我国上市公司IPO前后应计及真实盈余管理研究

发布时间：2018-01-15 08:00

本文关键词：我国上市公司IPO前后应计及真实盈余管理研究　出处：《重庆交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：自20世纪80年代起，西方学者就开始致力于盈余管理的研究，发展到今天，盈余管理研究大多以实证研究为主，提出了大量的理论模型，形成了较为全面的完整理论体系。广义上的盈余管理应包括应计利润项目的操纵和真实活动的盈余管理，然而已有的研究文献大多忽略了真实活动的盈余管理行为，本文研究的我国公司IPO前后盈余管理行为采用了广义的盈余管理，加入了真实盈余管理的研究内容。国内外关于盈余管理的研究模型大都采用应计盈余管理模型，最为普遍的是修正Jones模型，该模型得到的学者肯定最为广泛，而真实盈余管理计量模型目前用得最多的是Roychowdhury模型，因此，本文在估算盈余管理时主要采用这两种模型计量。国内外关于公司IPO过程中盈余管理行为的研究文献有很多，本文和以往研究文献不同的是，加入了真实活动的盈余管理，全面考虑了我国上市公司IPO前后的盈余管理行为。本文主要研究：比较上市公司IPO前后两年及当年应计及真实盈余管理程度、差异和趋势；检验IPO过程中上市公司应计及真实盈余管理行为是否存在替代的关系；检验公司IPO过程中业绩下滑与真实及应计盈余管理行为的关系；检验IPO抑价与上市前的应计及真实盈余管理行为的关系；考察公司上市后的避亏保壳和再融资应计及真实盈余管理动机。本文选取2008-2010年A股IPO公司为样本,采用上市前三年和上市后两年（即2005-2012年）的财务数据，对IPO前后两年应计及真实盈余管理进行检验，本文发现：我国公司在IPO前后存在显著的应计及真实盈余管理行为，，具体表现为，应计盈余管理在上市当年达到最大值，而综合真实盈余管理在整个IPO前后过程中却是一直上升的趋势，而且，在IPO前后过程中应计盈余管理平均水平大于0，而真实盈余管理平均水平小于0；应计及真实盈余管理这两种盈余管理行为总体上不存在显著的替代性，在IPO过程中组合使用；我国公司IPO过程中，经营业绩呈现逐年下降的趋势，出现显著的滑坡现象，经营业绩下滑水平与应计盈余管理水平显著相关，应计盈余管理程度越大，经营业绩下滑水平越大，而经营业绩与真实盈余管理关系不够显著，真实盈余管理不是造成业绩下滑的原因。我国公司IPO抑价水平与IPO前的应计盈余管理和真实盈余管中的异常销售操纵水平呈显著正相关。公司上市后经营业绩下滑，业绩下滑至盈亏临界区间或重亏区间的公司存在显著的避亏保壳真实盈余管理，业绩下滑至再融资临界区间的公司存在显著的再融资真实盈余管理，而应计盈余管理动机不够显著。
[Abstract]:Since 1980s, western scholars began to earnings management, earnings management research development today, most of the empirical research, put forward a theoretical model, formed a complete theoretical system comprehensively. The earnings management in broad sense should include earnings management, accruals and real activities manipulation of the project. However, the literature has mostly ignored the real earnings management behavior, this paper studies before and after our company IPO earnings management behavior of earnings management by generalized, joined the contents of real earnings management. Domestic and foreign research on the model of earnings management mostly adopts the accrual earnings management model, the most common is correct the Jones model, the model obtained by scholars affirmed the most widely and real earnings management model at present is the most used Roychowdhury model, therefore, These two models are used to measure earnings management in this paper.
There are many domestic and foreign research literature on earnings management behavior in the process of IPO, and the previous research literature is different, with real earnings management activities, a comprehensive consideration of the IPO before and after the earnings management behavior of Listed Companies in China. This paper mainly studies: comparison of listed companies IPO after two years and then accrued and true the degree of earnings management, the difference and trend of IPO in the process of inspection; the listed company should the existence of alternative relations and real earnings management behavior; the relationship between the performance inspection company IPO in the process of decline and real and accrual earnings management behavior; test of IPO Underpricing and pre IPO accrual and real earnings management behavior; investigation after the listing of the company to avoid the loss of guaranteed housing and refinancing accrual and real earnings management motivation.
This paper selects 2008-2010 A IPO shares by listed companies as a sample, two years ago and three years (2005-2012 years) after the listing of the financial data, accrual and real earnings management of IPO before and after two years of testing, this paper finds that China's companies are significantly accrued and really management behavior before and after IPO Yu Shiying, specific for the earnings management in the listing of the year reached the maximum value, and the trend of comprehensive real earnings management is in the IPO before and after the process has been rising and, before and after IPO in the process of accrual earnings management the average level of more than 0, more than the average level of management and it is surplus is less than 0; the accrual and real earnings management two kinds of earnings management behavior on the whole there are no alternative significant combination, used in the IPO process; our company IPO process, operating results showed a declining trend, significant landslide phenomenon, operating performance The level of decline and accrual earnings management level was significantly related to the accrual earnings management degree is bigger, the decline in operating performance level is large, and the operating performance and the real earnings management is not significant, the real earnings management is not the cause of the decline in performance. Our company IPO underpricing level and IPO should be abnormal sales earnings management and real earnings management in the operation level was positively correlated. After the listing of the company operating performance decline, the decline in performance to breakeven weight loss interval interval or company there is a significant security shell to avoid loss of real earnings management, there is a performance decline to refinancing critical interval company significant refinancing real earnings management, and should earnings management motivation is not significant.

【学位授予单位】：重庆交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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