创业板企业IPO盈余管理实证研究

发布时间：2018-05-21 04:30

本文选题：创业板企业 + 盈余管理　；参考：《广西大学》2012年硕士论文

【摘要】：IPO(Initial Public Offerings)是指企业首次公开发行股票,是企业(发行人)第一次将它的股份向公众出售。IPO的产生促进了我国资本市场的多元化发展,为解决我国的中小科技型企业的融资困境提供了一个良好融资渠道。由于我国证券市场不够成熟,证券管理制度还不够完善；由于存在相关各方的利益,创业板企业追求尽快上市,并且迫切得到IPO的高定价,所以他们对盈余管理有着强烈动机。面对IPO之前“完美”经营业绩,IPO之后却发生明显的下滑,从而引起股票价格下跌。这种行为不但损害了投资者的经济利益,打击投资者的投资热情,还严重地腐蚀了我国证券市场诚信基础。从长期看,这种行为将会影响我国资本市场的稳健发展。本文参考了国外和国内学者的研究文献,借鉴前人的研究成果,结合创业板市场特征进行详细研究。首先采用规范研究的方法,对创业板企业IPO过程的盈余管理行为进行理论阐述,指出盈余管理的各种手段。然后在实证方面提出假设,选择2010年上市的117家创业板企业作为样本,进行描述性统计分析,回归分析等。得出如下结论：①为了获得较高的发行价,创业板企业才进行盈余管理。②创业板企业IPO存在盈余管理行为。为了解决创业板企业IPO普遍存在盈余管理的问题,根据笔者的研究,提出适度地放开创业板IPO上市门槛、不断完善目标导向的会计准则制订体制等方面提出一些合理建议,最后列出了本文尚存的不足及未来研究方向。
[Abstract]:IPO(Initial Public offering refers to the initial public offering of stock, which is the first time that an enterprise (issuer) sells its shares to the public, which promotes the diversified development of China's capital market. It provides a good financing channel to solve the financing dilemma of small and medium-sized S & T enterprises in China. Because the securities market of our country is not mature and the securities management system is not perfect, because of the interest of all parties concerned, the gem enterprises seek to go public as soon as possible, and get the high price of IPO urgently, so they have strong motive to the earnings management. Facing IPO before the "perfect" operating results after the IPO after a significant decline, resulting in a fall in stock prices. This behavior not only damages the economic interests of investors, but also impairs the investment enthusiasm of investors, and corrodes the basis of honesty and credit in China's securities market. In the long run, this behavior will affect the steady development of our capital market. This paper refers to the research literature of foreign and domestic scholars, referring to the previous research results, combined with the gem market characteristics to carry out a detailed study. In this paper, the earnings management behavior in the IPO process of gem enterprises is described theoretically, and the various means of earnings management are pointed out. Then the empirical hypothesis is put forward and 117 gem enterprises listed in 2010 are selected as samples to carry out descriptive statistical analysis regression analysis and so on. The conclusions are as follows: 1 in order to obtain a higher issue price, the earnings management behavior exists in the IPO of the gem enterprises. 2. In order to solve the problem of earnings management in IPO of gem enterprises, according to the author's research, this paper puts forward some reasonable suggestions on how to liberalize the threshold of gem IPO listing and improve the goal-oriented accounting standard-setting system. Finally, the paper lists the remaining shortcomings and future research directions.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

【参考文献】