创业板IPO盈余管理的经济后果研究

发布时间：2018-02-09 18:49

本文关键词： 创业板 IPO 盈余管理经济后果　出处：《辽宁大学》2013年硕士论文　论文类型：学位论文

【摘要】：在经历了十年的精心准备之后，2009年随着我国《首次公开发行股票并在创业板上市管理暂行办法》的正式发布，我国创业板市场终于面世，这对中国资本市场来说具有里程碑式的意义。我国创业板的成功面世有利于完善我国资本市场结构、拓展我国资本市场的广度，也为更多具有自主创新性和高成长性的企业提供了资本市场。因此，对我国创业板市场IPO盈余管理进行研究具有重要意义。 IPO即首次公开发行股票，能否成功上市对企业是否能够实现在资本市场的投资和融资功能具有重大影响。申请上市的公司在上市过程中，管理层有动机通过盈余管理行为达到满足上市条件和募集资金最大化的目的。之所以IPO公司的盈余管理行为会产生经济后果，是因为IPO公司选择不同的会计政策和计量方法，从而导致各利害关系体之间产生不同的利益分配和投资决策行为，最终对资本市场资源的配置效率和效果产生影响。本文首先阐述了盈余管理与经济后果的相关理论，并在此基础上提出了研究假设，对2009-2012年间在创业板上市的349家IPO公司为研究样本进行实证分析并得出结论：创业板公司存在IPO盈余管理行为，并且这种行为对企业和社会产生了不利的经济后果。IPO盈余管理程度越大，IPO抑价就越大，IPO后的企业经营业绩的下降幅度就会越高，IPO后企业成长性就越差。在此基础上，建议对创业板IPO公司的盈余管理行为进行监管，以降低产生的不良经济后果，，提出了进一步完善一级市场发行制度、改革二级市场交易机制、规范和健全保荐人制度、加强证券监管当局的监督力度等可操作性措施。
[Abstract]:After ten years of careful preparation, with the formal release of China's "interim measures for the Administration of initial Public offering of stocks and listing on the gem" on 2009, the gem market of our country finally came out. This is of landmark significance to China's capital market. The success of the gem is conducive to perfecting the structure of our capital market and expanding the breadth of our capital market. It also provides the capital market for more enterprises with independent innovation and high growth. Therefore, it is of great significance to study the IPO earnings management in China's gem market. IPO is the initial public offering of stocks, whether the successful listing of enterprises can achieve the investment and financing function in the capital market. The management has the motive to meet the listing conditions and raise the maximum funds through earnings management behavior. The reason why the earnings management behavior of IPO companies will have economic consequences is that IPO companies choose different accounting policies and measurement methods. As a result, different benefit distribution and investment decision behavior are produced among the stakeholders, and the efficiency and effect of resource allocation in capital market are influenced finally. In this paper, the theories of earnings management and economic consequences are introduced, and the research hypotheses are put forward. An empirical analysis of 349 IPO companies listed on the gem from 2009 to 2012 shows that there are IPO earnings management behaviors in gem companies. And this behavior has adverse economic consequences for enterprises and society. The greater the degree of IPO earnings management is, the greater the IPO underpricing will be, and the higher the decline in business performance after IPO will be, the higher the growth will be after IPO. On this basis, It is suggested that the earnings management behavior of gem IPO companies should be supervised in order to reduce the adverse economic consequences. It is proposed to further improve the issuing system of the primary market, reform the trading mechanism of the secondary market, and standardize and perfect the sponsor system. Strengthen the supervision of securities regulatory authorities and other operational measures.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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