本文選題：創(chuàng)業(yè)板 + IPO��； 參考：《合肥工業(yè)大學(xué)》2016年碩士論文

【摘要】：2009年10月30日,我國創(chuàng)業(yè)板在深圳證券交易所正式上市。創(chuàng)業(yè)板的創(chuàng)立,為新興高科技產(chǎn)業(yè)及成長性較高的企業(yè)提供了廣闊的融資平臺,也很大程度上改善了這些新興高科技產(chǎn)業(yè)及高成長性公司的融資結(jié)構(gòu),豐富了這些企業(yè)的融資方式,這是我國建立多層次股票市場體系邁出的第一步。與主板及中小板相比,創(chuàng)業(yè)板調(diào)整了上市條件,降低了“盈利性”要求,強調(diào)了“創(chuàng)新性”與“成長性”,最低盈利指標和經(jīng)營業(yè)績的成長性要求的提出,使得創(chuàng)業(yè)板擬上市企業(yè)仍然存在著進行盈余管理的強烈動機。目前針對創(chuàng)業(yè)板盈余管理的研究較少,本文選取了2011年和2012年在創(chuàng)業(yè)板上市的201家公司為樣本,首先從IPO盈余管理及IPO盈余管理與第三方中介相關(guān)關(guān)系兩個角度出發(fā),對國內(nèi)外的相關(guān)研究進行梳理；其次,從創(chuàng)業(yè)板上市條件、市場特征分析創(chuàng)業(yè)板上市公司進行盈余管理的動機及其手段幾方面闡述了創(chuàng)業(yè)板盈余管理相關(guān)理論；接著,運用修正的Jones模型實在檢驗了創(chuàng)業(yè)板市場盈余管理行為存在的程度；然后,通過差異性比較、相關(guān)性分析以及回歸模型分析,檢驗第三方因素對創(chuàng)業(yè)板市場盈余管理程度的影響；最后,就實證分析結(jié)果提出了相應(yīng)建議�；贘ones模型,本文發(fā)現(xiàn)創(chuàng)業(yè)板公司在上市前一年、上市當(dāng)年以及上市后一年的盈余管理程度在0.05的顯著水平下顯著,這就說明創(chuàng)業(yè)板上市公司在IPO過程中存在盈余管理行為,在上市前一年的盈余管理程度最低,上市當(dāng)年程度最高。而關(guān)于IPO盈余管理與第三方影響因素關(guān)系的實證研究結(jié)果表明：首先,從第三方中介的分布來看,高聲譽承銷商保薦的上市公司IPO盈余管理程度低于低聲譽組；高聲譽會計師事務(wù)所審計的上市公司IPO盈余管理程度低于低聲譽組；有風(fēng)險投資背景的上市公司IPO盈余管理程度低于沒有風(fēng)險投資背景的上市公司。其次,從差異性統(tǒng)計量上來看,只有在上市當(dāng)年,十大會計師事務(wù)所與非十大會計師事務(wù)所的差異顯著,這說明會計師事務(wù)所還是有效抑制了盈余管理程度,但其他樣本年份均不顯著,并且承銷商聲譽和風(fēng)險投資背景在上市前后也都不顯著。這就說明,第三方并沒能在抑制盈余管理行為、降低盈余管理程度上發(fā)揮作用；從回歸模型結(jié)果來看,只有在上市當(dāng)年,較高聲譽的會計師事務(wù)所有效抑制了創(chuàng)業(yè)板公司的盈余管理程度,其他年份的會計師事務(wù)所以及所有樣本年份的承銷商和風(fēng)險投資對盈余管理程度的影響都不顯著。這個結(jié)果與差異性檢驗結(jié)果相符。最后文章根據(jù)實證結(jié)果,從會計準則、證券監(jiān)管機構(gòu)以及投資者幾個角度提出相應(yīng)的政策建議。
[Abstract]:On October 30, 2009, China's gem was officially listed on the Shenzhen Stock Exchange. The establishment of the gem has provided a broad financing platform for emerging high-tech industries and companies with high growth, and also greatly improved the financing structure of these emerging high-tech industries and high growth companies. It enriches the financing methods of these enterprises, which is the first step to establish a multi-level stock market system in China. Compared with the main board and the small and medium-sized board, the gem adjusts the listing conditions, reduces the requirement of "profitability", and emphasizes the requirements of "innovation" and "growth", the minimum profit index and the growth of operating performance. So that gem listed enterprises still have a strong motivation for earnings management. At present, there are few researches on earnings management in the gem. This paper selects 201 companies listed on the gem in 2011 and 2012 as samples, starting from the perspective of IPO earnings management and the relationship between IPO earnings management and third-party intermediaries. Secondly, from the gem listing conditions, market characteristics analysis of the gem listed companies earnings management motivation and means several aspects of the gem earnings management theory; then, Using the modified Jones model to test the extent of earnings management behavior in gem market, and then, through the comparison of differences, correlation analysis and regression model analysis, This paper examines the influence of third-party factors on the earnings management of gem market, and finally, puts forward corresponding suggestions on the empirical analysis results. Based on the Jones model, this paper finds that the earnings management degree of gem companies is significant in the year before listing, the year before listing and the year after listing, which indicates that the listed companies of gem have earnings management behavior in the process of IPO. The level of earnings management is the lowest in the year before listing, and the highest in the year of listing. The empirical study on the relationship between IPO earnings management and third-party factors shows that: first, from the distribution of third-party intermediaries, the degree of IPO earnings management of listed companies recommended by high-reputation underwriters is lower than that of low-reputation companies; The degree of IPO earnings management of listed companies audited by high reputation accounting firms is lower than that of low reputation companies, and the degree of IPO earnings management of listed companies with venture capital background is lower than that of listed companies with no background of venture capital. Secondly, from the difference statistics, only in the year of listing, the difference between the ten accounting firms and the non-top ten accounting firms is significant, which shows that accounting firms effectively restrain the degree of earnings management. But the other sample years are not significant, and the underwriter reputation and venture capital background are not significant before and after listing. This shows that the third party does not play a role in restraining earnings management and reducing earnings management. From the regression model results, only in the year of listing, The accounting firms with high reputation effectively restrain the earnings management degree of the gem companies, while the accounting firms in other years and the underwriters and venture capital in all the sample years have no significant influence on the earnings management degree. This result is consistent with the difference test. Finally, according to the empirical results, this paper puts forward the corresponding policy recommendations from the perspective of accounting standards, securities regulatory bodies and investors.
【學(xué)位授予單位】：合肥工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F832.51

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