板塊差異、上市效應與盈余質(zhì)量研究——來自創(chuàng)業(yè)板和中小板的證據(jù)
發(fā)布時間：2018-11-11 07:59
【摘要】：本文以中小板與創(chuàng)業(yè)板近兩年首發(fā)上市的公司為樣本,研究公司首發(fā)上市與盈余質(zhì)量之間的關(guān)系。研究發(fā)現(xiàn),公司上市前一年盈余操縱的程度顯著下降,但創(chuàng)業(yè)板公司盈余操縱程度大于中小板公司。雖然盈余操縱行為推高了發(fā)行價,但投資者的認購熱情未受到影響,首日投資回報取決于投資者情緒,與盈利能力及成長性無關(guān)。首發(fā)上市時的盈余操縱程度隨著第一大股東持股比例的增加而降低,但董事長兼總經(jīng)理的現(xiàn)象導致盈余質(zhì)量下降,而機構(gòu)投資者和會計師事務(wù)所也未能顯著提高盈余質(zhì)量。創(chuàng)業(yè)板公司盈余質(zhì)量整體上低于中小板公司,但規(guī)模大、成立時間長的公司盈余質(zhì)量相對較高。
[Abstract]:In this paper, the relationship between IPO and earnings quality of small and medium sized companies and gem listed companies in the past two years is studied. The results show that the degree of earnings manipulation in the year before listing decreases significantly, but the extent of earnings manipulation in gem companies is greater than that in small and medium-sized board companies. While earnings manipulation has pushed up the offering price, investors' enthusiasm for subscription has not been affected, and first-day returns depend on investor sentiment, not on profitability and growth. The degree of earnings manipulation decreases with the increase of shareholding ratio of the largest shareholder, but the phenomenon of chairman and general manager leads to the decline of earnings quality, and institutional investors and accounting firms fail to improve earnings quality significantly. The earnings quality of gem companies is lower than that of small and medium-sized board companies as a whole, but the earnings quality of companies with large scale and long time of establishment is relatively high.
【作者單位】： 上海對外貿(mào)易學院;復旦大學;
【基金】：教育部青年基金項目“準則趨同、管理層風險特質(zhì)與盈余質(zhì)量研究”(10YJC790385) 上海市教委重點項目“會計準則趨同的經(jīng)濟后果研究”(10ZX123) 上海市重點學科建設(shè)項目“金融學”(J51201)
【分類號】：F832.51;F275;F224
[Abstract]:In this paper, the relationship between IPO and earnings quality of small and medium sized companies and gem listed companies in the past two years is studied. The results show that the degree of earnings manipulation in the year before listing decreases significantly, but the extent of earnings manipulation in gem companies is greater than that in small and medium-sized board companies. While earnings manipulation has pushed up the offering price, investors' enthusiasm for subscription has not been affected, and first-day returns depend on investor sentiment, not on profitability and growth. The degree of earnings manipulation decreases with the increase of shareholding ratio of the largest shareholder, but the phenomenon of chairman and general manager leads to the decline of earnings quality, and institutional investors and accounting firms fail to improve earnings quality significantly. The earnings quality of gem companies is lower than that of small and medium-sized board companies as a whole, but the earnings quality of companies with large scale and long time of establishment is relatively high.
【作者單位】： 上海對外貿(mào)易學院;復旦大學;
【基金】：教育部青年基金項目“準則趨同、管理層風險特質(zhì)與盈余質(zhì)量研究”(10YJC790385) 上海市教委重點項目“會計準則趨同的經(jīng)濟后果研究”(10ZX123) 上海市重點學科建設(shè)項目“金融學”(J51201)
【分類號】：F832.51;F275;F224
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