我国创业板公司IPO盈余管理与上市后业绩关系实证研究
本文关键词:我国创业板公司IPO盈余管理与上市后业绩关系实证研究 出处:《华南理工大学》2014年硕士论文 论文类型:学位论文
更多相关文章: 创业板 首次公开发行股票(IPO) 盈余管理 上市后业绩 应计利润模型
【摘要】:2009年10月30日,首批28家创业板公司在深交所集中挂牌上市。创业板的设立给具有两高六新特征的中小企业提供了融资机会。然而,部分代表高成长和高收益的创业板公司,上市后业绩大变脸。2012年4月,创业板市场退市制度正式出台,业绩下滑使部分公司的退市风险开始显现。 IPO后的业绩下滑现象,有学者认为是公司在股票首次公开发行(IPO)过程中的盈余管理行为所导致的,但也有学者研究认为公司在IPO过程中并不存在显著的盈余管理行为。那么,在创业板开设之初,制度尚不完善,创业板公司在IPO过程中是否也存在盈余管理行为?业绩变化情况如何?公司上市后的业绩变化,,是与创业板公司自身特征、宏观环境相关,还是同有些学者研究认为的那样,是因IPO过程中的盈余管理行为所导致?这便是本文的研究问题所在。 本文通过阅读国内外文献,比较并梳理了对IPO盈余管理行为的存在性持有不同看法的机会主义假说和信息观假说,以及多种盈余管理计量方法。为了提高研究可靠性及结论稳健性,本文选择多个计量模型,创新地评估了模型计量效果,确定相对较优的模型来估计样本公司盈余管理程度,并逐一检验本文的实证研究假设:IPO盈余管理行为是否存在;IPO前后业绩变化;IPO盈余管理与IPO后业绩的变动关系;IPO后创业板公司业绩变化的成因。 本文的研究结果显示,创业板公司全样本呈现出激进的IPO盈余管理行为及上市后业绩显著下滑的总体实证特征,但是深度子样本的实证研究则揭示了不同类别公司的盈余管理特征及其与公司IPO后业绩变动之间的关系:资产类和技术类创业板公司,采取了激进的IPO盈余管理行为,IPO后业绩下滑幅度大,激进的盈余管理行为是IPO后业绩水平较低及业绩下滑的重要原因;其他行业,如研发类和服务与文化类创业板公司,则采取相对保守的IPO盈余管理行为,IPO后业绩下滑程度较小,IPO盈余管理不仅没有导致IPO后的业绩下滑,甚至会促使IPO后业绩上涨;另外,技术类创业板公司,IPO当年的可操控性应计利润对IPO后三年的业绩水平有一定的显著预判作用,可视为是公司向投资者传递的关于公司前景的信号。此外,公司特征对不同行业公司的IPO后业绩的作用效果则比较类似:公司规模和成立年份,对IPO后业绩有正向影响;公司成长性和第一大股东持股比例对IPO后业绩有负向影响。最后,本文基于实证研究结果,得出全文结论并从制度建设、市场监管、投资者风险管理等角度提供建议。
[Abstract]:In October 30th 2009, the first batch of 28 gem companies were listed on the Shenzhen Stock Exchange. The establishment of the gem provides financing opportunities for small and medium-sized enterprises with two high and six new characteristics. Some of the gem companies which represent high growth and high income face great performance after listing. In April 2012, the gem delisting system was formally introduced, and the decline in performance made the delisting risk of some companies begin to appear. Some scholars believe that the decline of performance after IPO is caused by earnings management behavior in the process of initial public offering (IPO). However, some scholars believe that there is no significant earnings management behavior in the process of IPO. So, at the beginning of gem, the system is not perfect. Do gem companies also have earnings management behavior in the process of IPO? How is the performance changing? The change of performance after listing is related to the characteristics of gem, macro environment, or is it caused by earnings management behavior in the process of IPO? This is the research problem of this paper. By reading the literature at home and abroad, this paper compares and combs the opportunistic hypothesis and the information hypothesis which hold different views on the existence of IPO earnings management behavior. In order to improve the reliability and robustness of the research, this paper selects a number of measurement models, and evaluates the model measurement effect innovatively. To determine a relatively better model to estimate the earnings management degree of the sample companies, and to test the empirical research in this paper on the assumption that the behavior of earnings management exists; The change of performance before and after IPO; The relationship between IPO earnings management and the change of performance after IPO; After IPO growth enterprise board company performance changes causes. The results of this study show that the full sample of gem companies show the overall empirical characteristics of radical IPO earnings management behavior and significant decline in post-listing performance. However, the empirical study of depth sub-sample reveals the characteristics of earnings management of different types of companies and the relationship between earnings management and performance changes after IPO: asset and technology gem companies. We have adopted radical IPO earnings management behavior, which is an important reason for the low performance level and the decline of the performance after the IPO, and the radical earnings management behavior is an important reason for the decline of the performance after the IPO. Other industries, such as R & D and service and culture gem companies, adopt relatively conservative IPO earnings management behavior. IPO earnings management not only did not lead to the decline of performance after IPO, but also promoted the performance of IPO. In addition, the actionable accrual profits of technical gem companies in the year of IPO have a significant predictive effect on the performance level of IPO in the following three years. It can be seen as a signal to investors about the future of the company. In addition, the effect of corporate characteristics on post-#en0# performance of companies in different industries is similar: company size and year of establishment. It has a positive effect on the performance of IPO; The growth of the company and the proportion of the largest shareholders have a negative impact on the performance after IPO. Finally, based on the results of empirical research, this paper draws a conclusion from the system construction, market regulation. Investor risk management and other perspectives to provide advice.
【学位授予单位】:华南理工大学
【学位级别】:硕士
【学位授予年份】:2014
【分类号】:F275;F832.51;F276.6
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