股权再融资中盈余管理行为与企业业绩相关性研究

发布时间：2018-06-05 15:01

本文选题：股权再融资 + 盈余管理　；参考：《安徽财经大学》2014年硕士论文

【摘要】：“资金是企业的命脉”这句话突出了资金对于上市公司的重要性,充足的资金不仅能够保证上市公司正常的生产经营活动,还能帮助上市公司自身不断发展,在激烈的市场竞争中占取有利的地位。随着资本不断完善和发展,股权再融资已经成为上市公司获取资金的重要途径之一,但是由于资源的稀缺性,庞大的上市公司集群为了争夺有限的资金而进行着激烈的竞争,为了维护投资者的利益,优化市场的资源配置,完善再融资机制,证券监管部门对可以进行股权再融资的资格和条件加以限定并提出一些严格的要求,这在一定程度上诱使一些上市公司为了能够获得股权再融资的资格而采用盈余管理来粉饰自己的盈余信息以迎合监管部门的政策要求。上市公司取得股权再融资后,获得资金得以发展,按理说应该业绩上涨,但由于上市公司在再融资之前进行过盈余管理,本身的业绩并不如投资者想象的那么好,进而导致再融资后这些公司的业绩相对于再融资之前出现了普遍下滑,由此可见,对于股权再融资之前,上市公司的盈余管理研究还是有必要的。本文首先对研究背景进行分析提出研究的必要性和意义,然后在对国内外文献进行回顾的基础上,对相关理论进行阐述,介绍了应计盈余管理和真实盈余管理的相关概念,股权再融资的方式与选择等。在此基础上,以2000—2008年间增发和配股的A股上市公司为样本进行实证研究,通过基本统计分析和多元回归分析,对样本均值进行比较并进行T检验,验证了上市公司在股权再融资之前会进行盈余管理,且盈余管理与再融资之后的业绩下滑有着一定的联系,且发现应计盈余管理导致业绩短期下滑而真实盈余管理导致业绩长期下滑。最后,本文对于研究结论进行了总结并提出了一些个人建议。
[Abstract]:The phrase "Capital is the lifeblood of an enterprise" highlights the importance of funds to listed companies. Adequate funds can not only guarantee the normal production and operation activities of listed companies, but also help the listed companies to develop themselves. Take a favorable position in the fierce market competition. With the continuous improvement and development of capital, equity refinancing has become one of the important ways for listed companies to obtain funds. However, due to the scarcity of resources, large clusters of listed companies are competing fiercely for limited funds. In order to protect the interests of investors, optimize the allocation of resources in the market, and improve the refinancing mechanism, the securities regulatory authorities limit the qualifications and conditions for equity refinancing and put forward some strict requirements. To some extent, this induces some listed companies to use earnings management to whitewash their earnings information to meet the policy requirements of regulators in order to obtain the qualification of equity refinancing. After obtaining equity refinancing, the listed companies can develop the funds. It is reasonable to say that their performance should rise. However, because the listed companies have carried out earnings management before refinancing, their own performance is not as good as investors think. This leads to a general decline in the performance of these companies compared with before refinancing, so it is necessary to study earnings management of listed companies before equity refinancing. In this paper, firstly, the necessity and significance of the research background are analyzed, and then based on the review of domestic and foreign literature, the related theories are expounded, and the concepts of accrual earnings management and real earnings management are introduced. The way and choice of equity refinancing. On this basis, taking the A-share listed companies with additional issuance and rights issue from 2000 to 2008 as the sample to carry on the empirical research, through the basic statistical analysis and the multiple regression analysis, carries on the comparison to the sample average value and carries on the T-test. It is verified that earnings management is carried out by listed companies before equity refinancing, and earnings management is related to the decline of performance after refinancing. It is also found that accrual earnings management leads to short-term decline in performance while real earnings management leads to long-term decline in performance. Finally, this paper summarizes the conclusions and puts forward some personal suggestions.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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