券商声誉、制度环境与IPO公司盈余管理

发布时间：2018-01-12 21:33

本文关键词：券商声誉、制度环境与IPO公司盈余管理　出处：《管理科学学报》2017年07期 　论文类型：期刊论文

【摘要】：基于成熟资本市场的研究表明,高声誉券商会抑制IPO公司的盈余管理.本文以2001-2011年处于中国制度环境下的IPO公司为样本,重新考察了券商声誉与IPO公司盈余管理之间的关系.研究发现,券商声誉越高,其所承销IPO公司的盈余管理程度也就越高,但券商声誉与IPO公司盈余管理程度之间的正向关系只有在投资者法律保护较差的地区才显著.进一步的研究还发现,高声誉券商纵容或协助IPO公司盈余管理的重要动因在于获取更高的经济收益.尽管高声誉券商确实能够降低IPO公司的抑价率,但这是通过提高IPO公司盈余管理程度的途径来实现的.本文的结论表明,要使我国资本市场中的券商声誉机制发挥作用,还需要大力提高券商机会主义行为所面临的法律风险.
[Abstract]:The research shows that the mature capital market based on reputation securities will inhibit the earnings management of IPO company. This paper based on the 2001-2011 company in IPO Chinese institutional environment for the sample, re examines the relationship between earnings management and the reputation of the IPO company. The study found that the brokerage reputation is high, the extent of earnings management of the underwriting IPO the company is also higher, but the positive relationship between underwriter reputation and IPO company earnings management level only in the legal protection of investors of poor areas was significant. Further study also found a high reputation brokerage or assist an important motivation of earnings management to IPO company is to obtain greater economic benefits. Although reputation brokers can indeed reduce the company IPO underpricing rate, but this is achieved by way of improving the level of earnings management of IPO company. The conclusion of this paper indicates that to make in the capital market of China Securities The role of the commercial reputation mechanism also needs to improve the legal risks faced by the opportunist behavior of the broker.

【作者单位】：中山大学岭南学院;中山大学国际金融学院;
【基金】：国家自然科学基金资助青年项目(71302104;71402193) 教育部人文社会科学研究青年项目(13YJC790124;14YJC790086)
【分类号】：F832.51
【正文快照】： (2)从实行保荐制度开始,未被核准的IPO项目的保荐机构大都也是由知名券商,据中国证监会保荐信用监管系统披露的统计数据显示,截至2013年4月23日,自2004年保代制度实施以来,3 144个企业项目中共有245单IPO项目被不予核准发行,涉及券商62家、保荐人超400名,其中有35名保荐人有2

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