本文關(guān)鍵詞：我國(guó)A股上市公司定向增發(fā)前盈余管理的實(shí)證研究　出處：《合肥工業(yè)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：自股權(quán)分置改革和《上市公司證券發(fā)行管理辦法》宣布實(shí)行后，定向增發(fā)在全流通的背景下借鑒境外市場(chǎng)經(jīng)驗(yàn)引入的新的融資發(fā)行制度，正在被越來越多的上市公司所運(yùn)用。上市公司融資過程中的盈余管理行為是國(guó)內(nèi)、外學(xué)術(shù)界的一個(gè)熱門話題，本章對(duì)我國(guó)A股上市公司在定向增發(fā)前是否存在盈余管理現(xiàn)象；針對(duì)不同的發(fā)行對(duì)象，上市公司會(huì)采取不同盈余管理；大股東持股比例與盈余管理程度的關(guān)系；定向增發(fā)前的盈余管理對(duì)公司的經(jīng)營(yíng)業(yè)績(jī)的影響進(jìn)行了研究分析。 本文的研究主要有五個(gè)部分： 第一章對(duì)研究的相關(guān)理論及實(shí)務(wù)背景進(jìn)行分析，明確本文的意義所在，點(diǎn)出可能的創(chuàng)新點(diǎn)，接著介紹了本文的研究思路及方法，最后闡明本文的主要內(nèi)容和框架結(jié)構(gòu)。 第二章是國(guó)內(nèi)外文獻(xiàn)回顧，這章先介紹了國(guó)外SEO過程中的盈余管理及私募發(fā)行的相關(guān)文獻(xiàn)，再介紹了關(guān)于我國(guó)配股、公開增發(fā)和定向增發(fā)過程中盈余管理的相關(guān)文獻(xiàn)。 第三章是關(guān)于上市公司定向增發(fā)的相關(guān)概述，首先介紹了定向增發(fā)的定義及市場(chǎng)概況，然后介紹了上市公司進(jìn)行定向增發(fā)的目的，接著介紹了定向增發(fā)的發(fā)行規(guī)則和流程，最后對(duì)中美定向增發(fā)進(jìn)行了對(duì)比。 第四章在綜合本文的研究目的和理論分析的基礎(chǔ)上，推出了文章的四個(gè)研究假設(shè)。 第五章實(shí)證檢驗(yàn)分析。關(guān)于這部分首先選取了樣本公司，分三組通過修正的瓊斯模型計(jì)算出盈余管理程度，接著構(gòu)造回歸模型，對(duì)上文中提出的研究假設(shè)進(jìn)行全面系統(tǒng)的分析論證，并對(duì)增發(fā)后的績(jī)效進(jìn)行分析。 第六章研究結(jié)論與政策建議。首先對(duì)上文得到的實(shí)證結(jié)果與發(fā)現(xiàn)進(jìn)行總結(jié)，，并據(jù)此提出文章的相關(guān)政策建議，最后給出了文章的研究不足與展望。 由于定向增發(fā)在05年后才在我國(guó)發(fā)展起來，導(dǎo)致文章所能搜集的樣本量有限，且因?yàn)闀r(shí)間的限制，文章無法獲得長(zhǎng)時(shí)間段的數(shù)據(jù)，只能獲取了定向增發(fā)公司增發(fā)后兩年的數(shù)據(jù)，所以沒能得到定向增發(fā)前實(shí)施盈余管理的上市公司更長(zhǎng)時(shí)間后的業(yè)績(jī)變化。這是本文的不足，希望以后能對(duì)此做進(jìn)一步的研究。
[Abstract]:Since the reform of the split share structure and the implementation of the "measures for the Administration of Securities issuance of listed companies", the new system of financing and issuance has been introduced in the context of the full circulation of targeted additional offerings for reference to the experience of overseas markets. Earnings management behavior in the financing process of listed companies is a hot topic in domestic and foreign academia. In this chapter, whether there is earnings management in China's A-share listed companies before directional placement; The listed companies will adopt different earnings management for different issuing objects. The relationship between the shareholding ratio of major shareholders and the degree of earnings management; The effect of earnings management on the performance of the company is analyzed. There are five parts in this paper: The first chapter analyzes the relevant theoretical and practical background of the study, clarifies the significance of this paper, points out the possible innovations, and then introduces the research ideas and methods of this paper. Finally, the main content and frame structure of this paper are expounded. The second chapter is a review of domestic and foreign literature, this chapter first introduces the earnings management and private equity issuance in the process of foreign SEO, and then introduces the rights issue in China. Disclose the relevant documents of earnings management in the process of additional and directional issuance. The third chapter is about the listed companies of the related overview of private placement, first introduced the definition of directional additional issuance and the market situation, and then introduced the purpose of the listed companies to conduct directional additional issuance. Then it introduces the issuing rules and flow chart, and finally makes a comparison between China and the United States. Chapter 4th, on the basis of synthesizing the purpose of this paper and theoretical analysis, puts forward four hypotheses of this paper. Chapter 5th empirical analysis. This part of the first selected sample companies, divided into three groups through the revised Jones model to calculate earnings management, and then construct a regression model. The research hypotheses mentioned above are analyzed systematically and the performance after the increase is analyzed. Chapter 6th: conclusions and policy recommendations. First, the empirical results and findings obtained above are summarized, based on which the relevant policy recommendations are put forward, and finally, the research deficiencies and prospects of the article are given. Due to the development of directional placement in China after 2005, the amount of samples that can be collected is limited, and because of the time constraints, the article can not obtain data for a long period of time. We can only get the data of two years after the additional issuance, so we can not get the performance changes of the listed companies which implemented earnings management before the directional placement. This is the deficiency of this paper. Hope to do further research on this in the future.
【學(xué)位授予單位】：合肥工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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