本文選題：盈利增長異常 + 財(cái)務(wù)信息質(zhì)量　； 參考：《新疆財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：隨著我國市場經(jīng)濟(jì)的不斷發(fā)展，首次公開上市（IPO）已經(jīng)成為公司籌集大量資金、進(jìn)一步發(fā)展壯大的重要途徑；而購買首發(fā)股票也成為機(jī)構(gòu)投資者和廣大社會公眾進(jìn)行投資、增加財(cái)富的重要渠道。然而，近幾年大量研究表明，公司在第一次公開上市以后，普遍存在業(yè)績下滑的現(xiàn)象(即所謂的IPO效應(yīng))。企業(yè)首次公開發(fā)行股票涉及范圍廣、影響大，關(guān)系到眾多投資者的切身利益，也被媒體和公眾廣泛關(guān)注。雖然對這一現(xiàn)象的產(chǎn)生原因目前還沒有定論，但是很多國內(nèi)外學(xué)者認(rèn)為這與公司申請IPO時(shí)披露的財(cái)務(wù)信息質(zhì)量不高（如：進(jìn)行盈余管理）有關(guān)。為了提高申請IPO公司所披露的財(cái)務(wù)信息的質(zhì)量，促進(jìn)新股發(fā)行過程中各市場參與主體各盡其責(zé)，2012年10月16日，中國證券監(jiān)督管理委員會印發(fā)了關(guān)于《會計(jì)監(jiān)管風(fēng)險(xiǎn)提示第4號——首次公開發(fā)行股票公司審計(jì)》的通知。通知要求各單位全面掌握會計(jì)監(jiān)管風(fēng)險(xiǎn)提示的內(nèi)容，在對被核準(zhǔn)、不予核準(zhǔn)或終止審核的首次公開發(fā)行股票公司的審計(jì)業(yè)務(wù)進(jìn)行檢查時(shí)，，應(yīng)按本風(fēng)險(xiǎn)提示對相關(guān)問題予以高度關(guān)注，并督促會計(jì)師事務(wù)所采取有效措施提高執(zhí)業(yè)水平，為投資者提供更加真實(shí)、有效的投資決策依據(jù)，從而促進(jìn)資本市場更加有序、穩(wěn)定、健康的發(fā)展。 與以前只對申請IPO公司的業(yè)績等指標(biāo)提出數(shù)量要求不同，風(fēng)險(xiǎn)提示4號文件提及了大量更為嚴(yán)格且具有可操作性的會計(jì)監(jiān)管思路，例如，重視申報(bào)期內(nèi)年度財(cái)務(wù)報(bào)表各項(xiàng)目之間的鉤稽關(guān)系、聯(lián)動(dòng)性以及財(cái)務(wù)信息與非財(cái)務(wù)信息的相互印證；應(yīng)當(dāng)關(guān)注注冊會計(jì)師是否針對發(fā)行人在申報(bào)期內(nèi)存在的盈利異常增長和異常交易執(zhí)行了適當(dāng)、充分的審計(jì)程序等等。這些新的監(jiān)管政策是否能夠有效提高IPO公司披露的財(cái)務(wù)信息質(zhì)量，進(jìn)而在一定程度上減少IPO效應(yīng)呢？雖然政策初步實(shí)施難以取得有效數(shù)據(jù)對政策的有效性進(jìn)行檢驗(yàn)，但是以歷史數(shù)據(jù)為基礎(chǔ)研究新監(jiān)管思路下財(cái)務(wù)信息質(zhì)量與IPO效應(yīng)之間關(guān)系也可以為預(yù)測政策的有效性提供有價(jià)值的參考。本文按照4號文所提出的新的監(jiān)管思路和具體要求，提煉出了六個(gè)表征財(cái)務(wù)信息質(zhì)量的關(guān)鍵性財(cái)務(wù)指標(biāo)，以2009年申請首發(fā)上市公司為樣本，研究公司IPO時(shí)披露的財(cái)務(wù)信息質(zhì)量與其IPO前后業(yè)績變化之間的關(guān)系。如果研究發(fā)現(xiàn)公司IPO時(shí)披露的財(cái)務(wù)信息的質(zhì)量與IPO效應(yīng)有顯著的負(fù)相關(guān)關(guān)系，即IPO時(shí)披露的財(cái)務(wù)信息質(zhì)量越低IPO效應(yīng)越大，反之亦然。那么就說明提高公司IPO時(shí)披露的財(cái)務(wù)信息質(zhì)量可以降低IPO效應(yīng)，減少投資者損失，預(yù)期新監(jiān)管政策有效。
[Abstract]:With the continuous development of the market economy in China, IPO (initial public listing) has become an important way for companies to raise a large number of funds and further develop and grow, and buying IPO shares has also become an important way for institutional investors and the general public to invest. An important channel for increasing wealth. However, a large number of studies in recent years have shown that after the first public offering, there is a widespread decline in performance (the so-called IPO effect). The initial public offering of enterprises involves a wide range of issues, has a large impact on the vital interests of many investors, and has been widely concerned by the media and the public. Although the cause of this phenomenon has not yet been decided, many scholars at home and abroad believe that it is related to the poor quality of financial information disclosed when the company applies for IPO (for example, earnings management). In order to improve the quality of the financial information disclosed by the IPO application companies, and to promote the responsibility of the market participants in the process of issuing new shares, on October 16, 2012, The China Securities Regulatory Commission issued a notice on Accounting Supervision risk Tip No. 4-Audit of initial Public offering companies. The notice requires each unit to fully grasp the content of the accounting regulatory risk prompt and to inspect the audit business of an initial public offering company that has been approved, not approved or whose audit is not approved or terminated, We should pay close attention to the related problems according to this risk prompt, and urge accounting firms to take effective measures to improve their practice level, to provide investors with a more real and effective basis for investment decision-making, thus promoting a more orderly capital market. Stable and healthy development. Contrary to previous quantitative requirements for performance of companies applying for IPOs, risk Tip 4 refers to a number of more stringent and operational ideas for accounting regulation, such as, Attach importance to the relationship between the items of the annual financial statements in the reporting period, the linkage and the mutual confirmation of the financial information and the non-financial information; Attention should be paid to whether the CPA has carried out proper and adequate audit procedures for abnormal profit growth and abnormal transactions during the reporting period of the issuer. Will these new regulatory policies effectively improve the quality of financial information disclosed by IPO companies, thereby reducing the IPO effect to a certain extent? Although it is difficult to obtain effective data for the initial implementation of policies to test the effectiveness of policies, However, the relationship between financial information quality and IPO effect based on historical data can also provide a valuable reference for predicting the effectiveness of policy. In accordance with the new regulatory ideas and specific requirements proposed in document No. 4, this paper abstracts six key financial indicators to characterize the quality of financial information, taking the 2009 application for listing companies as a sample. This paper studies the relationship between the quality of financial information disclosed at the time of IPO and the change of performance before and after IPO. If the research finds that the quality of financial information disclosed at the time of IPO has a significant negative correlation with the IPO effect, that is, the lower the quality of financial information disclosed at the IPO, the greater the IPO effect, and vice versa. It shows that improving the quality of financial information disclosed during IPO can reduce the IPO effect, reduce the loss of investors, and expect the new regulatory policy to be effective.
【學(xué)位授予單位】：新疆財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.51

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