本文關(guān)鍵詞：我國創(chuàng)業(yè)板公司IPO盈余管理與上市后業(yè)績關(guān)系實(shí)證研究　出處：《華南理工大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 創(chuàng)業(yè)板 首次公開發(fā)行股票（IPO） 盈余管理 上市后業(yè)績 應(yīng)計(jì)利潤模型

【摘要】：2009年10月30日，首批28家創(chuàng)業(yè)板公司在深交所集中掛牌上市。創(chuàng)業(yè)板的設(shè)立給具有兩高六新特征的中小企業(yè)提供了融資機(jī)會。然而，部分代表高成長和高收益的創(chuàng)業(yè)板公司，上市后業(yè)績大變臉。2012年4月，創(chuàng)業(yè)板市場退市制度正式出臺，業(yè)績下滑使部分公司的退市風(fēng)險(xiǎn)開始顯現(xiàn)。 IPO后的業(yè)績下滑現(xiàn)象，有學(xué)者認(rèn)為是公司在股票首次公開發(fā)行（IPO）過程中的盈余管理行為所導(dǎo)致的，但也有學(xué)者研究認(rèn)為公司在IPO過程中并不存在顯著的盈余管理行為。那么，在創(chuàng)業(yè)板開設(shè)之初，制度尚不完善，創(chuàng)業(yè)板公司在IPO過程中是否也存在盈余管理行為？業(yè)績變化情況如何？公司上市后的業(yè)績變化，，是與創(chuàng)業(yè)板公司自身特征、宏觀環(huán)境相關(guān)，還是同有些學(xué)者研究認(rèn)為的那樣，是因IPO過程中的盈余管理行為所導(dǎo)致？這便是本文的研究問題所在。 本文通過閱讀國內(nèi)外文獻(xiàn)，比較并梳理了對IPO盈余管理行為的存在性持有不同看法的機(jī)會主義假說和信息觀假說，以及多種盈余管理計(jì)量方法。為了提高研究可靠性及結(jié)論穩(wěn)健性，本文選擇多個(gè)計(jì)量模型，創(chuàng)新地評估了模型計(jì)量效果，確定相對較優(yōu)的模型來估計(jì)樣本公司盈余管理程度，并逐一檢驗(yàn)本文的實(shí)證研究假設(shè)：IPO盈余管理行為是否存在；IPO前后業(yè)績變化；IPO盈余管理與IPO后業(yè)績的變動關(guān)系；IPO后創(chuàng)業(yè)板公司業(yè)績變化的成因。 本文的研究結(jié)果顯示，創(chuàng)業(yè)板公司全樣本呈現(xiàn)出激進(jìn)的IPO盈余管理行為及上市后業(yè)績顯著下滑的總體實(shí)證特征，但是深度子樣本的實(shí)證研究則揭示了不同類別公司的盈余管理特征及其與公司IPO后業(yè)績變動之間的關(guān)系：資產(chǎn)類和技術(shù)類創(chuàng)業(yè)板公司，采取了激進(jìn)的IPO盈余管理行為，IPO后業(yè)績下滑幅度大，激進(jìn)的盈余管理行為是IPO后業(yè)績水平較低及業(yè)績下滑的重要原因；其他行業(yè)，如研發(fā)類和服務(wù)與文化類創(chuàng)業(yè)板公司，則采取相對保守的IPO盈余管理行為，IPO后業(yè)績下滑程度較小，IPO盈余管理不僅沒有導(dǎo)致IPO后的業(yè)績下滑，甚至?xí)偈笽PO后業(yè)績上漲；另外，技術(shù)類創(chuàng)業(yè)板公司，IPO當(dāng)年的可操控性應(yīng)計(jì)利潤對IPO后三年的業(yè)績水平有一定的顯著預(yù)判作用，可視為是公司向投資者傳遞的關(guān)于公司前景的信號。此外，公司特征對不同行業(yè)公司的IPO后業(yè)績的作用效果則比較類似：公司規(guī)模和成立年份，對IPO后業(yè)績有正向影響；公司成長性和第一大股東持股比例對IPO后業(yè)績有負(fù)向影響。最后，本文基于實(shí)證研究結(jié)果，得出全文結(jié)論并從制度建設(shè)、市場監(jiān)管、投資者風(fēng)險(xiǎn)管理等角度提供建議。
[Abstract]:In October 30th 2009, the first batch of 28 gem companies were listed on the Shenzhen Stock Exchange. The establishment of the gem provides financing opportunities for small and medium-sized enterprises with two high and six new characteristics. Some of the gem companies which represent high growth and high income face great performance after listing. In April 2012, the gem delisting system was formally introduced, and the decline in performance made the delisting risk of some companies begin to appear. Some scholars believe that the decline of performance after IPO is caused by earnings management behavior in the process of initial public offering (IPO). However, some scholars believe that there is no significant earnings management behavior in the process of IPO. So, at the beginning of gem, the system is not perfect. Do gem companies also have earnings management behavior in the process of IPO? How is the performance changing? The change of performance after listing is related to the characteristics of gem, macro environment, or is it caused by earnings management behavior in the process of IPO? This is the research problem of this paper. By reading the literature at home and abroad, this paper compares and combs the opportunistic hypothesis and the information hypothesis which hold different views on the existence of IPO earnings management behavior. In order to improve the reliability and robustness of the research, this paper selects a number of measurement models, and evaluates the model measurement effect innovatively. To determine a relatively better model to estimate the earnings management degree of the sample companies, and to test the empirical research in this paper on the assumption that the behavior of earnings management exists; The change of performance before and after IPO; The relationship between IPO earnings management and the change of performance after IPO; After IPO growth enterprise board company performance changes causes. The results of this study show that the full sample of gem companies show the overall empirical characteristics of radical IPO earnings management behavior and significant decline in post-listing performance. However, the empirical study of depth sub-sample reveals the characteristics of earnings management of different types of companies and the relationship between earnings management and performance changes after IPO: asset and technology gem companies. We have adopted radical IPO earnings management behavior, which is an important reason for the low performance level and the decline of the performance after the IPO, and the radical earnings management behavior is an important reason for the decline of the performance after the IPO. Other industries, such as R & D and service and culture gem companies, adopt relatively conservative IPO earnings management behavior. IPO earnings management not only did not lead to the decline of performance after IPO, but also promoted the performance of IPO. In addition, the actionable accrual profits of technical gem companies in the year of IPO have a significant predictive effect on the performance level of IPO in the following three years. It can be seen as a signal to investors about the future of the company. In addition, the effect of corporate characteristics on post-#en0# performance of companies in different industries is similar: company size and year of establishment. It has a positive effect on the performance of IPO; The growth of the company and the proportion of the largest shareholders have a negative impact on the performance after IPO. Finally, based on the results of empirical research, this paper draws a conclusion from the system construction, market regulation. Investor risk management and other perspectives to provide advice.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.51;F276.6

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