上市公司论文：创业板上市公司IPO盈余管理研究

1、上市公司论文：创业板上市公司IPO盈余管理研究【中文摘要】2009年9月,创业板的开设,IPO的重启,进一步完善了我国多层次资本市场的发展,为解决我国中小企业,特别是科技型中小企业的融资问题提供了平台。IPO (Initial Public Offerings)是指企业首次公开发行股票,是股份有限公司由少数人持股转变为公众持股的重要步骤,是企业开启通往资本市场的大门。新股首次公开发行中存在的现象一直是备受关注,诸如IPO抑价,IPO上市首日超额收益,企业IPO过后的业绩“变脸”等现象,一直是金融界研究的热点问题。与国外发达成熟市场相比,我国证券市场由于特殊的制度背景而存在市场扭曲现象。为了实现

2、上市和IPO高定价,公司管理当局就存在着利用信息不对称和契约不完备来进行盈余管理的强烈动机,而IPO之后业绩下滑便成了一种普遍现象。这不仅误导投资者、对我国证券市场的诚信基础产生负面影响,而且也不利于我国资本市场的资源优化配置,从而损害资本市场的信心和健康发展。本文将通过借鉴国内外学者的研究方法,并在此基础上结合我国创业板的特征,对创业板上市公司IPO过程的盈余管理行为进行理论和实证研究,试图从IPO的门槛、保荐人的制度、中介机构的选择以及会计准则的完善等方面提出防范创业板上市公司IPO盈余管理的一些政策和建议。本文采用的是理论与实证相结合的研究方法,运用SPSS软件对样本数据进行处理。全文包

3、含六个部分。第一部分,绪论。论述创业板上市公司IPO盈余管理的选题背景和研究意义,同时对国内外研究进行文献综述,介绍本文的研究思路及内容结构框架。第二部分,阐述了上市公司IPO盈余管理的相关理论。探讨盈余管理的基本涵义和特征,同时从经济学的理论角度来解释盈余管理行为。第三部分,结合我国创业板的特征,分别从主客观两个方面阐述IPO公司盈余管理的动因。同时结合2006年2月修改之后的新企业会计准则,总结出IPO公司盈余管理的部分方式和方法。第四部分,创业板上市公司IPO盈余管理实证分析。本部分首先提出了文章的研究假设和研究设计,在此基础上对选取的样本进行描述性统计,对变量进行回归分析。本文提出了3

4、个假设,H1：创业板上市公司IPO盈余管理的动机是基于融资需求。H2：创业板IPO公司在上市过程中存在盈余管理行为。在上市前两年、上市当年、上市后一年存在不同程度的盈余管理。H3：创业板上市公司存在业绩“变脸”现象。在实证分析过程中,运用财务管理中的“可持续增长模型”来验证假设1：企业存在资金的需求,从而对创业板IPO公司盈余管理动机假设进行检验。通过SPSS软件对修正的琼斯模型即Jones-CFO模型下的样本数据进行回归分析来验证假设2。最后,通过营业收入增长率、净利润增长率以及资产收益率(ROA)三个指标来评价样本公司IPO前后的经营业绩,从而揭示盈余管理所造成的经济后果,进而说明创业板上

5、市公司在IPO前后存在业绩“变脸”的现象,即假设3。第五部分,规范创业板IPO公司盈余管理行为的建议。此部分先分析了盈余管理的危害性,然后从IPO的门槛、保荐人的制度、中介机构的选择以及会计准则的完善等方面提出防范创业板上市公司IPO盈余管理的一些政策及建议。第六部分,研究结论及展望。介绍本文的研究结论、创新和不足。【英文摘要】The Growth Enterprise Markets opened and IPO restarted in October 2009, which further improves the multi-level capital market and provi

6、des a platform for solving the financing problem of the small and medium-sized enterprises, especially for the High-tech enterprises. IPO which means initial public offering, is the Important steps of changing a minority holdings into public ownership. It put a way for enterprise to the capital mark

7、et. All kinds of phenomenon in the initial public offering are always concerned by people from different areas, such as IPO price of suppression, IPO on the first day the stock market excess returns, Performance variation after IPO. They are the hot problems in the financial research. Comparing with

8、 the developed countries mature markets, the development of securities market in our country presents distortions because of the special system backgrounds. The company has a strong motivation to manage earnings for IPO and high pricing of shares from Information asymmetry and incomplete contract. P

9、erformance declines after IPO has become a kind of common phenomenon. This will mislead investors and bring negative effects to the integrity of our country securities market. It will bring negative influence to the allocation of resources in Chinas capital market and damage peoples confidence to th

10、e entire market. In the end, the healthy development of the securities markets is not guaranteed. This paper will do some research on earnings management from theory and empirical studies, referencing on the basis of the domestic and foreign scholarsresearch methods. This paper tried to put forward

11、some policy suggestions about preventing and supervising the behavior of Earnings management. These suggestions are IPO conditions, Guarantor system, Choice of intermediary institutions and the perfection of accounting standards.The research methods in this paper are empirical research and theoretic

12、al analysis. The data processing is through SPSS software. This paper contains six parts. The first part is the introduction. It discusses the background and significance of the research topicearnings management of IPO companies。It summaries some domestic and foreign research results and introduce t

13、he research conception, content and framework.The second part is related theory of the IPO company earnings management. This part discusses the basic connotation and characteristics of earnings management, as well as explains the behavior of earnings management from the angle of economics.The third

14、part indicates the objective and subjective motivation of earnings management according to the Gems features. In combination with the new enterprise accounting standards which was modified in February,2006, this part also contains the method of earnings management.The fourth part is the empirical an

15、alysis. First, the paper put forward the research hypotheses and study design. On the basis of the selected samples, do some variables descriptive statistics and regression analysis. This paper proposes three hypotheses. They are the motivation of earnings management for Gem companies, the existing

16、of earnings management behavior in the IPO and performance “suddenly turn hostile” phenomenon. Using the “sustainable growth of financial management model” to verify the first hypothesis. Use the modified Jones-CFO model to do regression analysis of the sample data through SPSS software. This paper

17、mainly through operating income growth, net profit growth and adjusted the return on assets (ROA) to evaluate sample companies before and after the IPO, which reveals the economic consequences caused by earnings management and explain the existing of performance “suddenly turn hostile” phenomenon be

18、fore and after IPO.The fifth part proposed regulating earnings management behavior of IPO corporate. Firstly, it analyses the harmfulness of earnings management. And then it offers some policy Suggestions for gem companies to prevent and regulate earnings management behavior.The sixth part is the conclusion and prospect of t