创业板市场承销商声誉与IPO公司盈余管理关系研究

发布时间：2018-03-30 09:43

本文选题：承销商声誉　切入点：创业板市场　出处：《大连理工大学》2013年硕士论文

【摘要】：创业板市场设立至今,使诸多处于成长期的中小企业通过发行上市,解决了融资约束的难题。出于获取发行上市资格,操纵股票发行价格等目的,企业在IPO市场中具有盈余管理的动机,这不仅对投资者利益造成损害,也影响着资本的有效配置。承销商具有降低证券市场信息不对称程度、抑制发行企业机会主义行为的作用,而声誉机制是其职能作用发挥的保证。本文以创业板市场为研究背景,结合该板块成长性要求,从资本市场角度解读了企业进行盈余管理的动机,以承销商的作用为出发点,探讨了声誉机制在发挥其“信息生产者”和“认证中介”职能中的重要性,并对承销商声誉在抑制IPO公司的盈余管理行为中的作用进行了理论探讨和实证研究。通过对“认证中介理论”和承销商监管职责的深入分析,本文从理论角度,梳理了承销商声誉与发行企业盈余管理程度之间的相关关系。同时,以2009-2011年在创业板进行IPO的283家公司为研究对象,采用修正的Jones-CFO模型计量其盈余管理程度,选取M-W法对承销商声誉进行综合计分和排名,通过独立样本T检验、相关性分析、多元回归分析等方法,得出以下研究结论： (1)在IPO前一年和当年,创业板公司普遍存在着正向,即调增应计利润的盈余管理行为。(2)当前我国创业板市场中,承销商声誉并不是影响公司在IPO前后进行盈余管理的显著因素。该结论从侧面表明,在我国创业板市场中,承销商无法有效发挥其“信息生产者”和“第三方认证中介”的职能作用,承销商声誉机制在我国尚有待形成及完善。
[Abstract]:The GEM market since its establishment, many in the growth stage of the small and medium-sized enterprises through issuing and listing, to solve the problem of financing constraints. In order to obtain the listing qualification, manipulation of the stock issue price, enterprises have the motivation of earnings management in the IPO market, which not only harms the interests of investors, but also affects the efficiency of capital allocation. The underwriter can reduce the stock market. The degree of information asymmetry, inhibit the issuer's opportunism behavior, and the reputation mechanism play its role is the guarantee.
In this paper, the gem as the research background, combined with the plate growth requirements, from the capital market perspective of enterprise earnings management motivation, the underwriter's role as the starting point, discusses the importance of the reputation mechanism in the play "information producer" and "certification" process in, and on earnings management the behavior of underwriter reputation in the inhibition of IPO's role in the theoretical discussion and empirical research. Through in-depth analysis of the "authentication agency theory" and the underwriter's function of supervision, from the theoretical point of view, sort out the relationship between underwriter reputation and the issuance of enterprise earnings management level. At the same time, 283 companies IPO in the gem in 2009-2011 years as the research object, using Jones-CFO model to measure the correction of the degree of earnings management, select the M-W method on underwriter's reputation for comprehensive score and ranking, only through the T test, correlation analysis, multiple regression analysis and other methods were used to draw the following conclusions:
(1) IPO in the previous year and year, the GEM companies generally have a positive, that is to increase the earnings management behavior of accruals. (2) the current China's GEM market, underwriter reputation does not affect the company are significant factors of earnings management before and after IPO. The conclusion shows that from the side in our country, the GEM market, the function of the underwriter can not effectively play its "information producer" and "third party certification agency", the underwriter reputation mechanism in our country remains to be formed and perfected.

【学位授予单位】：大连理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

【参考文献】