保荐制度对IPO公司盈余质量的影响研究

发布时间：2018-06-21 00:36

本文选题：保荐制度 + IPO　；参考：《沈阳工业大学》2012年硕士论文

【摘要】：保荐制度作为我国证券市场新股发行制度重大改革举措之一，对于保护广大投资者利益，改善上市公司盈余质量，提高证券市场资源有效配置以及维护证券市场的正常运行都具有重要意义。保荐制度自实施以来，对于保荐制度实施所起到的作用一直褒贬不一，随着A股2011年业绩公告的公布，多家2010年新进上市公司业绩的大幅度下滑，不禁又引起人们对保荐制度实施是否提高了公司盈余质量的关注。本文从公司可操控应计及会计稳健性的视角，运用规范研究和实证研究相结合的方法，研究了保荐制度实施对IPO公司盈余质量产生的影响。在规范研究方面，理论分析了保荐制度实施对IPO公司上市前和上市后会计政策选择行为、保荐制度实施对IPO公司可操控应计以及公司会计稳健性产生的影响。在实证研究方面，首先运用描述性统计分析的方法分析了IPO公司可操控应计的特征、保荐制度实施前后公司会计政策的变化以及保荐制度实施前后IPO公司总资产收益率的变化趋势；然后运用t检验方法检验均值，运用Wilcoxon方法检验中位数，考察了可操控应计的显著性以及保荐制度实施前后公司可操控应计的差异。最后运用Hausman检验研究了保荐制度实施对公司可操控应计及会计稳健性的影响。通过本文的研究发现，保荐制度的实施改变了IPO公司会计政策选择的时机，在上市辅导期即IPO前两年，与保荐制度实施前相比，保荐制度实施后，IPO公司更加偏好激进的会计政策，IPO公司的可操控应计更高，并且利用可操控应计调节公司盈余的时间比保荐制度实施前提前了一年；而在上市持续督导期，IPO公司的可操控应计的检验结果却没有显著性差异，可操控应计出现明显下降。从本文的研究结果可以看出，保荐制度只改变了上市公司会计政策选择的时机，而并未改变公司的盈余质量。
[Abstract]:As one of the major reform measures of the new stock issuance system in China's securities market, the recommendation system can protect the interests of the vast number of investors and improve the earnings quality of listed companies. It is of great significance to improve the effective allocation of securities market resources and to maintain the normal operation of securities market. Since the implementation of the sponsorship system, the role played by the recommendation system has been mixed. With the announcement of the A share earnings announcement in 2011, the performance of several newly listed companies in 2010 has fallen sharply. Can not help but cause people to sponsor system whether to improve the quality of corporate earnings. From the perspective of accounting conservatism, this paper studies the effect of sponsor system on the earnings quality of IPO companies by combining normative research with empirical research. In the aspect of normative research, the author theoretically analyzes the effect of the recommendation system on the behavior of accounting policy selection before and after listing of IPO companies, and on the controllable accruals and accounting conservatism of IPO companies. In the aspect of empirical research, firstly, the characteristics of controllable accruals of IPO companies are analyzed by descriptive statistical analysis. The change of company accounting policy before and after the implementation of the recommendation system and the trend of the change of the total return on assets of the IPO company before and after the implementation of the sponsorship system, and then using the t test method to test the mean value, and the Wilcoxon method to test the median. The significance of controllable accruals and the differences before and after the implementation of the recommendation system were investigated. Finally, the Hausman test is used to study the effect of the recommendation system on the controllable accrual and accounting conservatism of the company. Through the research of this paper, it is found that the implementation of the recommendation system has changed the timing of accounting policy selection of IPO companies, in the IPO guidance period, that is, two years before the IPO, compared with the recommendation system before the implementation of the system. After the implementation of the sponsorship system, the IPO companies prefer more radical accounting policies. The controllable accruals of the IPO companies are higher, and the time of using the controllable accruals to adjust the company's earnings is one year earlier than that before the implementation of the sponsorship system. However, there is no significant difference in the test results of the controllable accruals of IPO companies during the continuous supervision period, and the controllable accruals decrease obviously. From the results of this paper, we can see that the recommendation system only changes the timing of accounting policy selection of listed companies, but does not change the earnings quality of the companies.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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