發(fā)布時(shí)間：2018-01-25 11:34

  本文關(guān)鍵詞： 私募股權(quán)投資 盈余管理 瓊斯模型　出處：《上海交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：私募股權(quán)投資（PE）作為一項(xiàng)金融創(chuàng)新，近年來(lái)快速成長(zhǎng)，引起了人們的高度關(guān)注。在國(guó)內(nèi)，它主要選擇中小板和創(chuàng)業(yè)板市場(chǎng)上具有高速成長(zhǎng)潛力的中小規(guī)模企業(yè)為投資對(duì)象進(jìn)行投資。國(guó)內(nèi)外的研究表明，私募股權(quán)投資對(duì)一些上市公司有著舉足輕重的作用，但是，私募股權(quán)投資能否提高被投資者的會(huì)計(jì)信息質(zhì)量、改善公司治理仍存在爭(zhēng)議。 本文旨在分析私募股權(quán)投資對(duì)上市公司盈余管理的影響，主要運(yùn)用對(duì)比分析、統(tǒng)計(jì)分析等方法進(jìn)行研究。本文以2009年在中小板和創(chuàng)業(yè)板上市的117家公司為研究對(duì)象，將其分為有PE的樣本公司和無(wú)PE的樣本兩組，從一個(gè)全景的角度，分析兩組樣本公司2007-2011年的可操縱性應(yīng)計(jì)利潤(rùn)（DA）和線下項(xiàng)目（CRT）的差異，進(jìn)而構(gòu)建可操縱性應(yīng)計(jì)利潤(rùn)和線下項(xiàng)目?jī)蓚�(gè)回歸模型來(lái)分析PE對(duì)上市公司盈余管理的影響。 研究結(jié)果表明，由于PE擁有豐富的投資經(jīng)驗(yàn)、扎實(shí)的專業(yè)基礎(chǔ)、龐大的社會(huì)網(wǎng)絡(luò)，相比于無(wú)PE持股的公司，有PE持股的公司主要通過(guò)不易被發(fā)現(xiàn)的可操縱性應(yīng)計(jì)利潤(rùn)進(jìn)行盈余管理，而且可操縱性應(yīng)計(jì)利潤(rùn)和線下項(xiàng)目占主營(yíng)業(yè)務(wù)收入的比值各年比較均衡。同時(shí)，研究還發(fā)現(xiàn)2007-2011年樣本公司的總資產(chǎn)收益率逐年降低，上市前兩年，公司主要通過(guò)可操縱性應(yīng)計(jì)利潤(rùn)調(diào)節(jié)盈余，線下項(xiàng)目占主營(yíng)業(yè)務(wù)收入之比較低；上市當(dāng)年，可操縱性應(yīng)計(jì)利潤(rùn)出現(xiàn)急劇下降；而上市后兩年，可操縱性應(yīng)計(jì)利潤(rùn)和線下項(xiàng)目占凈利潤(rùn)之比均較高。此外，，資產(chǎn)負(fù)債率越高、流通股占全部股數(shù)的比例越高，公司的可操縱性應(yīng)計(jì)利潤(rùn)和線下項(xiàng)目占主營(yíng)業(yè)務(wù)收入的比值越高，說(shuō)明公司在高負(fù)債和高流通的壓力下，上市公司進(jìn)行盈余管理的動(dòng)機(jī)更強(qiáng)烈。獨(dú)立董事占董事會(huì)總?cè)藬?shù)的比例越高，可操縱性應(yīng)計(jì)利潤(rùn)越小，說(shuō)明獨(dú)立董事充分發(fā)揮了他們對(duì)上市公司會(huì)計(jì)信息質(zhì)量的監(jiān)管作用。若董事長(zhǎng)與總經(jīng)理為同一人，主要通過(guò)可操縱性應(yīng)計(jì)利潤(rùn)調(diào)節(jié)盈余。 我們認(rèn)為，中國(guó)的PE行業(yè)起步較晚，發(fā)展還不夠成熟，加之國(guó)內(nèi)證券市場(chǎng)的不完善以及國(guó)內(nèi)會(huì)計(jì)師水平有限，私募股權(quán)投資不能抑制被投資企業(yè)進(jìn)行盈余管理，反而在減持套利的利益驅(qū)動(dòng)之下，幫助被投資企業(yè)通過(guò)較為隱蔽的可操縱性應(yīng)計(jì)利潤(rùn)進(jìn)行盈余管理。由此可見(jiàn)，因證券市場(chǎng)的不同、被投資公司所處階段的不同，PE對(duì)上市公司盈余管理的影響也不盡相同。
[Abstract]:Private equity investment (PEI) as a financial innovation, in recent years, rapid growth, has attracted people's attention. In China. It mainly selects the small and medium-sized enterprises with high growth potential in the small and medium-sized market and the growth enterprise market as the investment object. Private equity investment plays an important role in some listed companies. However, whether private equity investment can improve the quality of accounting information and improve corporate governance is still controversial. This paper aims to analyze the impact of private equity investment on earnings management of listed companies, mainly using comparative analysis. In 2009, 117 companies listed on the small and medium-sized board and the gem were selected as the research objects, which were divided into two groups: the sample company with PE and the sample without PE. From a panoramic perspective, the differences between the two groups of sample companies, namely, the maneuverability accrual profit DAs and the offline project CRT, were analyzed. Then, two regression models of maneuverability accrual profit and offline items are constructed to analyze the effect of PE on earnings management of listed companies. The results show that because PE has rich investment experience, solid professional foundation, huge social network, compared with the company without PE shareholding. The PE shareholding company mainly manages earnings through the maneuverability accrual profit which is not easy to be found, and the ratio of the maneuverability accrual profit and the offline item to the main business income is balanced in each year. At the same time. The study also found that the total return on assets of the sample companies decreased year by year from 2007 to 2011. Two years before listing, the company mainly adjusted the surplus through maneuverability accrual profits. Off-line projects account for the main business income is relatively low; In the year of listing, the accrual profit of maneuverability decreased sharply; Two years after listing, the ratio of operable accruals and offline items to net profits is higher. In addition, the higher the ratio of assets to liabilities, the higher the proportion of outstanding shares to the total number of shares. The higher the accrual profit of the company and the ratio of the off-line items to the main business income, the higher the company is under the pressure of high liabilities and high circulation. The higher the proportion of independent directors to the total number of board of directors, the less operable accrual profits. If the chairman and the general manager are the same person, the earnings are mainly adjusted by manipulative accrual profits. We believe that China's PE industry started late, the development is not mature, coupled with the imperfect domestic securities market and the limited level of domestic accountants. Private equity investment can not restrain the invested enterprises to carry out earnings management, on the contrary, it is driven by the interest of reducing arbitrage. It can be seen that the stage of the invested company is different because of the different stock market. The effect of PE on earnings management of listed companies is different.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51;F224

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