本文關(guān)鍵詞：創(chuàng)業(yè)板IPO公司盈余管理研究　出處：《山東財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：2009年10月，積聚了十多年力量的創(chuàng)業(yè)板正式在深圳證券交易所掛牌交易，這是我國(guó)建立多層次股票市場(chǎng)體系邁出的第一步，是“有中國(guó)特色的二板市場(chǎng)”，彌補(bǔ)了之前單層次的主板市場(chǎng)的不足。但其高成長(zhǎng)性，高發(fā)行價(jià)，高市盈率等等特點(diǎn)導(dǎo)致創(chuàng)業(yè)板IPO公司吸引了許多投機(jī)資金�？傮w來(lái)說，公司大都進(jìn)行了相應(yīng)的盈余管理行為，出現(xiàn)上市后業(yè)績(jī)大面積的下滑，凈利潤(rùn)的大幅度下降現(xiàn)象。 無(wú)論是國(guó)內(nèi)還是國(guó)外的企業(yè)，盈余管理在企業(yè)首次公開發(fā)行股票并上市交易（IPO）的過程中始終扮演著一個(gè)重要的角色。為了取得上市資格及最大化的籌資額，企業(yè)往往通過盈余管理，運(yùn)用會(huì)計(jì)方法和非會(huì)計(jì)方法，對(duì)以經(jīng)營(yíng)業(yè)績(jī)?yōu)榛A(chǔ)的會(huì)計(jì)信息進(jìn)行“加工”和構(gòu)造交易事項(xiàng)等，嚴(yán)重?fù)p害會(huì)計(jì)信息的真實(shí)性。這些行為一方面誤導(dǎo)了投資者，對(duì)我國(guó)證券市場(chǎng)的誠(chéng)信基礎(chǔ)產(chǎn)生了負(fù)面影響，另一方面對(duì)資本市場(chǎng)資源的優(yōu)化配置也產(chǎn)生負(fù)面影響，最終必將損害整個(gè)市場(chǎng)的信心和長(zhǎng)遠(yuǎn)發(fā)展。近年來(lái)，國(guó)內(nèi)眾多學(xué)者對(duì)A股及中小企業(yè)板上市公司IPO中盈余管理進(jìn)行了研究，本文把目光僅聚集到創(chuàng)業(yè)板上市公司，在已有的研究成果的基礎(chǔ)上結(jié)合創(chuàng)業(yè)板的特征，對(duì)創(chuàng)業(yè)板上市公司IPO過程中的盈余管理進(jìn)行理論與實(shí)證研究，試圖提出一些防范創(chuàng)業(yè)板上市公司盈余管理的政策建議。 就研究方法和思路而言，本文以委托代理理論、信息不對(duì)稱等為指導(dǎo)，對(duì)創(chuàng)業(yè)板IPO過程中盈余管理進(jìn)行了理論分析，并且采用實(shí)證分析的方法，進(jìn)行配對(duì)樣本T檢驗(yàn)、線性回歸分析，并且結(jié)合我國(guó)的實(shí)際情況，提出了五個(gè)方面的政策建議，希望有助于避免或控制創(chuàng)業(yè)板上市公司盈余管理行為，防范盈余管理導(dǎo)致的市場(chǎng)風(fēng)險(xiǎn)。 本文的各章內(nèi)容簡(jiǎn)要概括如下：本文首先通過介紹文章的研究背景及意義，提出要解決的問題；通過梳理國(guó)內(nèi)外相關(guān)文獻(xiàn)，尋找研究契機(jī)；在此基礎(chǔ)上，提出研究思路及方法、文章結(jié)構(gòu)及創(chuàng)新點(diǎn)。其次，介紹了盈余管理的基本理論，從經(jīng)濟(jì)學(xué)理論的角度對(duì)盈余管理行為的產(chǎn)生原因進(jìn)行了分析，認(rèn)為盈余管理的存在具有一定的必然性。接著，研究了盈余管理的內(nèi)部動(dòng)因，并研究了上市公司可利用的盈余管理手段。再次，針對(duì)創(chuàng)業(yè)板公司IPO過程中盈余管理進(jìn)行了理論分析，研究顯示創(chuàng)業(yè)板公司在外源融資上有很大的困難，獲取上市資格，在資本市場(chǎng)最大化融資，是解決發(fā)展所需資金的捷徑，從而在理論上得出創(chuàng)業(yè)板上市公司在IPO過程中存在盈余管理的結(jié)論。并通過實(shí)證研究的方法來(lái)進(jìn)行驗(yàn)證，選取了153家2009年至2010年在深圳證券交易所創(chuàng)業(yè)板首次公開募股公司，并采用修正的Jones—CFO模型進(jìn)行檢驗(yàn)，運(yùn)用配對(duì)樣本T檢驗(yàn)、線性回歸分析，證明樣本公司在IPO中確實(shí)存在盈余管理。最后為結(jié)論、局限性及建議。在結(jié)合我國(guó)實(shí)際情況的基礎(chǔ)上，提出了五個(gè)方面的政策建議，希望有助于避免或控制創(chuàng)業(yè)板上市公司盈余管理行為，防范盈余管理導(dǎo)致的市場(chǎng)風(fēng)險(xiǎn)，使創(chuàng)業(yè)板市場(chǎng)可以健康成長(zhǎng)。 本文的創(chuàng)新點(diǎn)主要體現(xiàn)在以下兩個(gè)方面：一是研究視角創(chuàng)新，本文以我國(guó)創(chuàng)業(yè)板IPO公司為研究對(duì)象，在國(guó)內(nèi)外眾多學(xué)者的研究的基礎(chǔ)上，結(jié)合創(chuàng)業(yè)板的特征，把IPO中盈余管理的研究細(xì)化到創(chuàng)業(yè)板，在理論和實(shí)證上分析了我國(guó)創(chuàng)業(yè)IPO公司的盈余管理行為，從創(chuàng)業(yè)板盈余管理問題和創(chuàng)業(yè)板建設(shè)兩個(gè)方面提出相關(guān)政策建議，期待對(duì)促進(jìn)證券市場(chǎng)的健康發(fā)展有一定參考價(jià)值。二是模型構(gòu)建及方法創(chuàng)新，，在分析國(guó)內(nèi)學(xué)者對(duì)盈余管理模型的研究基礎(chǔ)上，采用修正的Jones—CFO模型，并對(duì)經(jīng)營(yíng)現(xiàn)金流量進(jìn)行調(diào)整，剔除資產(chǎn)規(guī)模的影響，從而提高了模型的擬合度，使研究結(jié)果更具有說服力，同時(shí)采用了最新的數(shù)據(jù)。
[Abstract]:In October 2009, the accumulation of the gem more than 10 year power officially listed on the Shenzhen stock exchange, this is the first step towards the establishment of China's multi-level stock market system, there is Chinese characteristics of the second board market. To compensate for the lack of previous single level motherboard market. But its high growth, high issue price. The characteristics of high earnings and so lead to the gem IPO companies attracted many speculative funds. Generally speaking, companies are mostly carried out corresponding earnings management behavior, decline in performance after the listing of a large area of the phenomenon, the net profit decline.
Whether domestic or foreign enterprises, earnings management in the enterprise IPO Trading (IPO) process plays an important role. In order to obtain financing listing eligibility and maximize the enterprise often through earnings management, using the accounting method and the non accounting methods, and "processing" to construct transactions based on business performance of the accounting information, serious damage to the authenticity of accounting information. These behaviors on the one hand to mislead investors, had a negative impact on the basis of the integrity of China's securities market, on the other hand also have a negative impact on the capital market to optimize the allocation of resources, will eventually damage the entire market confidence and the long-term development. In recent years, many domestic scholars on the A shares and SME Board Listed Companies Earnings Management in IPO were studied in this paper to look only to gather the gem Based on the existing research results and the characteristics of gem, listed companies conduct theoretical and empirical research on earnings management in IPO process of GEM listed companies, trying to put forward some policy recommendations to prevent earnings management of GEM listed companies.
The research methods and ideas, based on the principal-agent theory, information asymmetry and other guidance on the earnings management of the gem IPO process is analyzed, and using the method of empirical analysis of paired samples T test, linear regression analysis, and combined with China's actual situation, put forward five aspects of the policy suggestions, hope to help prevent or control the GEM listed company earnings management behavior, prevent earnings management due to market risks.
A brief summary of the contents of each chapter are as follows: This paper firstly introduces the background and significance of this research, put forward to solve the problem; through combing the related literature at home and abroad, looking for the opportunity to study; on this basis, puts forward research ideas and methods, the structure and innovation points. Secondly, introduces the basic theory of earnings management. The analysis of causes of earnings management behavior from the perspective of economic theory, that the existence of earnings management is inevitable. Then, study the internal motivation of earnings management, and study of the listed companies can use the means of earnings management. Thirdly, according to the earnings management of GEM companies in the IPO process is analyzed research shows that the GEM companies have great difficulties in financing, eligible for listing in the capital market, the maximum financing, is a shortcut to resolve the funds required for the development of, So that the GEM listed companies earnings management. In the process of IPO in theory. Through the empirical research methods to verify the selected 153 2009 to 2010 IPO on the Shenzhen stock exchange gem, and tested by Jones modified CFO model, using paired samples T test. Linear regression analysis demonstrated the existence of earnings management in the Sample Firms IPO. The last part is the conclusion, limitation and suggestion. In combination with the actual situation of our country, puts forward five policy suggestions, hoping to help prevent or control the GEM listed company earnings management behavior, prevent earnings management due to market risks so, the GEM market can grow up healthily.
The innovation of this paper is mainly reflected in the following two aspects: one is the innovation of research perspective, this paper takes the gem IPO companies in China as the research object, based on the study of many scholars at home and abroad on the combination of the characteristics of the gem, the earnings management in the IPO of refinement to the gem, in theory and practice analysis of the behavior of earnings management of Chinese enterprise IPO company, and puts forward relevant policy suggestions from the two aspects of the gem earnings management and construction of the gem, looking forward to have a certain reference value for promoting the healthy development of the securities market. The two is the model and method of innovation, in the analysis of domestic scholars research on Earnings Management Based on the model by Jones, the modified CFO model, and adjust the operating cash flow, excluding the impact of asset size, so as to improve the degree of fitting the model to make research results more convincing, at the same time using the New data.

【學(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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