私募股权投资对上市公司盈余管理的影响

发布时间：2018-01-25 11:34

本文关键词： 私募股权投资盈余管理琼斯模型　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：私募股权投资（PE）作为一项金融创新，近年来快速成长，引起了人们的高度关注。在国内，它主要选择中小板和创业板市场上具有高速成长潜力的中小规模企业为投资对象进行投资。国内外的研究表明，私募股权投资对一些上市公司有着举足轻重的作用，但是，私募股权投资能否提高被投资者的会计信息质量、改善公司治理仍存在争议。本文旨在分析私募股权投资对上市公司盈余管理的影响，主要运用对比分析、统计分析等方法进行研究。本文以2009年在中小板和创业板上市的117家公司为研究对象，将其分为有PE的样本公司和无PE的样本两组，从一个全景的角度，分析两组样本公司2007-2011年的可操纵性应计利润（DA）和线下项目（CRT）的差异，进而构建可操纵性应计利润和线下项目两个回归模型来分析PE对上市公司盈余管理的影响。研究结果表明，由于PE拥有丰富的投资经验、扎实的专业基础、庞大的社会网络，相比于无PE持股的公司，有PE持股的公司主要通过不易被发现的可操纵性应计利润进行盈余管理，而且可操纵性应计利润和线下项目占主营业务收入的比值各年比较均衡。同时，研究还发现2007-2011年样本公司的总资产收益率逐年降低，上市前两年，公司主要通过可操纵性应计利润调节盈余，线下项目占主营业务收入之比较低；上市当年，可操纵性应计利润出现急剧下降；而上市后两年，可操纵性应计利润和线下项目占净利润之比均较高。此外，，资产负债率越高、流通股占全部股数的比例越高，公司的可操纵性应计利润和线下项目占主营业务收入的比值越高，说明公司在高负债和高流通的压力下，上市公司进行盈余管理的动机更强烈。独立董事占董事会总人数的比例越高，可操纵性应计利润越小，说明独立董事充分发挥了他们对上市公司会计信息质量的监管作用。若董事长与总经理为同一人，主要通过可操纵性应计利润调节盈余。我们认为，中国的PE行业起步较晚，发展还不够成熟，加之国内证券市场的不完善以及国内会计师水平有限，私募股权投资不能抑制被投资企业进行盈余管理，反而在减持套利的利益驱动之下，帮助被投资企业通过较为隐蔽的可操纵性应计利润进行盈余管理。由此可见，因证券市场的不同、被投资公司所处阶段的不同，PE对上市公司盈余管理的影响也不尽相同。
[Abstract]:Private equity investment (PEI) as a financial innovation, in recent years, rapid growth, has attracted people's attention. In China. It mainly selects the small and medium-sized enterprises with high growth potential in the small and medium-sized market and the growth enterprise market as the investment object. Private equity investment plays an important role in some listed companies. However, whether private equity investment can improve the quality of accounting information and improve corporate governance is still controversial. This paper aims to analyze the impact of private equity investment on earnings management of listed companies, mainly using comparative analysis. In 2009, 117 companies listed on the small and medium-sized board and the gem were selected as the research objects, which were divided into two groups: the sample company with PE and the sample without PE. From a panoramic perspective, the differences between the two groups of sample companies, namely, the maneuverability accrual profit DAs and the offline project CRT, were analyzed. Then, two regression models of maneuverability accrual profit and offline items are constructed to analyze the effect of PE on earnings management of listed companies. The results show that because PE has rich investment experience, solid professional foundation, huge social network, compared with the company without PE shareholding. The PE shareholding company mainly manages earnings through the maneuverability accrual profit which is not easy to be found, and the ratio of the maneuverability accrual profit and the offline item to the main business income is balanced in each year. At the same time. The study also found that the total return on assets of the sample companies decreased year by year from 2007 to 2011. Two years before listing, the company mainly adjusted the surplus through maneuverability accrual profits. Off-line projects account for the main business income is relatively low; In the year of listing, the accrual profit of maneuverability decreased sharply; Two years after listing, the ratio of operable accruals and offline items to net profits is higher. In addition, the higher the ratio of assets to liabilities, the higher the proportion of outstanding shares to the total number of shares. The higher the accrual profit of the company and the ratio of the off-line items to the main business income, the higher the company is under the pressure of high liabilities and high circulation. The higher the proportion of independent directors to the total number of board of directors, the less operable accrual profits. If the chairman and the general manager are the same person, the earnings are mainly adjusted by manipulative accrual profits. We believe that China's PE industry started late, the development is not mature, coupled with the imperfect domestic securities market and the limited level of domestic accountants. Private equity investment can not restrain the invested enterprises to carry out earnings management, on the contrary, it is driven by the interest of reducing arbitrage. It can be seen that the stage of the invested company is different because of the different stock market. The effect of PE on earnings management of listed companies is different.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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