定向增发后盈余管理行为的经济后果多案例研究

发布时间：2018-04-09 23:04

本文选题：定向增发　切入点：盈余管理　出处：《沈阳工业大学》2017年硕士论文

【摘要】：近年来,定向增发已成为国内上市公司融资的主要形式,在定向增发的过程中普遍存在着盈余管理行为,国内的学者也对此展开了大量的研究,主要研究的是上市公司定向增发前为了折价、溢价发行股票存在的盈余管理行为,以及造成的不良影响,而在定向增发后解禁期前也同样存在着盈余管理行为,这种盈余管理行为主要的目的是配合定向增发,配合解禁期后大股东进行减持,形成利益输送。因此,本文利用多案例研究法对定向增发后的盈余管理行为展开进一步研究。首先,本文阐述了研究背景和研究意义,回顾了与定向增发和盈余管理有关领域的研究文献,提出本文的研究思路和创新点,并介绍定向增发和盈余管理及经济后果的相关理论;然后,利用时序分析和逻辑模型技术来构建理论模型,并对其相关分析单位进行释义;其次,介绍本文4个案例的企业背景,了解其定向增发的运行过程,得到案例企业在定向增发前到限售股解禁期后这几年的财务报表和股票数据情况,利用理论模型对其进行财务和非财务数据的分析;再次,利用跨案例聚类分析技术对这4家上市公司进行比对,发现大股东为最大化限售股减持收益,会在定向增发限售股解禁前实施盈余管理行为,并且根据公司的不同,选取不同的盈余管理方式来达到更好的效果,提升公司短期内的业绩水平,但是由盈余管理造成的公司业绩良好是短期化的,而且会导致公司未来财务指标的恶化和业绩的明显下降;最后,有针对性的分析与比较了不同方式的盈余管理行为以及对上市公司增发后经济后果的影响,从而得出本文的结论和展望。本文采用多案例研究的方法,深入分析定向增发后到限售股解禁期后两年的每个关键时期对公司的财务报表和经济效益的影响,系统地探讨了华菱星马、华丽家族等4家上市公司定向增发限售股解禁前盈余管理造成不同的经济后果的研究,为研究大股东的利益输送提供了一个新的视角,有利于各监管部门更多角度地监控上市公司的盈余管理行为,同时也可以更好地保护中小投资者的利益。
[Abstract]:In recent years, private placement has become the main form of financing of listed companies in China, and earnings management behavior is common in the process of private placement, and domestic scholars have also carried out a lot of research on it.The main research is the earnings management behavior of the listed companies issuing stocks at a premium in order to discount, and the adverse effects, and the earnings management behavior also exists before the lifting of the ban period after the directional additional issuance.The main purpose of this kind of earnings management behavior is to cooperate with the directional additional issuance and with the major shareholders to reduce their holdings after the lifting of the ban.Therefore, this paper makes a further study on earnings management behavior after directional placement by using multi-case study method.First of all, this paper describes the research background and significance, reviews the research literature related to directional placement and earnings management, and puts forward the research ideas and innovative points of this paper.It also introduces the related theories of directional placement, earnings management and economic consequences. Then, it uses the technology of time series analysis and logic model to construct the theoretical model, and interprets the relevant analysis units. Secondly,This paper introduces the enterprise background of the four cases in this paper, understands the operation process of the additional directional issuance, and obtains the financial statements and stock data of the case enterprises in the past few years,The theoretical model is used to analyze the financial and non-financial data. Thirdly, the cross-case clustering analysis technology is used to compare the four listed companies.It will implement the earnings management behavior before the release of the restrictions on the targeted issuance of restricted shares, and select different earnings management methods according to the company's differences to achieve better results and improve the performance level of the company in the short term.However, the good performance caused by earnings management is short-term, and will lead to the deterioration of future financial indicators and a significant decline in performance.This paper analyzes and compares the different ways of earnings management behavior and the impact on the economic consequences of the listed companies after the issuance, and draws the conclusion and prospect of this paper.Using the method of multi-case study, this paper deeply analyzes the influence of every key period from the period of directional additional issue to the period of releasing the restricted shares on the financial statements and economic benefits of the company, and discusses systematically the effect of Valin Xingma on the financial statements and economic benefits of the company.The research on the different economic consequences of earnings management before the release of restricted shares by four listed companies, such as the magnificent family, provides a new perspective for the study of the transmission of interests of large shareholders.It is beneficial to monitor the earnings management behavior of listed companies from more angles, and to protect the interests of small and medium-sized investors.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

【参考文献】