本文關鍵詞：創(chuàng)業(yè)板IPO公司盈余管理研究　出處：《山東財經大學》2012年碩士論文　論文類型：學位論文

  更多相關文章： 創(chuàng)業(yè)板 IPO 盈余管理 政策建議

【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，這是我國建立多層次股票市場體系邁出的第一步，是“有中國特色的二板市場”，彌補了之前單層次的主板市場的不足。但其高成長性，高發(fā)行價，高市盈率等等特點導致創(chuàng)業(yè)板IPO公司吸引了許多投機資金�？傮w來說，公司大都進行了相應的盈余管理行為，出現(xiàn)上市后業(yè)績大面積的下滑，凈利潤的大幅度下降現(xiàn)象。 無論是國內還是國外的企業(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，運用會計方法和非會計方法，對以經營業(yè)績?yōu)榛A的會計信息進行“加工”和構造交易事項等，嚴重損害會計信息的真實性。這些行為一方面誤導了投資者，對我國證券市場的誠信基礎產生了負面影響，另一方面對資本市場資源的優(yōu)化配置也產生負面影響，最終必將損害整個市場的信心和長遠發(fā)展。近年來，國內眾多學者對A股及中小企業(yè)板上市公司IPO中盈余管理進行了研究，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上結合創(chuàng)業(yè)板的特征，對創(chuàng)業(yè)板上市公司IPO過程中的盈余管理進行理論與實證研究，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、信息不對稱等為指導，對創(chuàng)業(yè)板IPO過程中盈余管理進行了理論分析，并且采用實證分析的方法，進行配對樣本T檢驗、線性回歸分析，并且結合我國的實際情況，提出了五個方面的政策建議，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，防范盈余管理導致的市場風險。 本文的各章內容簡要概括如下：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；通過梳理國內外相關文獻，尋找研究契機；在此基礎上，提出研究思路及方法、文章結構及創(chuàng)新點。其次，介紹了盈余管理的基本理論，從經濟學理論的角度對盈余管理行為的產生原因進行了分析，認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部動因，并研究了上市公司可利用的盈余管理手段。再次，針對創(chuàng)業(yè)板公司IPO過程中盈余管理進行了理論分析，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論。并通過實證研究的方法來進行驗證，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模型進行檢驗，運用配對樣本T檢驗、線性回歸分析，證明樣本公司在IPO中確實存在盈余管理。最后為結論、局限性及建議。在結合我國實際情況的基礎上，提出了五個方面的政策建議，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，防范盈余管理導致的市場風險，使創(chuàng)業(yè)板市場可以健康成長。 本文的創(chuàng)新點主要體現(xiàn)在以下兩個方面：一是研究視角創(chuàng)新，本文以我國創(chuàng)業(yè)板IPO公司為研究對象，在國內外眾多學者的研究的基礎上，結合創(chuàng)業(yè)板的特征，把IPO中盈余管理的研究細化到創(chuàng)業(yè)板，在理論和實證上分析了我國創(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)板建設兩個方面提出相關政策建議，期待對促進證券市場的健康發(fā)展有一定參考價值。二是模型構建及方法創(chuàng)新，，在分析國內學者對盈余管理模型的研究基礎上，采用修正的Jones—CFO模型，并對經營現(xiàn)金流量進行調整，剔除資產規(guī)模的影響，從而提高了模型的擬合度，使研究結果更具有說服力，同時采用了最新的數(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.

【學位授予單位】：山東財經大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51;F224

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