“新三板”挂牌公司会计信息质量研究——基于挂牌融资的实证分析

发布时间：2018-01-19 06:09

本文关键词： 新三板挂牌融资会计信息质量　出处：《财会通讯》2016年12期 　论文类型：期刊论文

【摘要】：本文以"新三板"公司挂牌时公布的会计信息为研究对象,分析了挂牌同时融资和挂牌不进行融资这两类公司应计利润及可操控应计的差异,研究发现,两类公司盈余构成存在显著差异,挂牌同时融资的公司应计项目占总资产的比例更高,但两类公司在资产规模、盈利能力、成长性等方面并没有显著差异。基于修正Jones模型的检验则发现,与已有相关研究不同,融资并没有引发更高的可操控应计。研究表明,在允许公司自主表达融资意愿的情况下以及投资者适当性制度的约束下,新发股份融资并不必然引发更严重的盈余管理行为。当然,鉴于"新三板"市场设立时间尚短,本文结果应更加谨慎的加以解读。
[Abstract]:This paper takes the accounting information published when the "new third board" company is listed as the research object, analyzes the difference of accrual profit and controllable accrual between the listed company and the listed company. There are significant differences in earnings composition between the two types of companies. The proportion of accrual items in the total assets of listed companies is higher, but the two types of companies in the size of assets, profitability. There is no significant difference in growth. Based on the test of modified Jones model, it is found that financing does not lead to higher controllable accruals. Under the condition of allowing the company to express its own financing intention and the restriction of the investors' suitability system, the newly issued stock financing does not necessarily lead to more serious earnings management behavior. In view of the short time of the establishment of the new three-board market, the results of this paper should be interpreted more carefully.
【作者单位】：华东政法大学国际金融法律学院;
【基金】：中国博士后科学基金第55批面上项目(项目编号:2014M551366)资助,中国博士后科学基金第八批特别资助(项目编号:2015T80421)
【分类号】：F832.51;F275
【正文快照】： 一、引言所谓“新三板”其可追溯至2006年1月,国务院决定在股权代办转让系统内增设中关村科技园区转让试点,这开起了“新三板”市场为新兴科技及小微企业融资及股权交易服务的序幕,进而2012年7月国务院批准的《关于扩大中关村试点逐步建立全国中小企业股份转让系统的请示》,而

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