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论文编号：	3272
作者编号：	2120092310
上传时间：	2011/6/6 21:35:54
中文题目：	基于成长性的企业IPO盈余管理研究——来自我国创业板上市公司的经验证据
英文题目：	The study of Earning Management based on the IPO Company with Potentiality——The Empirical Evidence from GEM
指导老师：	刘志远
中文关键字：	成长性;首次公开发行股票;盈余管理
英文关键字：	Potentiality;Initial Public Offerings;Earning Management
中文摘要：	国内外学者研究发现，企业为获得IPO（首次公开发行股票）的机会，会在上市前对企业的经营业绩进行盈余管理。那么，本身具有成长性的企业在IPO前后是否也会进行盈余管理，企业成长性与IPO前后的盈余管理是否相关是本文关注的焦点。我国的创业板自2009年10月开板至今，受到了学术界和社会各界的广泛关注。创业板市场为具有高成长性和高科技性的中小企业提供了一个融资平台，吸引了众多中小企业争相在创业板上市。监管机构以企业是否具有成长性为标准，严格筛选在创业板上市的企业。 因此，本文以2009年第一批和第二批在我国创业板上市的企业为样本，通过实证的方法，试图解决以下几个问题：创业板企业在IPO前是否存在正向的盈余管理，代表企业成长性的净利润增长率和营业收入增长率在IPO前后是否有变化，IPO前后企业成长性与盈余管理的相关性分别如何。在理论分析与文献回顾的基础上，结合我国创业板市场的特点，基于企业成长性的角度提出了六个相关假设，通过描述性统计、t检验和多元线性回归的分析，对这六个相关假设进行了验证。 本文通过实证分析得出了以下几个主要结论：创业板企业的营业收入增长率在IPO前后存在显著差异，净利润增长率在IPO前后不存在显著差异；在IPO之前，创业板企业存在正向的盈余管理行为，企业的营业收入增长率与可操纵性应计利润显著正相关，净利润增长率与可操纵性应计利润不显著正相关；在IPO当年与IPO后一年，企业仍然存在正向的盈余管理行为，IPO后一年的营业收入增长率与可操纵性应利润显著正相关，净利润增长率与可操纵性应计利润不显著正相关。本文的贡献在于验证了我国创业板企业的成长性究竟如何，这有助于创业板市场准入制度的进一步完善。结尾部分提出了在准入门槛与市场监管方面的相关建议。
英文摘要：	Scholars at home and abroad found that, in order to obtain the opportunity for IPO(Initial Public Offerings), companies would do the earnings management to make their performance better. Well, whether the companies with high potentiality would do the earnings management before and after the IPO, the relation between the potentiality and the earnings management before and after the IPO would be answered by the paper. GEM (Growth Enterprises Market) which was opened since October 2009 is widely concerned by the academics and the community. Because of the platform for financing which is supplied by the GEM, lots of high growth and high-tech companies tried their best to obtain the opportunity of going public on the GEM. On the other hand, regulators take the potentiality as the standard to filter the enterprises which are applying for going public on the second board. Therefore, this study took the enterprises listed on the GEM as the sample and used empirical method to answer the following questions: whether the company listed on the second board doing the positive-going earnings management before IPO, whether the operating income growth rate and the net profit growth rate which represent the potentiality of the company would change before and after the IPO, and what is the relation between the potentiality and the earnings management before and after the IPO. Based on angle of corporate growth, and binding the theoretical analysis, literature reviews, and the characteristics of the GEM, the paper raised 6 conjectures which were verified by the combination of descriptive statistics and empirical methods. The empirical analysis draws the following main conclusions: the operating income growth rate owned significantly different before and after the IPO, the net profit growth rate owned unsignificantly different before and after the IPO; the companies which were listed on the GEM did the significant positive-going earning management before the IPO; the operating income growth rate owned significantly positive correlation with the maneuverable accrued profits, but the net profit growth rate owned unsignificantly positive correlation with the maneuverable accrued profits befoe IPO; the companies which were listed on the GEM did the significant positive-going earnings management on the IPO year and the year after IPO year; the operating income growth rate owned significantly positive correlation with the maneuverable accrued profits, but the net profit growth rate owned unsignificantly positive correlation with the maneuverable accrued profits after the IPO. The paper was helpful for verifying the reality of the potentiality of the companies which were listed on the second board and was helpful for improving market access. At last, the paper presented some suggestions of the market access, the supervision and controling of the GEM.
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