本文選題：定向增發(fā)　切入點：盈余管理　出處：《沈陽工業(yè)大學》2017年碩士論文

【摘要】：近年來,定向增發(fā)已成為國內(nèi)上市公司融資的主要形式,在定向增發(fā)的過程中普遍存在著盈余管理行為,國內(nèi)的學者也對此展開了大量的研究,主要研究的是上市公司定向增發(fā)前為了折價、溢價發(fā)行股票存在的盈余管理行為,以及造成的不良影響,而在定向增發(fā)后解禁期前也同樣存在著盈余管理行為,這種盈余管理行為主要的目的是配合定向增發(fā),配合解禁期后大股東進行減持,形成利益輸送。因此,本文利用多案例研究法對定向增發(fā)后的盈余管理行為展開進一步研究。首先,本文闡述了研究背景和研究意義,回顧了與定向增發(fā)和盈余管理有關(guān)領(lǐng)域的研究文獻,提出本文的研究思路和創(chuàng)新點,并介紹定向增發(fā)和盈余管理及經(jīng)濟后果的相關(guān)理論;然后,利用時序分析和邏輯模型技術(shù)來構(gòu)建理論模型,并對其相關(guān)分析單位進行釋義;其次,介紹本文4個案例的企業(yè)背景,了解其定向增發(fā)的運行過程,得到案例企業(yè)在定向增發(fā)前到限售股解禁期后這幾年的財務(wù)報表和股票數(shù)據(jù)情況,利用理論模型對其進行財務(wù)和非財務(wù)數(shù)據(jù)的分析;再次,利用跨案例聚類分析技術(shù)對這4家上市公司進行比對,發(fā)現(xiàn)大股東為最大化限售股減持收益,會在定向增發(fā)限售股解禁前實施盈余管理行為,并且根據(jù)公司的不同,選取不同的盈余管理方式來達到更好的效果,提升公司短期內(nèi)的業(yè)績水平,但是由盈余管理造成的公司業(yè)績良好是短期化的,而且會導致公司未來財務(wù)指標的惡化和業(yè)績的明顯下降;最后,有針對性的分析與比較了不同方式的盈余管理行為以及對上市公司增發(fā)后經(jīng)濟后果的影響,從而得出本文的結(jié)論和展望。本文采用多案例研究的方法,深入分析定向增發(fā)后到限售股解禁期后兩年的每個關(guān)鍵時期對公司的財務(wù)報表和經(jīng)濟效益的影響,系統(tǒng)地探討了華菱星馬、華麗家族等4家上市公司定向增發(fā)限售股解禁前盈余管理造成不同的經(jīng)濟后果的研究,為研究大股東的利益輸送提供了一個新的視角,有利于各監(jiān)管部門更多角度地監(jiān)控上市公司的盈余管理行為,同時也可以更好地保護中小投資者的利益。
[Abstract]:In recent years, private placement has become the main form of financing of listed companies in China, and earnings management behavior is common in the process of private placement, and domestic scholars have also carried out a lot of research on it.The main research is the earnings management behavior of the listed companies issuing stocks at a premium in order to discount, and the adverse effects, and the earnings management behavior also exists before the lifting of the ban period after the directional additional issuance.The main purpose of this kind of earnings management behavior is to cooperate with the directional additional issuance and with the major shareholders to reduce their holdings after the lifting of the ban.Therefore, this paper makes a further study on earnings management behavior after directional placement by using multi-case study method.First of all, this paper describes the research background and significance, reviews the research literature related to directional placement and earnings management, and puts forward the research ideas and innovative points of this paper.It also introduces the related theories of directional placement, earnings management and economic consequences. Then, it uses the technology of time series analysis and logic model to construct the theoretical model, and interprets the relevant analysis units. Secondly,This paper introduces the enterprise background of the four cases in this paper, understands the operation process of the additional directional issuance, and obtains the financial statements and stock data of the case enterprises in the past few years,The theoretical model is used to analyze the financial and non-financial data. Thirdly, the cross-case clustering analysis technology is used to compare the four listed companies.It will implement the earnings management behavior before the release of the restrictions on the targeted issuance of restricted shares, and select different earnings management methods according to the company's differences to achieve better results and improve the performance level of the company in the short term.However, the good performance caused by earnings management is short-term, and will lead to the deterioration of future financial indicators and a significant decline in performance.This paper analyzes and compares the different ways of earnings management behavior and the impact on the economic consequences of the listed companies after the issuance, and draws the conclusion and prospect of this paper.Using the method of multi-case study, this paper deeply analyzes the influence of every key period from the period of directional additional issue to the period of releasing the restricted shares on the financial statements and economic benefits of the company, and discusses systematically the effect of Valin Xingma on the financial statements and economic benefits of the company.The research on the different economic consequences of earnings management before the release of restricted shares by four listed companies, such as the magnificent family, provides a new perspective for the study of the transmission of interests of large shareholders.It is beneficial to monitor the earnings management behavior of listed companies from more angles, and to protect the interests of small and medium-sized investors.
【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】：2017
【分類號】：F275;F832.51

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本文編號：1728541