上市公司IPO盈余管理的市场监管—特征与后果

发布时间：2018-04-04 21:54

本文选题：IPO　切入点：盈余管理　出处：《南京大学》2014年硕士论文

【摘要】：中国的证券市场虽然经历了最近几十年的快速发展,但是市场机制还不够完善。目前,上市公司IPO时进行盈余管理已成为业界潜规则。证券市场上对IPO盈余管理的监管力量主要来自政府、会计事务所、保荐机构以及投资者。本文从会计师事务所和券商的自身特征以及组合特征下,分析会计师事务所与券商对待IPO盈余管理的态度,并研究由此带来的IPO盈余管理的后果。上市公司IPO时,由保荐机构进行尽职调查,会计师事务所最终出具审计意见。本文注意到,审计市场上业务竞争非常激烈,会计师事务所面对很大的业绩压力,另一方面,会计师事务所需对上市公司审计质量负责,同样面对来自监管层和独立性方面的压力。同时,券商投行市场同样面临业绩压力与被监管层处罚危险。会计师事务所与券商是如何在两者之间进行平衡的,并由此给上市公司IPO盈余管理带来怎样的后果是本文研究的重要内容之一。证券市场上,会计师事务所与券商为降低交易成本、达成知识共享,他们有些彼此建立战略伙伴关系,由此来实现共赢。但是这中符合中介商利益的伙伴关系是否也可以为IPO的盈余管理带来正面的影响的呢?为对以上两个问题进行理论与数据的验证,本文选取所有A股市场上IPO前的采取数据,采用实证的方式对其进行验证。本文发现：(1)大会计师事务所更加注重自身的声誉,能够保持较好的独立性。经大会计师事务所审计的财务报告的盈余管理程度相对较低。(2)小会计师事务所的独立性受到券商规模的影响,小会计师事务所与大券商组合下的盈余管理程度最高。(3)四个组合下的拟上市公司的盈余管理程度有较明显的差异。其盈余管理程度的大小基本为小会计师事务所与大券商组合下最大,其次是小会计师事务所与小券商的组合,然后是大会计师事务所与小券商组合,最后是大会计师事务所与大券商的组合。(4)会计师事务所与券商的合作伙伴关系与拟上市公司的盈余管理程度负相关。即,会计师事务所和券商的合作关系在统计学的意义上会提高上市公司IPO盈余管理的程度。本文主要贡献在于对不同声誉的会计师事务所和券商组合下的会计师事务所与券商特征进行分析,分别研究这种特征对上市公司IPO盈余管理产生的影响,为研究IPO盈余监管提供了一个新的角度。另一方面,本文透过会计师事务所与券商的历史变更来挖掘其战略合作的关系,丰富了IPO盈余管理影响因素的研究。
[Abstract]:China's securities market has experienced rapid development in recent decades, but the market mechanism is not perfect.At present, the listed company IPO earnings management has become the industry latent rules.The regulatory power of IPO earnings management in the securities market mainly comes from government, accounting firms, sponsor institutions and investors.Based on the characteristics of accounting firms and securities firms and their combination characteristics, this paper analyzes the attitude of accounting firms and securities firms towards IPO earnings management, and studies the consequences of IPO earnings management.When listed company IPO, the sponsor carries on the due diligence, the accountant firm finally issues the audit opinion.This paper notes that the business competition in the audit market is very fierce, accounting firms face great performance pressure, on the other hand, accounting firms are responsible for the audit quality of listed companies.It also faces pressure from regulators and independence.At the same time, the securities investment banking market also faces performance pressure and the risk of regulatory penalties.How to balance the accounting firm and the securities firm and how to bring about the consequence to the IPO earnings management of the listed company is one of the important contents of this paper.In the securities market, accounting firms and securities firms to reduce transaction costs, to achieve knowledge sharing, some of them form a strategic partnership to achieve win-win.But can this partnership, which is in line with the interests of intermediaries, also have a positive impact on the earnings management of IPO?In order to verify the theory and data of the above two problems, this paper selects the data taken before IPO in all A-share markets and verifies them by empirical method.This paper finds that big accounting firms pay more attention to their reputation and maintain better independence.The degree of earnings management of financial reports audited by large accounting firms is relatively low. (2) the independence of small accounting firms is affected by the size of securities firms.The earnings management degree of the listed companies under the four combinations of small accounting firms and large securities firms is the highest.The degree of earnings management is basically the largest under the combination of small accounting firms and large securities firms, followed by the combination of small accounting firms and small securities firms, and then the combination of large accounting firms and small securities firms.Finally, there is a negative correlation between the partnership relationship between the firm and the securities firm and the earnings management degree of the listed company.That is, the relationship between accounting firms and securities firms will improve the degree of IPO earnings management in statistical sense.The main contribution of this paper is to analyze the characteristics of accounting firms and securities firms with different reputations, and to study the impact of these characteristics on the IPO earnings management of listed companies.It provides a new angle for the study of IPO earnings regulation.On the other hand, through the historical changes between accounting firms and securities firms, this paper excavates the relationship of strategic cooperation, which enriches the research on the influencing factors of IPO earnings management.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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