創(chuàng)業(yè)板IPO前盈余管理和抑價(jià)的相關(guān)性研究
發(fā)布時(shí)間：2018-09-12 18:30
【摘要】：2009年10月30日,我國(guó)28家中小企業(yè)首次在我國(guó)創(chuàng)業(yè)板公開(kāi)發(fā)行交易,這個(gè)醞釀了長(zhǎng)達(dá)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(wèn)題,為我國(guó)中小企業(yè)的發(fā)展提供無(wú)限動(dòng)力。同時(shí)為了規(guī)范我國(guó)資本市場(chǎng)秩序,降低金融風(fēng)險(xiǎn),保護(hù)投資者利益,國(guó)家對(duì)創(chuàng)業(yè)板上市公司做出了相應(yīng)的要求,其中對(duì)于企業(yè)的盈余指標(biāo)做出了嚴(yán)格的規(guī)定,只有達(dá)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(dá)不到上市條件的企業(yè)產(chǎn)生了盈余管理的動(dòng)機(jī),即企業(yè)在IPO過(guò)程中會(huì)存在盈余管理行為。同時(shí)我國(guó)創(chuàng)業(yè)板新股高抑價(jià)現(xiàn)象一直存在,這些嚴(yán)重影響了我國(guó)創(chuàng)業(yè)板市場(chǎng)的正常發(fā)展。那么IPO前盈余管理行為同IPO抑價(jià)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(jià)現(xiàn)象呢? 本文就以“IPO前盈余管理和抑價(jià)的相關(guān)性”為主題,采用規(guī)范和實(shí)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(dòng)機(jī),闡述盈余管理相關(guān)理論基礎(chǔ),針對(duì)我國(guó)一級(jí)市場(chǎng)和二級(jí)市場(chǎng)的相關(guān)特點(diǎn),從投資者行為角度深入探討IPO前盈余管理同抑價(jià)之間的內(nèi)在聯(lián)系。本文采用修正的瓊斯模型來(lái)計(jì)量盈余管理水平,用抑價(jià)率公式來(lái)衡量IPO抑價(jià)程度。本文選取了2009年10月-2011年7月在我國(guó)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(guò)程中存在盈余管理行為,同時(shí)IPO公司上市首日存在抑價(jià)現(xiàn)象,IPO前盈余管理同IPO抑價(jià)現(xiàn)象正相關(guān),但不顯著,發(fā)行價(jià)同IPO前報(bào)告盈余的相關(guān)性要?jiǎng)儆谕琁PO前真實(shí)盈余的相關(guān)性,而收盤(pán)價(jià)同IPO前真實(shí)盈余的相關(guān)性要?jiǎng)儆谕瑘?bào)告盈余的相關(guān)性。IPO抑價(jià)現(xiàn)象產(chǎn)生的原因主要是一級(jí)市場(chǎng)的制度缺陷,導(dǎo)致新股定價(jià)主要依賴于企業(yè)的報(bào)告盈余,同時(shí),二級(jí)市場(chǎng)投資者無(wú)法正確識(shí)別企業(yè)存在的盈余管理,對(duì)新股發(fā)行存在過(guò)度反應(yīng),最終使得新股價(jià)格嚴(yán)重的偏離其內(nèi)在真實(shí)的價(jià)值,從而導(dǎo)致新股發(fā)行首日高抑價(jià)現(xiàn)象。通過(guò)對(duì)本文實(shí)證研究結(jié)果的分析,提出了改善我國(guó)IPO前的盈余管理和抑價(jià)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(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224
本文編號(hào)：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(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224
【參考文獻(xiàn)】
相關(guān)期刊論文 前10條
1 嚴(yán)小洋;;IPO中的價(jià)格管制及其后果[J];北京大學(xué)學(xué)報(bào)(哲學(xué)社會(huì)科學(xué)版);2008年06期
2 黃新炎;;創(chuàng)業(yè)板IPO中的盈余管理:股權(quán)激勵(lì)理論與案例研究[J];財(cái)務(wù)與會(huì)計(jì)(理財(cái)版);2011年03期
3 陳共榮;李琳;;IPO前盈余管理與抑價(jià)現(xiàn)象的實(shí)證研究[J];系統(tǒng)工程;2006年09期
4 陳祥有;;IPO前盈余管理與抑價(jià)關(guān)系的實(shí)證研究——基于A股發(fā)行公司的數(shù)據(jù)[J];價(jià)格理論與實(shí)踐;2009年08期
5 陳春艷;;創(chuàng)業(yè)板市場(chǎng)IPO抑價(jià)現(xiàn)象分析[J];經(jīng)濟(jì)論壇;2011年10期
6 陳小悅,肖星,過(guò)曉艷;配股權(quán)與上市公司利潤(rùn)操縱[J];經(jīng)濟(jì)研究;2000年01期
7 陳曉,陳小悅,劉釗;A股盈余報(bào)告的有用性研究——來(lái)自上海、深圳股市的實(shí)證證據(jù)[J];經(jīng)濟(jì)研究;1999年06期
8 陳工孟,高寧;中國(guó)股票一級(jí)市場(chǎng)發(fā)行抑價(jià)的程度與原因[J];金融研究;2000年08期
9 宋逢明,梁洪昀;發(fā)行市盈率放開(kāi)后的A股市場(chǎng)初始回報(bào)研究[J];金融研究;2001年02期
10 楊記軍;趙昌文;;定價(jià)機(jī)制、承銷方式與發(fā)行成本:來(lái)自中國(guó)IPO市場(chǎng)的證據(jù)[J];金融研究;2006年05期
相關(guān)博士學(xué)位論文 前1條
1 何劍;中國(guó)股票市場(chǎng)IPO抑價(jià)實(shí)證研究[D];暨南大學(xué);2006年
相關(guān)碩士學(xué)位論文 前4條
1 呂翔;中國(guó)創(chuàng)業(yè)板IPO抑價(jià)及其影響因素研究[D];南京大學(xué);2011年
2 儲(chǔ)燦春;我國(guó)創(chuàng)業(yè)板IPO抑價(jià)的實(shí)證研究[D];安徽工業(yè)大學(xué);2011年
3 李琳;IPO前盈余管理與抑價(jià)的相關(guān)性研究[D];湖南大學(xué);2006年
4 馬建杰;中小企業(yè)板IPO前盈余管理和抑價(jià)相關(guān)性研究[D];西南交通大學(xué);2009年
，本文編號(hào)：2239877
本文鏈接：http://sikaile.net/guanlilunwen/huobilw/2239877.html
最近更新
教材專著
