本文選題：創(chuàng)業(yè)板IPO　切入點：盈余管理　出處：《安徽大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：自2009年10月23日我國創(chuàng)業(yè)板正式開板以來,首次公開發(fā)行的高抑價現(xiàn)象一直存在,雖然總體抑價率呈逐年下降的趨勢,但是抑價率高于主板市場和國外成熟創(chuàng)業(yè)板市場的現(xiàn)象卻沒有改變。國內(nèi)外大量研究表明,IPO公司為了滿足首次公開發(fā)行的條件募集到所需的資金,會在上市之前實施盈余管理行為。創(chuàng)業(yè)板上市公司在IPO前實施盈余管理行為,宏觀上不利于社會資金的合理配置和資本市場的健康發(fā)展,微觀上導(dǎo)致投資者投資風險加大和投機行為增加。所以,研究我國創(chuàng)業(yè)板上市公司IPO前盈余管理與抑價之間的相關(guān)性具有重要的意義。 本文首先基于委托代理理論、信息不對稱理論、有效資本市場理論、贏者詛咒理論等經(jīng)濟學(xué)基本原理對盈余管理與抑價的相關(guān)性進行理論分析；其次,分析了一般上市公司進行盈余管理的常見手段,以及創(chuàng)業(yè)板上市公司實施盈余管理行為的特殊手段,創(chuàng)業(yè)板在上市公司數(shù)量、上市條件、行業(yè)分類、地區(qū)分類、募集資金的現(xiàn)狀,創(chuàng)業(yè)板上市公司IPO高抑價的現(xiàn)狀以及抑價的原因和危害。在以上理論的基礎(chǔ)上,本文選取了我國2011年創(chuàng)業(yè)板IPO公司,并進行了篩選剔除,最終取得111家上市公司作為研究樣本,采用截面Jones模型以單位操縱性應(yīng)計利潤對盈余管理水平進行定量計量,采用抑價率對抑價程度進行衡量,設(shè)置了單位操縱性應(yīng)計利潤為解釋變量、抑價率為被解釋變量,選取了發(fā)行規(guī)模、首日市盈率、上市首日換手率、首發(fā)中簽率為控制變量,建立多元線性回歸模型,并用統(tǒng)計軟件進行描述性分析和多元回歸分析。最后,針對本文的研究結(jié)論,提出了提高IPO發(fā)行價格和市場價格有效性以及減少盈余管理行為的政策建議,并給予了更深層次研究的展望。本文研究分為以下五個部分： 第一部分,緒論。介紹了本文的研究背景與意義,歸納總結(jié)了國內(nèi)外對盈余管理和抑價的相關(guān)研究綜述,并結(jié)合國內(nèi)外相關(guān)研究成果闡述本文的研究思路、研究方法,以及可能的創(chuàng)新與不足。 第二部分,相關(guān)理論基礎(chǔ)。首先分別介紹了盈余管理和抑價的相關(guān)概念,然后對支撐盈余管理與抑價相關(guān)性的經(jīng)濟學(xué)理論進行闡述。 第三部分,現(xiàn)狀分析。對盈余管理的手段,尤其是創(chuàng)業(yè)板上市公司盈余管理的手段進行了分析,并分析了創(chuàng)業(yè)板在公司數(shù)量、上市條件、行業(yè)分布、地區(qū)分布、募集資金方面的現(xiàn)狀,以及創(chuàng)業(yè)板IPO抑價的現(xiàn)狀以及抑價的原因和危害。 第四部分,實證研究。先提出假設(shè),再選擇模型和樣本,然后運用SPSS軟件對盈余管理進行實證分析,最后對盈余管理與抑價相關(guān)性進行實證分析。 第五部分,總結(jié)。首先歸納了本文的研究結(jié)論,然后提出了改善高抑價現(xiàn)狀和減少盈余管理行為的對策建議,并對此研究更深入的探討給予展望。 實證研究結(jié)果表明：(1)創(chuàng)業(yè)板上市公司在首發(fā)上市前普遍存在盈余管理行為,向上盈余管理行為居多,也有公司存在向下盈余管理的行為。(2)我國創(chuàng)業(yè)板IPO抑價與破發(fā)并存。(3)創(chuàng)業(yè)板上市公司IPO前盈余管理與抑價之間存在顯著正相關(guān)關(guān)系。盈余管理程度越高,抑價率越高。(4)創(chuàng)業(yè)板上市公司發(fā)行規(guī)模與IPO抑價率呈一般顯著負相關(guān)關(guān)系；創(chuàng)業(yè)板上市公司首發(fā)市盈率與IPO抑價率呈負相關(guān)關(guān)系,但是關(guān)系不顯著；創(chuàng)業(yè)板上市公司IPO首發(fā)換手率與抑價率之間存在顯著正相關(guān)關(guān)系；創(chuàng)業(yè)板上市公司IPO首發(fā)中簽率與抑價率之間存在負相關(guān)關(guān)系,但關(guān)系不太顯著。
[Abstract]:Since October 23, 2009, China's official opening of the GEM Board since the high underpricing phenomenon has been the existence of the IPO underpricing rate, although the overall declining trend, but the underpricing rate is higher than the main board market and the foreign mature gem market phenomenon has not changed. At home and abroad a large number of studies show that IPO company in order to meet the public for the first time the requirements for the issue to raise the funds needed will implement earnings management before the listing. GEM listed companies to implement earnings management before IPO, the healthy development of the macro is not conducive to the rational allocation of social capital and the capital market, the micro lead investors to investment risks and speculation increased. So important study on the significance of China's GEM listed companies the correlation between the pre IPO earnings management and underpricing.
Firstly, based on the principal-agent theory, asymmetric information theory and effective capital market theory, the basic principle of economics winners'curse theory on earnings management by theoretical analysis and correlation of underpricing; secondly, analyzed the general listed companies are common means of earnings management, special means and GEM listed companies to implement earnings management, entrepreneurship in the number of listed companies, market conditions, industry classification, area classification, status of funding, the status of companies listed on GEM IPO Underpricing and the underpricing of reason and harm. Based on the above theory, this paper selects China's gem IPO company in 2011, and were screened out, finally 111 listed companies as the research sample, using Jones model to the unit section of discretionary accruals quantitative measure of earnings management level, the underpricing rate of underpricing The degree of measure, set up a unit of discretionary accruals as explanatory variables, underpricing rate as the explanatory variable, select the size of the issue, the first day of earnings, listed on the first day turnover rate, initial success rate as control variables, multiple linear regression model is established and analyzed with descriptive analysis and multiple regression statistical software. Finally in this paper, according to the research conclusion, put forward to improve the effectiveness of IPO issue price and the market price and the policy suggestions to reduce earnings management behavior, and give a prospect of deeper research. This thesis is divided into the following five parts:
The first part is the introduction. It introduces the background and significance of the research, summarizes the related research on earnings management and underpricing at home and abroad, and elaborates the research ideas, research methods, and possible innovations and deficiencies combined with relevant research results both at home and abroad.
The second part is the related theoretical foundation. First, it introduces the concepts of earnings management and underpricing, and then expounds the economic theory supporting the correlation between earnings management and underpricing.
The third part, analysis of the status quo of the means of earnings management, especially the GEM listed company earnings management means are analyzed, and the analysis of the gem in the number of companies listed conditions, industry distribution, regional distribution, raise status of funds, as well as the current situation of the gem IPO Underpricing and Underpricing and the reasons harm.
The fourth part is empirical research. First, put forward hypotheses, choose models and samples, then use SPSS software to make empirical analysis of earnings management. Finally, we empirically analyze the correlation between earnings management and underpricing.
The fifth part is the conclusion. First, the research conclusions are summarized. Then, countermeasures and suggestions for improving the current situation of high Underpricing and reducing earnings management are put forward, and further research is prospected.
The empirical results show that: (1) the GEM listed companies in the IPO before widespread earnings management, the majority of upward earnings management behavior, the company also is the downward earnings management behavior. (2) China's gem IPO Underpricing and break coexist. (3) there is a significant positive relationship between GEM listed companies pre IPO earnings management and underpricing. The higher the degree of earnings management, the higher underpricing. (4) the GEM listed companies issuing scale and IPO suppression was significantly negative correlation between the rate of general price; the GEM listed companies starting price earnings ratio is negatively correlated with the IPO under pricing rate, but the relationship is not significant GEM listed companies; IPO starting with the exchange rate and there is a significant positive relationship between the rate of price; the GEM listed company IPO first success rate and suppression of negative correlation between the price rate, but the relationship is not too significant.

【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F830.42;F832.51

【參考文獻】

相關(guān)期刊論文 前10條

1 盧文彬,朱紅軍;IPO公司經(jīng)營業(yè)績變動與股權(quán)結(jié)構(gòu)研究[J];財經(jīng)研究;2001年07期

2 曹鳳岐;董秀良;;我國IPO定價合理性的實證分析[J];財經(jīng)研究;2006年06期

3 孫錚,王躍堂;資源配置與盈余操縱之實證研究[J];財經(jīng)研究;1999年04期

4 黃新建;影響上市公司首次公開發(fā)行股票抑價的實證分析[J];財經(jīng)理論與實踐;2002年S2期

5 楊丹,王莉;中國新股發(fā)行抑價:一個假說的檢驗[J];復(fù)旦學(xué)報(社會科學(xué)版);2001年05期

6 陳共榮;李琳;;IPO前盈余管理與抑價現(xiàn)象的實證研究[J];系統(tǒng)工程;2006年09期

7 陳韶君;上市公司盈余管理透視[J];廣西會計;2003年10期

8 劉太陽,葉中行,汪超;中國上市公司抑價率的實證研究[J];上海交通大學(xué)學(xué)報;2005年10期

9 朱武祥,張帆;公司上市前后經(jīng)營業(yè)績變化的經(jīng)驗分析[J];世界經(jīng)濟;2001年11期

10 陳良華,孫健,張菡;香港創(chuàng)業(yè)板上市公司IPO前后業(yè)績變化及其影響因素的實證研究[J];審計與經(jīng)濟研究;2005年04期

相關(guān)碩士學(xué)位論文 前4條

1 崔凌波;創(chuàng)業(yè)板IPO前盈余管理與IPO抑價相關(guān)性的實證檢驗[D];財政部財政科學(xué)研究所;2011年

2 段家賓;創(chuàng)業(yè)板上市公司IPO前盈余管理與抑價關(guān)系的研究[D];哈爾濱商業(yè)大學(xué);2011年

3 楊樹芳;盈余管理與新股發(fā)行差價的相關(guān)性研究[D];南京財經(jīng)大學(xué);2011年

4 張蕾;詢價制度下我國A股市場IPO定價效率的實證研究[D];暨南大學(xué);2012年

，

本文編號：1637503