本文選題：創(chuàng)業(yè)板 + IPO��； 參考：《東北農(nóng)業(yè)大學(xué)》2014年碩士論文

【摘要】：我國創(chuàng)業(yè)板市場的出現(xiàn)不僅豐富了國內(nèi)資本市場,也為我國中小企業(yè)的融資提供了更有利的渠道。創(chuàng)業(yè)板同樣對(duì)擬上市的公司作出了嚴(yán)格的規(guī)定,這就導(dǎo)致了一部分想通過上市來募集資金的企業(yè)會(huì)在首次公開發(fā)行股票前進(jìn)行一定程度的盈余管理。與此同時(shí),我國創(chuàng)業(yè)板IPO抑價(jià)率相對(duì)較高,創(chuàng)業(yè)板IPO前盈余管理與IPO抑價(jià)之間是否存在相關(guān)性,正向盈余管理與負(fù)向盈余管理分別對(duì)IPO抑價(jià)現(xiàn)象起到了怎樣影響,這些都是有待考證的。由于我國創(chuàng)業(yè)板市場發(fā)行較晚,研究此方面內(nèi)容較少,本文基于兩者相關(guān)性的研究可以一定程度上豐富此方面的研究成果,而且還可以幫助投資者有效的識(shí)別上市公司IPO前的盈余管理行為,從而降低投資風(fēng)險(xiǎn)。 文章分別從如下六個(gè)部分來探討創(chuàng)業(yè)板IPO前盈余管理與IPO抑價(jià)的相關(guān)性。第一,回顧有關(guān)盈余管理與IPO抑價(jià)方面的研究背景、目的和意義,并參考對(duì)盈余管理與IPO抑價(jià)二者的相關(guān)文獻(xiàn),提出研究方法及主要內(nèi)容。第二,對(duì)盈余管理和IPO抑價(jià)的基本概念進(jìn)行界定,同時(shí)詳盡闡述相關(guān)理論。第三,以描述性統(tǒng)計(jì)的方式集中展現(xiàn)創(chuàng)業(yè)板IPO前盈余管理與IPO抑價(jià)的特點(diǎn)及狀態(tài),并用充分的數(shù)據(jù)說明我國創(chuàng)業(yè)板IPO前盈余管理程度呈回升的形勢(shì)且高新技術(shù)型企業(yè)IPO前盈余管理程度大的現(xiàn)狀；同時(shí),我國創(chuàng)業(yè)板IPO抑價(jià)率相對(duì)其他國家較高但呈下降的趨勢(shì)等狀態(tài)。第四,結(jié)合我國創(chuàng)業(yè)板IPO前盈余管理和IPO抑價(jià)的相關(guān)背景和現(xiàn)狀,提出假設(shè),并選取2009-2012年間的355家創(chuàng)業(yè)板上市公司作為樣本,首先利用公司資產(chǎn)負(fù)債表、利潤表和現(xiàn)金流量表中的財(cái)務(wù)指標(biāo)構(gòu)建盈余管理模型,通過回歸及計(jì)算,得到正向盈余管理的創(chuàng)業(yè)板IPO公司300家以及負(fù)向盈余管理的創(chuàng)業(yè)板公司55家的數(shù)據(jù),再將IPO抑價(jià)率、盈余管理程度等七個(gè)指標(biāo)作為變量,建立創(chuàng)業(yè)板IPO前盈余管理與IPO抑價(jià)相關(guān)性的模型并進(jìn)行再次回歸,繼而得出實(shí)證分析的結(jié)果。實(shí)證結(jié)果證明：我國創(chuàng)業(yè)板IPO前存在盈余管理與IPO抑價(jià)的行為,正向的盈余管理越大,IPO抑價(jià)就越大；負(fù)向的盈余管理越小,IPO抑價(jià)越大。因此,在定性與定量分析的基礎(chǔ)上,從健全對(duì)創(chuàng)業(yè)板IPO前盈余管理行為的監(jiān)管機(jī)制、完善創(chuàng)業(yè)板市場信息披露、加強(qiáng)對(duì)過度盈余管理企業(yè)的處罰力度和規(guī)范創(chuàng)業(yè)板上市公司的內(nèi)部治理結(jié)構(gòu)等方面,提出了第五部分加強(qiáng)創(chuàng)業(yè)板IPO前盈余管理行為監(jiān)控以降低IPO抑價(jià)的建議,并最終總結(jié)出第六部分結(jié)論。
[Abstract]:The emergence of gem not only enriches the domestic capital market, but also provides a more favorable channel for the financing of small and medium-sized enterprises in China. The gem also makes strict regulations on the companies to be listed, which leads some enterprises that want to raise funds through listing to carry out a certain degree of earnings management before the initial public offering of shares. At the same time, the IPO underpricing rate of gem in China is relatively high. Is there a correlation between earnings management and IPO underpricing before gem IPO, and how do positive earnings management and negative earnings management affect IPO underpricing respectively? These are all to be verified. Because of the late issue of gem in China and the lack of research on this aspect, the research based on the correlation between the two can enrich the research results to some extent. Moreover, it can help investors to identify earnings management behavior of listed companies before IPO effectively, thus reducing investment risk. This paper discusses the relationship between earnings management and IPO underpricing before gem IPO from the following six parts. First, review the background, purpose and significance of the research on earnings management and IPO underpricing, and refer to the relevant literature on earnings management and IPO underpricing, and put forward the research methods and main contents. Secondly, the basic concepts of earnings management and IPO underpricing are defined, and relevant theories are elaborated in detail. Thirdly, it focuses on the characteristics and status of earnings management and IPO underpricing before gem IPO by descriptive statistics. With sufficient data to explain the situation of earnings management before IPO in gem of our country, the situation of earnings management of high-tech enterprises before IPO is large, and at the same time, the situation of earnings management before IPO of high-tech enterprises is large, at the same time, The IPO underpricing rate of gem in China is higher than that in other countries, but the trend is decreasing. Fourth, considering the background and current situation of earnings management and IPO underpricing before IPO in China's gem, this paper puts forward the hypothesis, and selects 355 gem listed companies from 2009-2012 as a sample to first use the balance sheet of the company. The earnings management model is constructed by the financial indexes in the income statement and the cash flow statement. Through regression and calculation, the data of 300 IPO companies with positive earnings management and 55 gem companies with negative earnings management are obtained, and then the IPO underpricing rate is put forward. Seven indexes, such as the degree of earnings management, are used as variables to establish the model of the correlation between earnings management and IPO underpricing before gem IPO, and then get the results of empirical analysis. The empirical results show that earnings management and IPO underpricing exist before gem in China. The bigger the positive earnings management is, the greater the underpricing is; the smaller the negative earnings management is, the larger the underpricing is. Therefore, on the basis of qualitative and quantitative analysis, we should perfect the supervision mechanism of earnings management behavior before gem IPO, and perfect the market information disclosure of gem. In this paper, the author puts forward the suggestions of strengthening the supervision of earnings management behavior before gem IPO in order to reduce the underpricing of IPO by strengthening the punishment of excessive earnings management enterprises and standardizing the internal governance structure of listed companies in gem. And finally summed up the sixth part of the conclusion.
【學(xué)位授予單位】：東北農(nóng)業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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