创业板IPO前盈余管理与IPO抑价的相关性研究

发布时间：2018-04-28 17:56

本文选题：创业板 + IPO　；参考：《东北农业大学》2014年硕士论文

【摘要】：我国创业板市场的出现不仅丰富了国内资本市场,也为我国中小企业的融资提供了更有利的渠道。创业板同样对拟上市的公司作出了严格的规定,这就导致了一部分想通过上市来募集资金的企业会在首次公开发行股票前进行一定程度的盈余管理。与此同时,我国创业板IPO抑价率相对较高,创业板IPO前盈余管理与IPO抑价之间是否存在相关性,正向盈余管理与负向盈余管理分别对IPO抑价现象起到了怎样影响,这些都是有待考证的。由于我国创业板市场发行较晚,研究此方面内容较少,本文基于两者相关性的研究可以一定程度上丰富此方面的研究成果,而且还可以帮助投资者有效的识别上市公司IPO前的盈余管理行为,从而降低投资风险。文章分别从如下六个部分来探讨创业板IPO前盈余管理与IPO抑价的相关性。第一,回顾有关盈余管理与IPO抑价方面的研究背景、目的和意义,并参考对盈余管理与IPO抑价二者的相关文献,提出研究方法及主要内容。第二,对盈余管理和IPO抑价的基本概念进行界定,同时详尽阐述相关理论。第三,以描述性统计的方式集中展现创业板IPO前盈余管理与IPO抑价的特点及状态,并用充分的数据说明我国创业板IPO前盈余管理程度呈回升的形势且高新技术型企业IPO前盈余管理程度大的现状；同时,我国创业板IPO抑价率相对其他国家较高但呈下降的趋势等状态。第四,结合我国创业板IPO前盈余管理和IPO抑价的相关背景和现状,提出假设,并选取2009-2012年间的355家创业板上市公司作为样本,首先利用公司资产负债表、利润表和现金流量表中的财务指标构建盈余管理模型,通过回归及计算,得到正向盈余管理的创业板IPO公司300家以及负向盈余管理的创业板公司55家的数据,再将IPO抑价率、盈余管理程度等七个指标作为变量,建立创业板IPO前盈余管理与IPO抑价相关性的模型并进行再次回归,继而得出实证分析的结果。实证结果证明：我国创业板IPO前存在盈余管理与IPO抑价的行为,正向的盈余管理越大,IPO抑价就越大；负向的盈余管理越小,IPO抑价越大。因此,在定性与定量分析的基础上,从健全对创业板IPO前盈余管理行为的监管机制、完善创业板市场信息披露、加强对过度盈余管理企业的处罚力度和规范创业板上市公司的内部治理结构等方面,提出了第五部分加强创业板IPO前盈余管理行为监控以降低IPO抑价的建议,并最终总结出第六部分结论。
[Abstract]:The emergence of gem not only enriches the domestic capital market, but also provides a more favorable channel for the financing of small and medium-sized enterprises in China. The gem also makes strict regulations on the companies to be listed, which leads some enterprises that want to raise funds through listing to carry out a certain degree of earnings management before the initial public offering of shares. At the same time, the IPO underpricing rate of gem in China is relatively high. Is there a correlation between earnings management and IPO underpricing before gem IPO, and how do positive earnings management and negative earnings management affect IPO underpricing respectively? These are all to be verified. Because of the late issue of gem in China and the lack of research on this aspect, the research based on the correlation between the two can enrich the research results to some extent. Moreover, it can help investors to identify earnings management behavior of listed companies before IPO effectively, thus reducing investment risk. This paper discusses the relationship between earnings management and IPO underpricing before gem IPO from the following six parts. First, review the background, purpose and significance of the research on earnings management and IPO underpricing, and refer to the relevant literature on earnings management and IPO underpricing, and put forward the research methods and main contents. Secondly, the basic concepts of earnings management and IPO underpricing are defined, and relevant theories are elaborated in detail. Thirdly, it focuses on the characteristics and status of earnings management and IPO underpricing before gem IPO by descriptive statistics. With sufficient data to explain the situation of earnings management before IPO in gem of our country, the situation of earnings management of high-tech enterprises before IPO is large, and at the same time, the situation of earnings management before IPO of high-tech enterprises is large, at the same time, The IPO underpricing rate of gem in China is higher than that in other countries, but the trend is decreasing. Fourth, considering the background and current situation of earnings management and IPO underpricing before IPO in China's gem, this paper puts forward the hypothesis, and selects 355 gem listed companies from 2009-2012 as a sample to first use the balance sheet of the company. The earnings management model is constructed by the financial indexes in the income statement and the cash flow statement. Through regression and calculation, the data of 300 IPO companies with positive earnings management and 55 gem companies with negative earnings management are obtained, and then the IPO underpricing rate is put forward. Seven indexes, such as the degree of earnings management, are used as variables to establish the model of the correlation between earnings management and IPO underpricing before gem IPO, and then get the results of empirical analysis. The empirical results show that earnings management and IPO underpricing exist before gem in China. The bigger the positive earnings management is, the greater the underpricing is; the smaller the negative earnings management is, the larger the underpricing is. Therefore, on the basis of qualitative and quantitative analysis, we should perfect the supervision mechanism of earnings management behavior before gem IPO, and perfect the market information disclosure of gem. In this paper, the author puts forward the suggestions of strengthening the supervision of earnings management behavior before gem IPO in order to reduce the underpricing of IPO by strengthening the punishment of excessive earnings management enterprises and standardizing the internal governance structure of listed companies in gem. And finally summed up the sixth part of the conclusion.
【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

【参考文献】