and practice analysis of the behavior of earnings management of Chinese enterprise IPO company, and puts forward relevant policy suggestions from the two aspects of the gem earnings management and construction of the gem, looking forward to have a certain reference value for promoting the healthy development of the securities market. The two is the model and method of innovation, in the analysis of domestic scholars research on Earnings Management Based on the model by Jones, the modified CFO model, and adjust the operating cash flow, excluding the impact of asset size, so as to improve the degree of fitting the model to make research results more convincing, at the same time using the New data.

【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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