新监管思路下财务信息质量、IPO效应及其关系研究

发布时间：2018-06-13 21:30

本文选题：盈利增长异常 + 财务信息质量　；参考：《新疆财经大学》2014年硕士论文

【摘要】：随着我国市场经济的不断发展，首次公开上市（IPO）已经成为公司筹集大量资金、进一步发展壮大的重要途径；而购买首发股票也成为机构投资者和广大社会公众进行投资、增加财富的重要渠道。然而，近几年大量研究表明，公司在第一次公开上市以后，普遍存在业绩下滑的现象(即所谓的IPO效应)。企业首次公开发行股票涉及范围广、影响大，关系到众多投资者的切身利益，也被媒体和公众广泛关注。虽然对这一现象的产生原因目前还没有定论，但是很多国内外学者认为这与公司申请IPO时披露的财务信息质量不高（如：进行盈余管理）有关。为了提高申请IPO公司所披露的财务信息的质量，促进新股发行过程中各市场参与主体各尽其责，2012年10月16日，中国证券监督管理委员会印发了关于《会计监管风险提示第4号——首次公开发行股票公司审计》的通知。通知要求各单位全面掌握会计监管风险提示的内容，在对被核准、不予核准或终止审核的首次公开发行股票公司的审计业务进行检查时，，应按本风险提示对相关问题予以高度关注，并督促会计师事务所采取有效措施提高执业水平，为投资者提供更加真实、有效的投资决策依据，从而促进资本市场更加有序、稳定、健康的发展。与以前只对申请IPO公司的业绩等指标提出数量要求不同，风险提示4号文件提及了大量更为严格且具有可操作性的会计监管思路，例如，重视申报期内年度财务报表各项目之间的钩稽关系、联动性以及财务信息与非财务信息的相互印证；应当关注注册会计师是否针对发行人在申报期内存在的盈利异常增长和异常交易执行了适当、充分的审计程序等等。这些新的监管政策是否能够有效提高IPO公司披露的财务信息质量，进而在一定程度上减少IPO效应呢？虽然政策初步实施难以取得有效数据对政策的有效性进行检验，但是以历史数据为基础研究新监管思路下财务信息质量与IPO效应之间关系也可以为预测政策的有效性提供有价值的参考。本文按照4号文所提出的新的监管思路和具体要求，提炼出了六个表征财务信息质量的关键性财务指标，以2009年申请首发上市公司为样本，研究公司IPO时披露的财务信息质量与其IPO前后业绩变化之间的关系。如果研究发现公司IPO时披露的财务信息的质量与IPO效应有显著的负相关关系，即IPO时披露的财务信息质量越低IPO效应越大，反之亦然。那么就说明提高公司IPO时披露的财务信息质量可以降低IPO效应，减少投资者损失，预期新监管政策有效。
[Abstract]:With the continuous development of the market economy in China, IPO (initial public listing) has become an important way for companies to raise a large number of funds and further develop and grow, and buying IPO shares has also become an important way for institutional investors and the general public to invest. An important channel for increasing wealth. However, a large number of studies in recent years have shown that after the first public offering, there is a widespread decline in performance (the so-called IPO effect). The initial public offering of enterprises involves a wide range of issues, has a large impact on the vital interests of many investors, and has been widely concerned by the media and the public. Although the cause of this phenomenon has not yet been decided, many scholars at home and abroad believe that it is related to the poor quality of financial information disclosed when the company applies for IPO (for example, earnings management). In order to improve the quality of the financial information disclosed by the IPO application companies, and to promote the responsibility of the market participants in the process of issuing new shares, on October 16, 2012, The China Securities Regulatory Commission issued a notice on Accounting Supervision risk Tip No. 4-Audit of initial Public offering companies. The notice requires each unit to fully grasp the content of the accounting regulatory risk prompt and to inspect the audit business of an initial public offering company that has been approved, not approved or whose audit is not approved or terminated, We should pay close attention to the related problems according to this risk prompt, and urge accounting firms to take effective measures to improve their practice level, to provide investors with a more real and effective basis for investment decision-making, thus promoting a more orderly capital market. Stable and healthy development. Contrary to previous quantitative requirements for performance of companies applying for IPOs, risk Tip 4 refers to a number of more stringent and operational ideas for accounting regulation, such as, Attach importance to the relationship between the items of the annual financial statements in the reporting period, the linkage and the mutual confirmation of the financial information and the non-financial information; Attention should be paid to whether the CPA has carried out proper and adequate audit procedures for abnormal profit growth and abnormal transactions during the reporting period of the issuer. Will these new regulatory policies effectively improve the quality of financial information disclosed by IPO companies, thereby reducing the IPO effect to a certain extent? Although it is difficult to obtain effective data for the initial implementation of policies to test the effectiveness of policies, However, the relationship between financial information quality and IPO effect based on historical data can also provide a valuable reference for predicting the effectiveness of policy. In accordance with the new regulatory ideas and specific requirements proposed in document No. 4, this paper abstracts six key financial indicators to characterize the quality of financial information, taking the 2009 application for listing companies as a sample. This paper studies the relationship between the quality of financial information disclosed at the time of IPO and the change of performance before and after IPO. If the research finds that the quality of financial information disclosed at the time of IPO has a significant negative correlation with the IPO effect, that is, the lower the quality of financial information disclosed at the IPO, the greater the IPO effect, and vice versa. It shows that improving the quality of financial information disclosed during IPO can reduce the IPO effect, reduce the loss of investors, and expect the new regulatory policy to be effective.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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