ST公司盈余管理型摘帽对其市场绩效和长期业绩的影响

发布时间：2018-04-08 20:18

本文选题：ST　切入点：盈余管理　出处：《华东理工大学》2014年硕士论文

【摘要】：自ST制度实施以来,戴帽超过三年以上却没有退市的ST公司比比皆是。其中,两次戴帽的公司多达45家,这说明很多ST公司在摘帽后并没有显著改善业绩。而ST公司利用盈余管理改善短期业绩是一个普遍现象。本文采用非预期应计利润模型对2001年—2009年间戴帽的、在三年之内且在2010年之前摘帽的ST公司的盈余管理行为进行研究,筛选出进行了正向盈余管理才得以摘帽的样本组,并将三年之内且在2010年之前摘帽的其余ST公司作为对照组。然后采用事件研究法和会计研究法对样本组和对照组进行全面分析。实证研究表明,盈余管理短期能达到摘帽的目的,而且有显著的超额收益。但是,长期市场绩效显著下降。并且和配比组相比,长期业绩也显著变差。分析表明,上市公司为了短期目的的行为会损害上市公司的长期业绩,危害股东的利益。最后,本文建议加强对ST公司的盈余管理的监管。
[Abstract]:Since the implementation of St system, wearing a hat more than three years without delisting St companies abound.As many as 45 companies wore hats twice, suggesting that many St companies did not significantly improve their performance after removing their caps.St companies use earnings management to improve short-term performance is a common phenomenon.In this paper, the unanticipated accrual profit model is used to study the earnings management behavior of St companies which wore caps within three years and before 2010 from 2001 to 2009.The rest of St companies that had taken off their hats within three years and before 2010 were used as control groups.Then the sample group and the control group were analyzed by event research and accounting research.The empirical study shows that earnings management can achieve the goal of capping in the short term and has significant excess returns.However, long-term market performance has declined significantly.And compared with the matching group, the long-term performance also significantly worse.The analysis shows that the behavior of listed companies for short-term purposes will damage the long-term performance of listed companies and harm the interests of shareholders.Finally, this paper suggests to strengthen the supervision of earnings management in St Company.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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