定向增发与盈余管理方式的权衡选择

发布时间：2017-12-27 13:01

本文关键词：定向增发与盈余管理方式的权衡选择　出处：《云南财经大学学报》2016年03期 　论文类型：期刊论文

【摘要】：以基准日为2014年第三季度的定向增发新股公司为研究对象,利用季度数据研究大股东操控下的应计盈余管理与真实盈余管理权衡选择。为了克服定向增发类型的自选择和样本偏误问题,采用了倾向得分与双倍差分法构造反事实,从而在拟实验环境下分析大股东操控下盈余管理行为。研究发现:基准日前上市公司同时使用应计与真实盈余管理操纵盈余,向大股东增发实现向下操纵,向机构投资者增发实现向上操纵;在基准日之后上市公司通过真实的盈余管理方式向上操纵盈余。研究结果有助于提高证券监管部门、中介机构对盈余管理行为的认识,加强公司治理、完善投资者保护制度。
[Abstract]:Taking the benchmark day as the third quarter of the year 2014, we take the targeted private placement company as the research object, and use quarterly data to study the trade-off between accruals earnings management and real earnings management under the control of large shareholders. In order to overcome the problem of self selection and sample bias, we use tendencies score and double difference method to construct counterfactual facts, so we can analyze earnings management behavior under the control of large shareholders in a quasi experimental environment. The study found that: the base date before the listed companies to use accrual and real earnings management earnings manipulation, the issuance of large shareholders' downward manipulation, placement to institutional investors to realize control; in the benchmark after the date of the listed company through the real earnings management to manipulate earnings. The results of the research will help to improve the understanding of the earnings management behavior of the securities regulators and intermediaries, strengthen the corporate governance and improve the investor protection system.
【作者单位】：山西财经大学会计学院;天津财经大学商学院;河海大学商学院;
【基金】：教育部人文社会科学规划基金项目“投资者情绪、盈余管理与定向增发效应研究”(12YJA630179)
【分类号】：F275
【正文快照】： 一、引言我国上市公司股权集中度比较高,集中股权结构下面临着大小股东之间的代理问题[1]。定向增发作为一种非公开的股权再融资方式,增发过程中盈余管理加大了两者之间信息不对称与代理成本,其通过改变公司业绩影响股价,进而影响市场资源配置,严重干扰资本市场健康运行。盈余

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