创业板上市公司IPO前盈余管理与抑价相关性实证研究

发布时间：2018-03-20 04:25

本文选题：创业板IPO　切入点：盈余管理　出处：《安徽大学》2013年硕士论文　论文类型：学位论文

【摘要】：自2009年10月23日我国创业板正式开板以来,首次公开发行的高抑价现象一直存在,虽然总体抑价率呈逐年下降的趋势,但是抑价率高于主板市场和国外成熟创业板市场的现象却没有改变。国内外大量研究表明,IPO公司为了满足首次公开发行的条件募集到所需的资金,会在上市之前实施盈余管理行为。创业板上市公司在IPO前实施盈余管理行为,宏观上不利于社会资金的合理配置和资本市场的健康发展,微观上导致投资者投资风险加大和投机行为增加。所以,研究我国创业板上市公司IPO前盈余管理与抑价之间的相关性具有重要的意义。本文首先基于委托代理理论、信息不对称理论、有效资本市场理论、赢者诅咒理论等经济学基本原理对盈余管理与抑价的相关性进行理论分析；其次,分析了一般上市公司进行盈余管理的常见手段,以及创业板上市公司实施盈余管理行为的特殊手段,创业板在上市公司数量、上市条件、行业分类、地区分类、募集资金的现状,创业板上市公司IPO高抑价的现状以及抑价的原因和危害。在以上理论的基础上,本文选取了我国2011年创业板IPO公司,并进行了筛选剔除,最终取得111家上市公司作为研究样本,采用截面Jones模型以单位操纵性应计利润对盈余管理水平进行定量计量,采用抑价率对抑价程度进行衡量,设置了单位操纵性应计利润为解释变量、抑价率为被解释变量,选取了发行规模、首日市盈率、上市首日换手率、首发中签率为控制变量,建立多元线性回归模型,并用统计软件进行描述性分析和多元回归分析。最后,针对本文的研究结论,提出了提高IPO发行价格和市场价格有效性以及减少盈余管理行为的政策建议,并给予了更深层次研究的展望。本文研究分为以下五个部分：第一部分,绪论。介绍了本文的研究背景与意义,归纳总结了国内外对盈余管理和抑价的相关研究综述,并结合国内外相关研究成果阐述本文的研究思路、研究方法,以及可能的创新与不足。第二部分,相关理论基础。首先分别介绍了盈余管理和抑价的相关概念,然后对支撑盈余管理与抑价相关性的经济学理论进行阐述。第三部分,现状分析。对盈余管理的手段,尤其是创业板上市公司盈余管理的手段进行了分析,并分析了创业板在公司数量、上市条件、行业分布、地区分布、募集资金方面的现状,以及创业板IPO抑价的现状以及抑价的原因和危害。第四部分,实证研究。先提出假设,再选择模型和样本,然后运用SPSS软件对盈余管理进行实证分析,最后对盈余管理与抑价相关性进行实证分析。第五部分,总结。首先归纳了本文的研究结论,然后提出了改善高抑价现状和减少盈余管理行为的对策建议,并对此研究更深入的探讨给予展望。实证研究结果表明：(1)创业板上市公司在首发上市前普遍存在盈余管理行为,向上盈余管理行为居多,也有公司存在向下盈余管理的行为。(2)我国创业板IPO抑价与破发并存。(3)创业板上市公司IPO前盈余管理与抑价之间存在显著正相关关系。盈余管理程度越高,抑价率越高。(4)创业板上市公司发行规模与IPO抑价率呈一般显著负相关关系；创业板上市公司首发市盈率与IPO抑价率呈负相关关系,但是关系不显著；创业板上市公司IPO首发换手率与抑价率之间存在显著正相关关系；创业板上市公司IPO首发中签率与抑价率之间存在负相关关系,但关系不太显著。
[Abstract]:Since October 23, 2009, China's official opening of the GEM Board since the high underpricing phenomenon has been the existence of the IPO underpricing rate, although the overall declining trend, but the underpricing rate is higher than the main board market and the foreign mature gem market phenomenon has not changed. At home and abroad a large number of studies show that IPO company in order to meet the public for the first time the requirements for the issue to raise the funds needed will implement earnings management before the listing. GEM listed companies to implement earnings management before IPO, the healthy development of the macro is not conducive to the rational allocation of social capital and the capital market, the micro lead investors to investment risks and speculation increased. So important study on the significance of China's GEM listed companies the correlation between the pre IPO earnings management and underpricing.
Firstly, based on the principal-agent theory, asymmetric information theory and effective capital market theory, the basic principle of economics winners'curse theory on earnings management by theoretical analysis and correlation of underpricing; secondly, analyzed the general listed companies are common means of earnings management, special means and GEM listed companies to implement earnings management, entrepreneurship in the number of listed companies, market conditions, industry classification, area classification, status of funding, the status of companies listed on GEM IPO Underpricing and the underpricing of reason and harm. Based on the above theory, this paper selects China's gem IPO company in 2011, and were screened out, finally 111 listed companies as the research sample, using Jones model to the unit section of discretionary accruals quantitative measure of earnings management level, the underpricing rate of underpricing The degree of measure, set up a unit of discretionary accruals as explanatory variables, underpricing rate as the explanatory variable, select the size of the issue, the first day of earnings, listed on the first day turnover rate, initial success rate as control variables, multiple linear regression model is established and analyzed with descriptive analysis and multiple regression statistical software. Finally in this paper, according to the research conclusion, put forward to improve the effectiveness of IPO issue price and the market price and the policy suggestions to reduce earnings management behavior, and give a prospect of deeper research. This thesis is divided into the following five parts:
The first part is the introduction. It introduces the background and significance of the research, summarizes the related research on earnings management and underpricing at home and abroad, and elaborates the research ideas, research methods, and possible innovations and deficiencies combined with relevant research results both at home and abroad.
The second part is the related theoretical foundation. First, it introduces the concepts of earnings management and underpricing, and then expounds the economic theory supporting the correlation between earnings management and underpricing.
The third part, analysis of the status quo of the means of earnings management, especially the GEM listed company earnings management means are analyzed, and the analysis of the gem in the number of companies listed conditions, industry distribution, regional distribution, raise status of funds, as well as the current situation of the gem IPO Underpricing and Underpricing and the reasons harm.
The fourth part is empirical research. First, put forward hypotheses, choose models and samples, then use SPSS software to make empirical analysis of earnings management. Finally, we empirically analyze the correlation between earnings management and underpricing.
The fifth part is the conclusion. First, the research conclusions are summarized. Then, countermeasures and suggestions for improving the current situation of high Underpricing and reducing earnings management are put forward, and further research is prospected.
The empirical results show that: (1) the GEM listed companies in the IPO before widespread earnings management, the majority of upward earnings management behavior, the company also is the downward earnings management behavior. (2) China's gem IPO Underpricing and break coexist. (3) there is a significant positive relationship between GEM listed companies pre IPO earnings management and underpricing. The higher the degree of earnings management, the higher underpricing. (4) the GEM listed companies issuing scale and IPO suppression was significantly negative correlation between the rate of general price; the GEM listed companies starting price earnings ratio is negatively correlated with the IPO under pricing rate, but the relationship is not significant GEM listed companies; IPO starting with the exchange rate and there is a significant positive relationship between the rate of price; the GEM listed company IPO first success rate and suppression of negative correlation between the price rate, but the relationship is not too significant.

【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F830.42;F832.51

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