本文關(guān)鍵詞： 創(chuàng)業(yè)板 IPO 盈余管理 經(jīng)濟(jì)后果　出處：《遼寧大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：在經(jīng)歷了十年的精心準(zhǔn)備之后，2009年隨著我國(guó)《首次公開發(fā)行股票并在創(chuàng)業(yè)板上市管理暫行辦法》的正式發(fā)布，我國(guó)創(chuàng)業(yè)板市場(chǎng)終于面世，這對(duì)中國(guó)資本市場(chǎng)來說具有里程碑式的意義。我國(guó)創(chuàng)業(yè)板的成功面世有利于完善我國(guó)資本市場(chǎng)結(jié)構(gòu)、拓展我國(guó)資本市場(chǎng)的廣度，也為更多具有自主創(chuàng)新性和高成長(zhǎng)性的企業(yè)提供了資本市場(chǎng)。因此，對(duì)我國(guó)創(chuàng)業(yè)板市場(chǎng)IPO盈余管理進(jìn)行研究具有重要意義。 IPO即首次公開發(fā)行股票，能否成功上市對(duì)企業(yè)是否能夠?qū)崿F(xiàn)在資本市場(chǎng)的投資和融資功能具有重大影響。申請(qǐng)上市的公司在上市過程中，管理層有動(dòng)機(jī)通過盈余管理行為達(dá)到滿足上市條件和募集資金最大化的目的。之所以IPO公司的盈余管理行為會(huì)產(chǎn)生經(jīng)濟(jì)后果，是因?yàn)镮PO公司選擇不同的會(huì)計(jì)政策和計(jì)量方法，從而導(dǎo)致各利害關(guān)系體之間產(chǎn)生不同的利益分配和投資決策行為，最終對(duì)資本市場(chǎng)資源的配置效率和效果產(chǎn)生影響。 本文首先闡述了盈余管理與經(jīng)濟(jì)后果的相關(guān)理論，并在此基礎(chǔ)上提出了研究假設(shè)，對(duì)2009-2012年間在創(chuàng)業(yè)板上市的349家IPO公司為研究樣本進(jìn)行實(shí)證分析并得出結(jié)論：創(chuàng)業(yè)板公司存在IPO盈余管理行為，并且這種行為對(duì)企業(yè)和社會(huì)產(chǎn)生了不利的經(jīng)濟(jì)后果。IPO盈余管理程度越大，IPO抑價(jià)就越大，IPO后的企業(yè)經(jīng)營(yíng)業(yè)績(jī)的下降幅度就會(huì)越高，IPO后企業(yè)成長(zhǎng)性就越差。在此基礎(chǔ)上，建議對(duì)創(chuàng)業(yè)板IPO公司的盈余管理行為進(jìn)行監(jiān)管，以降低產(chǎn)生的不良經(jīng)濟(jì)后果，，提出了進(jìn)一步完善一級(jí)市場(chǎng)發(fā)行制度、改革二級(jí)市場(chǎng)交易機(jī)制、規(guī)范和健全保薦人制度、加強(qiáng)證券監(jiān)管當(dāng)局的監(jiān)督力度等可操作性措施。
[Abstract]:After ten years of careful preparation, with the formal release of China's "interim measures for the Administration of initial Public offering of stocks and listing on the gem" on 2009, the gem market of our country finally came out. This is of landmark significance to China's capital market. The success of the gem is conducive to perfecting the structure of our capital market and expanding the breadth of our capital market. It also provides the capital market for more enterprises with independent innovation and high growth. Therefore, it is of great significance to study the IPO earnings management in China's gem market. IPO is the initial public offering of stocks, whether the successful listing of enterprises can achieve the investment and financing function in the capital market. The management has the motive to meet the listing conditions and raise the maximum funds through earnings management behavior. The reason why the earnings management behavior of IPO companies will have economic consequences is that IPO companies choose different accounting policies and measurement methods. As a result, different benefit distribution and investment decision behavior are produced among the stakeholders, and the efficiency and effect of resource allocation in capital market are influenced finally. In this paper, the theories of earnings management and economic consequences are introduced, and the research hypotheses are put forward. An empirical analysis of 349 IPO companies listed on the gem from 2009 to 2012 shows that there are IPO earnings management behaviors in gem companies. And this behavior has adverse economic consequences for enterprises and society. The greater the degree of IPO earnings management is, the greater the IPO underpricing will be, and the higher the decline in business performance after IPO will be, the higher the growth will be after IPO. On this basis, It is suggested that the earnings management behavior of gem IPO companies should be supervised in order to reduce the adverse economic consequences. It is proposed to further improve the issuing system of the primary market, reform the trading mechanism of the secondary market, and standardize and perfect the sponsor system. Strengthen the supervision of securities regulatory authorities and other operational measures.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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