上市途径与盈余质量——基于反向收购与IPO上市的对比分析

发布时间：2018-06-07 01:04

本文选题：上市途径 + 盈余质量　；参考：《郑州航空工业管理学院学报》2016年05期

【摘要】：非上市公司希望上市并获得资本运作契机的强烈诉求使得通过反向收购上市的公司越来越多,这与反向收购上市公司业绩表现不佳形成了鲜明对比。文章从盈余质量的角度来对比反向收购途径上市与传统IPO途径上市公司的业绩表现是否存在差异。选取A股市场2003年至2012年上市公司的2007年至2013年的相关数据作为研究样本,使用Heckman两步法控制样本的自选择偏差,以操纵性应计、真实盈余管理和盈余反应系数衡量盈余质量。经实证检验发现,由于反向收购途径的融资成本与融资需求较低,这使得反向收购公司的盈余管理动机弱于IPO公司,故从盈余管理角度,反向收购公司的盈余质量显著高于IPO公司;与此同时,上市途径的差异不会影响市场反应,市场并不能完全识别不同上市途径公司之间的差别。
[Abstract]:The strong desire of non-listed companies to go public and obtain the opportunity of capital operation makes more and more companies go public through reverse takeover, which is in sharp contrast to the poor performance of listed companies by reverse takeover. From the perspective of earnings quality, this paper compares whether there are differences in the performance of listed companies through reverse takeover and traditional IPO. This paper selects the relevant data of listed companies from 2003 to 2012 as the research sample, uses Heckman two-step method to control the self-selection deviation of the sample, measures the earnings quality by manipulative accrual, real earnings management and earnings response coefficient. The empirical results show that because of the low financing cost and financing demand of reverse takeover, the earnings management motivation of reverse takeover is weaker than that of IPO, so from the perspective of earnings management. The earnings quality of reverse takeover companies is significantly higher than that of IPO companies, and at the same time, the differences in listing approaches will not affect the market reaction, and the market can not fully identify the differences between companies with different listing routes.
【作者单位】：西南财经大学会计学院;
【基金】：国家自然科学基金资助项目(71302184) 教育部人文社会科学研究项目(13YJC790054) 财政部全国会计领军(后备)人才培养项目
【分类号】：F275;F832.51

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