本文選題：保薦制度 + IPO　； 參考：《沈陽工業(yè)大學》2012年碩士論文

【摘要】：保薦制度作為我國證券市場新股發(fā)行制度重大改革舉措之一，對于保護廣大投資者利益，改善上市公司盈余質(zhì)量，提高證券市場資源有效配置以及維護證券市場的正常運行都具有重要意義。保薦制度自實施以來，對于保薦制度實施所起到的作用一直褒貶不一，隨著A股2011年業(yè)績公告的公布，多家2010年新進上市公司業(yè)績的大幅度下滑，不禁又引起人們對保薦制度實施是否提高了公司盈余質(zhì)量的關注。 本文從公司可操控應計及會計穩(wěn)健性的視角，運用規(guī)范研究和實證研究相結(jié)合的方法，研究了保薦制度實施對IPO公司盈余質(zhì)量產(chǎn)生的影響。在規(guī)范研究方面，理論分析了保薦制度實施對IPO公司上市前和上市后會計政策選擇行為、保薦制度實施對IPO公司可操控應計以及公司會計穩(wěn)健性產(chǎn)生的影響。在實證研究方面，首先運用描述性統(tǒng)計分析的方法分析了IPO公司可操控應計的特征、保薦制度實施前后公司會計政策的變化以及保薦制度實施前后IPO公司總資產(chǎn)收益率的變化趨勢；然后運用t檢驗方法檢驗均值，運用Wilcoxon方法檢驗中位數(shù)，考察了可操控應計的顯著性以及保薦制度實施前后公司可操控應計的差異。最后運用Hausman檢驗研究了保薦制度實施對公司可操控應計及會計穩(wěn)健性的影響。 通過本文的研究發(fā)現(xiàn)，保薦制度的實施改變了IPO公司會計政策選擇的時機，在上市輔導期即IPO前兩年，與保薦制度實施前相比，保薦制度實施后，IPO公司更加偏好激進的會計政策，IPO公司的可操控應計更高，并且利用可操控應計調(diào)節(jié)公司盈余的時間比保薦制度實施前提前了一年；而在上市持續(xù)督導期，IPO公司的可操控應計的檢驗結(jié)果卻沒有顯著性差異，可操控應計出現(xiàn)明顯下降。從本文的研究結(jié)果可以看出，保薦制度只改變了上市公司會計政策選擇的時機，而并未改變公司的盈余質(zhì)量。
[Abstract]:As one of the major reform measures of the new stock issuance system in China's securities market, the recommendation system can protect the interests of the vast number of investors and improve the earnings quality of listed companies. It is of great significance to improve the effective allocation of securities market resources and to maintain the normal operation of securities market. Since the implementation of the sponsorship system, the role played by the recommendation system has been mixed. With the announcement of the A share earnings announcement in 2011, the performance of several newly listed companies in 2010 has fallen sharply. Can not help but cause people to sponsor system whether to improve the quality of corporate earnings. From the perspective of accounting conservatism, this paper studies the effect of sponsor system on the earnings quality of IPO companies by combining normative research with empirical research. In the aspect of normative research, the author theoretically analyzes the effect of the recommendation system on the behavior of accounting policy selection before and after listing of IPO companies, and on the controllable accruals and accounting conservatism of IPO companies. In the aspect of empirical research, firstly, the characteristics of controllable accruals of IPO companies are analyzed by descriptive statistical analysis. The change of company accounting policy before and after the implementation of the recommendation system and the trend of the change of the total return on assets of the IPO company before and after the implementation of the sponsorship system, and then using the t test method to test the mean value, and the Wilcoxon method to test the median. The significance of controllable accruals and the differences before and after the implementation of the recommendation system were investigated. Finally, the Hausman test is used to study the effect of the recommendation system on the controllable accrual and accounting conservatism of the company. Through the research of this paper, it is found that the implementation of the recommendation system has changed the timing of accounting policy selection of IPO companies, in the IPO guidance period, that is, two years before the IPO, compared with the recommendation system before the implementation of the system. After the implementation of the sponsorship system, the IPO companies prefer more radical accounting policies. The controllable accruals of the IPO companies are higher, and the time of using the controllable accruals to adjust the company's earnings is one year earlier than that before the implementation of the sponsorship system. However, there is no significant difference in the test results of the controllable accruals of IPO companies during the continuous supervision period, and the controllable accruals decrease obviously. From the results of this paper, we can see that the recommendation system only changes the timing of accounting policy selection of listed companies, but does not change the earnings quality of the companies.
【學位授予單位】：沈陽工業(yè)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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