本文選題：股權再融資 + 盈余管理��； 參考：《安徽財經(jīng)大學》2014年碩士論文

【摘要】：“資金是企業(yè)的命脈”這句話突出了資金對于上市公司的重要性,充足的資金不僅能夠保證上市公司正常的生產(chǎn)經(jīng)營活動,還能幫助上市公司自身不斷發(fā)展,在激烈的市場競爭中占取有利的地位。隨著資本不斷完善和發(fā)展,股權再融資已經(jīng)成為上市公司獲取資金的重要途徑之一,但是由于資源的稀缺性,龐大的上市公司集群為了爭奪有限的資金而進行著激烈的競爭,為了維護投資者的利益,優(yōu)化市場的資源配置,完善再融資機制,證券監(jiān)管部門對可以進行股權再融資的資格和條件加以限定并提出一些嚴格的要求,這在一定程度上誘使一些上市公司為了能夠獲得股權再融資的資格而采用盈余管理來粉飾自己的盈余信息以迎合監(jiān)管部門的政策要求。上市公司取得股權再融資后,獲得資金得以發(fā)展,按理說應該業(yè)績上漲,但由于上市公司在再融資之前進行過盈余管理,本身的業(yè)績并不如投資者想象的那么好,進而導致再融資后這些公司的業(yè)績相對于再融資之前出現(xiàn)了普遍下滑,由此可見,對于股權再融資之前,上市公司的盈余管理研究還是有必要的。 本文首先對研究背景進行分析提出研究的必要性和意義,然后在對國內(nèi)外文獻進行回顧的基礎上,對相關理論進行闡述,介紹了應計盈余管理和真實盈余管理的相關概念,股權再融資的方式與選擇等。在此基礎上,以2000—2008年間增發(fā)和配股的A股上市公司為樣本進行實證研究,通過基本統(tǒng)計分析和多元回歸分析,對樣本均值進行比較并進行T檢驗,驗證了上市公司在股權再融資之前會進行盈余管理,且盈余管理與再融資之后的業(yè)績下滑有著一定的聯(lián)系,且發(fā)現(xiàn)應計盈余管理導致業(yè)績短期下滑而真實盈余管理導致業(yè)績長期下滑。最后,本文對于研究結論進行了總結并提出了一些個人建議。
[Abstract]:The phrase "Capital is the lifeblood of an enterprise" highlights the importance of funds to listed companies. Adequate funds can not only guarantee the normal production and operation activities of listed companies, but also help the listed companies to develop themselves. Take a favorable position in the fierce market competition. With the continuous improvement and development of capital, equity refinancing has become one of the important ways for listed companies to obtain funds. However, due to the scarcity of resources, large clusters of listed companies are competing fiercely for limited funds. In order to protect the interests of investors, optimize the allocation of resources in the market, and improve the refinancing mechanism, the securities regulatory authorities limit the qualifications and conditions for equity refinancing and put forward some strict requirements. To some extent, this induces some listed companies to use earnings management to whitewash their earnings information to meet the policy requirements of regulators in order to obtain the qualification of equity refinancing. After obtaining equity refinancing, the listed companies can develop the funds. It is reasonable to say that their performance should rise. However, because the listed companies have carried out earnings management before refinancing, their own performance is not as good as investors think. This leads to a general decline in the performance of these companies compared with before refinancing, so it is necessary to study earnings management of listed companies before equity refinancing. In this paper, firstly, the necessity and significance of the research background are analyzed, and then based on the review of domestic and foreign literature, the related theories are expounded, and the concepts of accrual earnings management and real earnings management are introduced. The way and choice of equity refinancing. On this basis, taking the A-share listed companies with additional issuance and rights issue from 2000 to 2008 as the sample to carry on the empirical research, through the basic statistical analysis and the multiple regression analysis, carries on the comparison to the sample average value and carries on the T-test. It is verified that earnings management is carried out by listed companies before equity refinancing, and earnings management is related to the decline of performance after refinancing. It is also found that accrual earnings management leads to short-term decline in performance while real earnings management leads to long-term decline in performance. Finally, this paper summarizes the conclusions and puts forward some personal suggestions.
【學位授予單位】：安徽財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275;F832.51

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本文編號：1982394