创业板上市公司IPO盈余管理研究

发布时间：2018-03-30 12:43

本文选题：创业板上市公司　切入点：IPO　出处：《天津财经大学》2016年硕士论文

【摘要】：在国内外的证券市场上,企业在初次公开发行股票并上市交易(IPO)的过程中,公司管理者为达到最大化筹资额的目的,存在强烈的动机通过盈余管理满足上市前提。拟上市企业的管理者想要在比较短的时间内达到IPO的标准,大多数会采用盈余管理的手段,但是对这些上市公司上市后几年的经营业绩的研究发现,盈余管理可能会带来更多的消极影响。目前国内也开始大量对A股IPO中盈余管理问题的研究,而我此次论文的重点汇集在创业板上市公司上,结合我国A股创业板市场的特征,根据以往的研究文献,用理论与实证结合方式分析研究拟在创业板市场中IPO企业的盈余管理问题,最后提出一些有用防备创业板IPO的过度盈余管理的建议。首先从经济学研究理论上分析为什么会产生盈余管理行为,并且可以认为盈余管理是IPO过程中一定会发生的。接下来,对盈余管理的动机理论主要从三个方面进行研究;然后从理论、特征对创业板上市企业IPO过程中的盈余管理行为进行研究,及更进一步探讨了盈余管理的原因及方法。根据我国目前对创业板市场的研究,可以看出这些中小企业很难在银行等金融机构进行融资,但为达到上市的标准,解决发展所需资金的捷径就是在资本市场最大化融资,从而在理论上得出创业板上市公司在过程中存在盈余管理的结论。为了使研究更加严谨,本文通过对欣泰电气这一公司为例进行分析,研究公司IPO前后年度的经营状况,公司在IPO中确实存在盈余管理,并对其具体的盈余管理的方法和行为进行分析。最后综合考虑我国目前的市场情况,本篇论文对盈余管理产生的不利影响进行了分析,提出了四个方面的建议,目的是希望能够在创业板上市公司IPO过程中避免或控制发生过度盈余管理行为,防范资本市场风险,使得创业板市场更加成熟稳定的发展。
[Abstract]:In the stock market at home and abroad, in the process of initial public offering and listing of IPO, the managers of the company achieve the purpose of maximizing the amount of capital raised. There is a strong motivation to meet the premise of listing through earnings management. Managers of listed enterprises who want to meet the IPO standards in a relatively short period of time, most of them will adopt the means of earnings management. However, the research on the operating performance of these listed companies in the past few years has found that earnings management may bring more negative effects. At present, a large number of researches on earnings management in A-share IPO have also begun in China. The focus of my thesis is focused on the gem listed companies, combined with the characteristics of China's A-share gem market, according to the previous research literature, This paper analyzes and studies the earnings management of IPO enterprises in the gem market by means of theoretical and empirical analysis. Finally, some useful suggestions on how to guard against excessive earnings management of gem IPO are put forward. First of all, it is theoretically analyzed why earnings management behavior occurs, and it can be considered that earnings management is bound to occur in the process of IPO. The motivation theory of earnings management is mainly studied from three aspects, and then the behavior of earnings management in the IPO process of gem listed enterprises is studied from the theory and characteristics. And further discusses the reasons and methods of earnings management. According to the current research on the gem market in China, we can see that it is very difficult for these small and medium-sized enterprises to finance in banks and other financial institutions, but in order to reach the standard of listing, The shortest way to solve the problem is to maximize the financing in the capital market, so as to draw the conclusion that there is earnings management in the process of listed companies on the gem. Through the analysis of Xintai Electric Company as an example, this paper studies the annual operating situation of the company before and after IPO. The company does exist earnings management in IPO. Finally, considering the current market situation in China, this paper analyzes the adverse effects of earnings management, and puts forward four suggestions. The purpose is to avoid or control excessive earnings management in the IPO process of gem listed companies, prevent the risk of capital market, and make the gem market more mature and stable.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F426.6;F406.7

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