創(chuàng)業(yè)板IPO前盈余管理和抑價的相關(guān)性研究
發(fā)布時間：2018-09-12 18:30
【摘要】：2009年10月30日,我國28家中小企業(yè)首次在我國創(chuàng)業(yè)板公開發(fā)行交易,這個醞釀了長達10年的創(chuàng)業(yè)板,終于破繭而出了。創(chuàng)業(yè)板的推出很大程度上解決了中小企業(yè)的融資困難問題,為我國中小企業(yè)的發(fā)展提供無限動力。同時為了規(guī)范我國資本市場秩序,降低金融風(fēng)險,保護投資者利益,國家對創(chuàng)業(yè)板上市公司做出了相應(yīng)的要求,其中對于企業(yè)的盈余指標(biāo)做出了嚴(yán)格的規(guī)定,只有達到了相關(guān)規(guī)定的企業(yè)才能夠在創(chuàng)業(yè)板上市,這就導(dǎo)致了一部分想上市但又達不到上市條件的企業(yè)產(chǎn)生了盈余管理的動機,即企業(yè)在IPO過程中會存在盈余管理行為。同時我國創(chuàng)業(yè)板新股高抑價現(xiàn)象一直存在,這些嚴(yán)重影響了我國創(chuàng)業(yè)板市場的正常發(fā)展。那么IPO前盈余管理行為同IPO抑價現(xiàn)象兩者之間是否存在某種相關(guān)關(guān)系?IPO前的盈余管理是否能夠解釋IPO公司上市發(fā)行首日高抑價現(xiàn)象呢? 本文就以“IPO前盈余管理和抑價的相關(guān)性”為主題,采用規(guī)范和實證相結(jié)合的研究方法,回顧以前相關(guān)學(xué)者做出的研究成果,分析盈余管理相關(guān)概念、產(chǎn)生的原因及盈余管理的動機,闡述盈余管理相關(guān)理論基礎(chǔ),針對我國一級市場和二級市場的相關(guān)特點,從投資者行為角度深入探討IPO前盈余管理同抑價之間的內(nèi)在聯(lián)系。本文采用修正的瓊斯模型來計量盈余管理水平,用抑價率公式來衡量IPO抑價程度。本文選取了2009年10月-2011年7月在我國創(chuàng)業(yè)板上市的230家IPO公司做為研究樣本,研究結(jié)果發(fā)現(xiàn)樣本公司在IPO過程中存在盈余管理行為,同時IPO公司上市首日存在抑價現(xiàn)象,IPO前盈余管理同IPO抑價現(xiàn)象正相關(guān),但不顯著,發(fā)行價同IPO前報告盈余的相關(guān)性要勝于同IPO前真實盈余的相關(guān)性,而收盤價同IPO前真實盈余的相關(guān)性要勝于同報告盈余的相關(guān)性。IPO抑價現(xiàn)象產(chǎn)生的原因主要是一級市場的制度缺陷,導(dǎo)致新股定價主要依賴于企業(yè)的報告盈余,同時,二級市場投資者無法正確識別企業(yè)存在的盈余管理,對新股發(fā)行存在過度反應(yīng),最終使得新股價格嚴(yán)重的偏離其內(nèi)在真實的價值,從而導(dǎo)致新股發(fā)行首日高抑價現(xiàn)象。通過對本文實證研究結(jié)果的分析,提出了改善我國IPO前的盈余管理和抑價的一些建議。
[Abstract]:On October 30, 2009, 28 small and medium-sized enterprises of our country first issued and traded in the gem of our country, which has been brewing for 10 years, and finally broke out of the cocoon. The launch of the gem solves the financing difficulties of SMEs to a great extent and provides unlimited impetus for the development of SMEs in China. At the same time, in order to standardize the order of China's capital market, reduce financial risks and protect the interests of investors, the state has made corresponding requirements to listed companies on the gem, among which the earnings indicators of enterprises have been strictly stipulated. Only those enterprises that have reached the relevant regulations can be listed on the gem, which leads to the earnings management motivation of some enterprises that want to go public but fail to reach the listing condition, that is, the earnings management behavior will exist in the process of IPO. At the same time, the phenomenon of high underpricing of new shares in gem has been existed all the time, which seriously affects the normal development of gem. Is there a correlation between earnings management before IPO and underpricing of IPO? can earnings management before IPO explain the phenomenon of high underpricing on the first day of listing of IPO companies? Based on the theme of "the correlation between earnings management and underpricing before IPO", this paper adopts the research method of combining norms and empirical evidence, reviews the previous research results made by relevant scholars, and analyzes the related concepts of earnings management. The causes and motivation of earnings management, the theoretical basis of earnings management, and the relationship between earnings management and underpricing before IPO are discussed from the perspective of investor behavior in view of the relevant characteristics of primary market and secondary market in China. In this paper, the modified Jones model is used to measure the earnings management level, and the underpricing formula is used to measure the IPO underpricing level. In this paper, 230 IPO companies listed on the gem from October 2009 to July 2011 are selected as the research samples. The results show that the sample companies have earnings management behavior in the IPO process. At the same time, there is a phenomenon of underpricing in the first day of listing of IPO Company. The pre-IPO earnings management is positively correlated with IPO underpricing, but it is not significant. The correlation between the IPO price and the reported earnings before IPO is better than that with the real earnings before IPO. The reason that the relationship between the closing price and the real earnings before IPO is better than the correlation with the reported earnings. The main reason for the underpricing phenomenon is the institutional defects in the primary market, which leads to the pricing of new shares mainly depends on the reported earnings of the enterprises, at the same time, Investors in the secondary market can not correctly identify the earnings management existing in the enterprise and overreact to the issue of new stock. Finally, the price of the new stock deviates seriously from its intrinsic real value, which leads to the phenomenon of high underpricing on the first day of the new issue. Based on the analysis of the empirical results of this paper, some suggestions on how to improve earnings management and underpricing before IPO in China are put forward.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224
本文編號：2239877
[Abstract]:On October 30, 2009, 28 small and medium-sized enterprises of our country first issued and traded in the gem of our country, which has been brewing for 10 years, and finally broke out of the cocoon. The launch of the gem solves the financing difficulties of SMEs to a great extent and provides unlimited impetus for the development of SMEs in China. At the same time, in order to standardize the order of China's capital market, reduce financial risks and protect the interests of investors, the state has made corresponding requirements to listed companies on the gem, among which the earnings indicators of enterprises have been strictly stipulated. Only those enterprises that have reached the relevant regulations can be listed on the gem, which leads to the earnings management motivation of some enterprises that want to go public but fail to reach the listing condition, that is, the earnings management behavior will exist in the process of IPO. At the same time, the phenomenon of high underpricing of new shares in gem has been existed all the time, which seriously affects the normal development of gem. Is there a correlation between earnings management before IPO and underpricing of IPO? can earnings management before IPO explain the phenomenon of high underpricing on the first day of listing of IPO companies? Based on the theme of "the correlation between earnings management and underpricing before IPO", this paper adopts the research method of combining norms and empirical evidence, reviews the previous research results made by relevant scholars, and analyzes the related concepts of earnings management. The causes and motivation of earnings management, the theoretical basis of earnings management, and the relationship between earnings management and underpricing before IPO are discussed from the perspective of investor behavior in view of the relevant characteristics of primary market and secondary market in China. In this paper, the modified Jones model is used to measure the earnings management level, and the underpricing formula is used to measure the IPO underpricing level. In this paper, 230 IPO companies listed on the gem from October 2009 to July 2011 are selected as the research samples. The results show that the sample companies have earnings management behavior in the IPO process. At the same time, there is a phenomenon of underpricing in the first day of listing of IPO Company. The pre-IPO earnings management is positively correlated with IPO underpricing, but it is not significant. The correlation between the IPO price and the reported earnings before IPO is better than that with the real earnings before IPO. The reason that the relationship between the closing price and the real earnings before IPO is better than the correlation with the reported earnings. The main reason for the underpricing phenomenon is the institutional defects in the primary market, which leads to the pricing of new shares mainly depends on the reported earnings of the enterprises, at the same time, Investors in the secondary market can not correctly identify the earnings management existing in the enterprise and overreact to the issue of new stock. Finally, the price of the new stock deviates seriously from its intrinsic real value, which leads to the phenomenon of high underpricing on the first day of the new issue. Based on the analysis of the empirical results of this paper, some suggestions on how to improve earnings management and underpricing before IPO in China are put forward.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224
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