我国上市公司定向增发新股与盈余管理影响因素研究

发布时间：2018-04-26 20:03

本文选题：定向增发 + 盈余管理　；参考：《上海交通大学》2013年硕士论文

【摘要】：2006年5月6日中国证监会发布了《上市公司证券发行管理办法》，从此，定向增发由于门槛低，审核程序简易等优点，成为了我国上市公司再融资的首选方式。本文的研究表明，上市公司在定向增发时会进行盈余管理。盈余管理的方向取决于定向增发的对象。当增发对象是外部投资者时，会进行向上的盈余管理；当增发对象是控股股东时，会进行向下的盈余管理；当增发对象同时有外部投资者和控股股东时，不存在显著的盈余管理。本文的研究还表明，上市公司在定向增发时的盈余管理程度，与该公司的公司治理及外部监管有关。当增发对象是外部投资者时，大股东绝对控股以及国有控股的上市公司，其向上的盈余管理程度比较低；当增发对象是控股股东时，，大股东绝对控股以及机构持股比例较高的上市公司，其向下的盈余管理程度比较低。
[Abstract]:On May 6, 2006, CSRC issued the "measures for the Management of Securities issuance of listed companies". Since then, due to the advantages of low threshold and simple audit procedure, directional additional issuance has become the preferred method for refinancing of listed companies in China. The research in this paper shows that the listed companies will carry out earnings management when offering additional shares. The direction of earnings management depends on the object of directional additional issuance. When the issuing object is an external investor, it will carry on the upward earnings management; when the additional issue is the controlling shareholder, it will carry on the downward earnings management; when the additional issue object has the external investor and the controlling shareholder simultaneously, There is no significant earnings management. The study also shows that the degree of earnings management of listed companies is related to their corporate governance and external supervision. When the object of the additional offering is the external investor, the earnings management degree of the listed company with the majority shareholder's absolute control and the state-owned holding company is relatively low; when the additional issue is the controlling shareholder, the listed company has a lower degree of upward earnings management. The listed companies with large shareholder absolute control and higher institutional shareholding ratio have a lower degree of downward earnings management.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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