承销商声誉与上市公司IPO盈余管理程度关系的研究
发布时间：2018-07-31 10:33
【摘要】：承销商声誉与上市公司IPO盈余管理分别是金融学与会计学研究的热点,它们之间存在一定的联系。然而长期以来国内学者却将这二者区分在两个独立的领域内研究。伴随着经济飞速增长和资本市场的不断完善,我国证券发行市场IPO审核制度从最早的行政审批制到当前核准制下的保荐制先后经历了四个阶段,新股发行审核制度的市场化程度逐步提高。在证券市场改革不断向前推进的浪潮中,承销商等金融中介机构在新股发行中扮演着非常重要的角色,越来越多的人开始关注承销商作为上市公司IPO过程中重要的金融中介之一到底发挥着怎样的作用,在当前保荐制度下承销商声誉机制的有效性又如何。本文将承销商声誉与上市公司IPO盈余管理结合起来,从承销商声誉的角度出发研究承销商对上市公司IPO盈余管理程度的影响,以期为我国承销商声誉机制建设提供有益的建议和决策依据。 本文首先系统地分类回顾了承销商声誉、上市公司IPO盈余管理以及二者的联系的国内外相关文献。在此基础上理论分析了承销商声誉的作用,并用博弈模型解释了承销商声誉机制的形成机理,同时介绍了盈余管理的定义、分析了盈余管理的理论基础以及归纳了盈余管理的动机；然后进-步探讨承销商声誉对上市公司IPO盈余管理的影响并就此提出本文的假设；最后本文定义了模型的相关变量,尤其是承销商声誉与盈余管理程度的度量,并选取2009年9月30日—2011年12月31日之间在创业板上市的283家上市公司为研究样本,采用描述性统计、单变量检验、相关性分析及多元线性回归的方法验证二者的关系,并在此基础上做出进一步分析。 研究结果表明,承销商声誉与上市公司IPO盈余管理程度呈负相关,但是这种关系在统计上不显著,我国现阶段承销商声誉机制较为弱化。方面,承销商并未充分发挥事后的缓解作用,尽管对上市公司的盈余管理行为有一定的抑制作用,但这种作用非常的有限；另一方面,在承销商声誉机制不健全的情况下,承销商声誉未能成为发行企业事前信号显示的载体。
[Abstract]:The reputation of underwriters and IPO earnings management of listed companies are hot topics in finance and accounting, and there are some relations between them. However, for a long time, domestic scholars have distinguished the two in two independent fields. With the rapid economic growth and the continuous improvement of the capital market, the IPO auditing system of China's securities issuance market has experienced four stages from the earliest administrative examination and approval system to the recommendation system under the current approval system. The degree of marketization of the new issue audit system has been gradually improved. In the wave of securities market reform, underwriters and other financial intermediaries play a very important role in issuing new shares. More and more people have begun to pay attention to the role of underwriters as one of the important financial intermediaries in the IPO process of listed companies and how effective the underwriter reputation mechanism is under the current recommendation system. This paper combines underwriter reputation with IPO earnings management of listed companies, and studies the influence of underwriters on IPO earnings management degree of listed companies from the perspective of underwriter reputation. In order to provide useful suggestions and decision basis for the construction of underwriter reputation mechanism in China. Firstly, this paper systematically reviews the domestic and foreign literature on underwriter reputation, IPO earnings management of listed companies and the relationship between them. On this basis, this paper theoretically analyzes the role of underwriter reputation, explains the formation mechanism of underwriter reputation mechanism with game model, and introduces the definition of earnings management. This paper analyzes the theoretical basis of earnings management and induces the motivation of earnings management, then further discusses the influence of underwriter reputation on IPO earnings management of listed companies and puts forward the hypothesis of this paper. Finally, this paper defines the relevant variables of the model. Especially, the measurement of underwriter reputation and earnings management degree, and 283 listed companies listed on the gem from September 30, 2009 to December 31, 2011 are selected as the research samples, using descriptive statistics and univariate test. Correlation analysis and multivariate linear regression were used to verify the relationship and further analysis was made. The results show that there is a negative correlation between underwriter reputation and IPO earnings management, but this relationship is not statistically significant, and the underwriter reputation mechanism is weaker in China at present. On the other hand, the underwriters do not give full play to the mitigation effect after the event. Although they can inhibit the earnings management behavior of listed companies to some extent, this effect is very limited. On the other hand, when the underwriter reputation mechanism is not perfect, Underwriter reputation failed to become the carrier of prior signal display for issuers.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
本文编号：2155317
[Abstract]:The reputation of underwriters and IPO earnings management of listed companies are hot topics in finance and accounting, and there are some relations between them. However, for a long time, domestic scholars have distinguished the two in two independent fields. With the rapid economic growth and the continuous improvement of the capital market, the IPO auditing system of China's securities issuance market has experienced four stages from the earliest administrative examination and approval system to the recommendation system under the current approval system. The degree of marketization of the new issue audit system has been gradually improved. In the wave of securities market reform, underwriters and other financial intermediaries play a very important role in issuing new shares. More and more people have begun to pay attention to the role of underwriters as one of the important financial intermediaries in the IPO process of listed companies and how effective the underwriter reputation mechanism is under the current recommendation system. This paper combines underwriter reputation with IPO earnings management of listed companies, and studies the influence of underwriters on IPO earnings management degree of listed companies from the perspective of underwriter reputation. In order to provide useful suggestions and decision basis for the construction of underwriter reputation mechanism in China. Firstly, this paper systematically reviews the domestic and foreign literature on underwriter reputation, IPO earnings management of listed companies and the relationship between them. On this basis, this paper theoretically analyzes the role of underwriter reputation, explains the formation mechanism of underwriter reputation mechanism with game model, and introduces the definition of earnings management. This paper analyzes the theoretical basis of earnings management and induces the motivation of earnings management, then further discusses the influence of underwriter reputation on IPO earnings management of listed companies and puts forward the hypothesis of this paper. Finally, this paper defines the relevant variables of the model. Especially, the measurement of underwriter reputation and earnings management degree, and 283 listed companies listed on the gem from September 30, 2009 to December 31, 2011 are selected as the research samples, using descriptive statistics and univariate test. Correlation analysis and multivariate linear regression were used to verify the relationship and further analysis was made. The results show that there is a negative correlation between underwriter reputation and IPO earnings management, but this relationship is not statistically significant, and the underwriter reputation mechanism is weaker in China at present. On the other hand, the underwriters do not give full play to the mitigation effect after the event. Although they can inhibit the earnings management behavior of listed companies to some extent, this effect is very limited. On the other hand, when the underwriter reputation mechanism is not perfect, Underwriter reputation failed to become the carrier of prior signal display for issuers.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
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