本文關鍵詞：我國上市公司IPO前后應計及真實盈余管理研究　出處：《重慶交通大學》2013年碩士論文　論文類型：學位論文

  更多相關文章： IPO 應計盈余管理 真實盈余管理 經(jīng)營業(yè)績 IPO抑價 盈余管理動機

【摘要】：自20世紀80年代起，西方學者就開始致力于盈余管理的研究，發(fā)展到今天，盈余管理研究大多以實證研究為主，提出了大量的理論模型，形成了較為全面的完整理論體系。廣義上的盈余管理應包括應計利潤項目的操縱和真實活動的盈余管理，然而已有的研究文獻大多忽略了真實活動的盈余管理行為，本文研究的我國公司IPO前后盈余管理行為采用了廣義的盈余管理，加入了真實盈余管理的研究內(nèi)容。國內(nèi)外關于盈余管理的研究模型大都采用應計盈余管理模型，最為普遍的是修正Jones模型，該模型得到的學者肯定最為廣泛，而真實盈余管理計量模型目前用得最多的是Roychowdhury模型，因此，本文在估算盈余管理時主要采用這兩種模型計量。 國內(nèi)外關于公司IPO過程中盈余管理行為的研究文獻有很多，本文和以往研究文獻不同的是，加入了真實活動的盈余管理，全面考慮了我國上市公司IPO前后的盈余管理行為。本文主要研究：比較上市公司IPO前后兩年及當年應計及真實盈余管理程度、差異和趨勢；檢驗IPO過程中上市公司應計及真實盈余管理行為是否存在替代的關系；檢驗公司IPO過程中業(yè)績下滑與真實及應計盈余管理行為的關系；檢驗IPO抑價與上市前的應計及真實盈余管理行為的關系；考察公司上市后的避虧保殼和再融資應計及真實盈余管理動機。 本文選取2008-2010年A股IPO公司為樣本,采用上市前三年和上市后兩年（即2005-2012年）的財務數(shù)據(jù)，對IPO前后兩年應計及真實盈余管理進行檢驗，本文發(fā)現(xiàn)：我國公司在IPO前后存在顯著的應計及真實盈余管理行為，，具體表現(xiàn)為，應計盈余管理在上市當年達到最大值，而綜合真實盈余管理在整個IPO前后過程中卻是一直上升的趨勢，而且，在IPO前后過程中應計盈余管理平均水平大于0，而真實盈余管理平均水平小于0；應計及真實盈余管理這兩種盈余管理行為總體上不存在顯著的替代性，在IPO過程中組合使用；我國公司IPO過程中，經(jīng)營業(yè)績呈現(xiàn)逐年下降的趨勢，出現(xiàn)顯著的滑坡現(xiàn)象，經(jīng)營業(yè)績下滑水平與應計盈余管理水平顯著相關，應計盈余管理程度越大，經(jīng)營業(yè)績下滑水平越大，而經(jīng)營業(yè)績與真實盈余管理關系不夠顯著，真實盈余管理不是造成業(yè)績下滑的原因。我國公司IPO抑價水平與IPO前的應計盈余管理和真實盈余管中的異常銷售操縱水平呈顯著正相關。公司上市后經(jīng)營業(yè)績下滑，業(yè)績下滑至盈虧臨界區(qū)間或重虧區(qū)間的公司存在顯著的避虧保殼真實盈余管理，業(yè)績下滑至再融資臨界區(qū)間的公司存在顯著的再融資真實盈余管理，而應計盈余管理動機不夠顯著。
[Abstract]:Since 1980s, western scholars began to earnings management, earnings management research development today, most of the empirical research, put forward a theoretical model, formed a complete theoretical system comprehensively. The earnings management in broad sense should include earnings management, accruals and real activities manipulation of the project. However, the literature has mostly ignored the real earnings management behavior, this paper studies before and after our company IPO earnings management behavior of earnings management by generalized, joined the contents of real earnings management. Domestic and foreign research on the model of earnings management mostly adopts the accrual earnings management model, the most common is correct the Jones model, the model obtained by scholars affirmed the most widely and real earnings management model at present is the most used Roychowdhury model, therefore, These two models are used to measure earnings management in this paper.
There are many domestic and foreign research literature on earnings management behavior in the process of IPO, and the previous research literature is different, with real earnings management activities, a comprehensive consideration of the IPO before and after the earnings management behavior of Listed Companies in China. This paper mainly studies: comparison of listed companies IPO after two years and then accrued and true the degree of earnings management, the difference and trend of IPO in the process of inspection; the listed company should the existence of alternative relations and real earnings management behavior; the relationship between the performance inspection company IPO in the process of decline and real and accrual earnings management behavior; test of IPO Underpricing and pre IPO accrual and real earnings management behavior; investigation after the listing of the company to avoid the loss of guaranteed housing and refinancing accrual and real earnings management motivation.
This paper selects 2008-2010 A IPO shares by listed companies as a sample, two years ago and three years (2005-2012 years) after the listing of the financial data, accrual and real earnings management of IPO before and after two years of testing, this paper finds that China's companies are significantly accrued and really management behavior before and after IPO Yu Shiying, specific for the earnings management in the listing of the year reached the maximum value, and the trend of comprehensive real earnings management is in the IPO before and after the process has been rising and, before and after IPO in the process of accrual earnings management the average level of more than 0, more than the average level of management and it is surplus is less than 0; the accrual and real earnings management two kinds of earnings management behavior on the whole there are no alternative significant combination, used in the IPO process; our company IPO process, operating results showed a declining trend, significant landslide phenomenon, operating performance The level of decline and accrual earnings management level was significantly related to the accrual earnings management degree is bigger, the decline in operating performance level is large, and the operating performance and the real earnings management is not significant, the real earnings management is not the cause of the decline in performance. Our company IPO underpricing level and IPO should be abnormal sales earnings management and real earnings management in the operation level was positively correlated. After the listing of the company operating performance decline, the decline in performance to breakeven weight loss interval interval or company there is a significant security shell to avoid loss of real earnings management, there is a performance decline to refinancing critical interval company significant refinancing real earnings management, and should earnings management motivation is not significant.

【學位授予單位】：重慶交通大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F275

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