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论文编号：	3419
作者编号：	2120092323
上传时间：	2011/6/10 21:19:36
中文题目：	不同股权再融资方式下的盈余管理对比研究
英文题目：	The Comparison Of Earnings Management Under Different Options Of SEO
指导老师：	周晓苏
中文关键字：	公开增发;配股;定向增发;盈余管理
英文关键字：	seasoned equity offerings;right offerings;equity private placement;earnings management
中文摘要：	在我国,股权再融资是拥有较高门槛的一种再融资方式，而由于我国经济建设正处于发展中，上市公司进行再融资的渠道相对较少，因而达到股权再融资的发行条件就成为众多上市公司势必需要的。又因不同的股权再融资方式对应着不同的政策规定，故上市公司就会有不同的动机去进行盈余管理。在这种动机下，我们有理由认为上市公司所披露的财务报告信息数据并不能完全、客观、真实地反映上市公司的经营状况。本文就是针对在公开增发、配股和定向增发新股这三种股权再融资方式下的盈余管理行为进行研究，检验不同股权再融资方式下的盈余管理程度。 本文选取2007-2010年沪深两市发生公开增发、配股和定向增发行为的A股上市公司作为研究样本。实证结果表明上市公司股权再融资前一年较配对公司具有显著的向上盈余管理的行为。并且公开增发公司在股权再融资前一年的盈余管理程度显著大于配股公司和定向增发公司，而后两者则无显著性差异。 从实证结果可以看出：发行条件并不是上市公司股权再融资前一年里存在向上的盈余管理行为的唯一原因。在股权再融资前, 定向增发手段较于公开增发是具有优越性的。这也从一个角度验证了股权再融资政策制定导向的正确性。
英文摘要：	In China, SEO is important means for listed companies to refinancing. However, not all listed companies have such qualifications. Listed companies need to try their best to satisfy the requirements of SEO. The different options of SEO have different policies to correspond, so the companies should have different motivations for the earnings management. By this motivation, financial reports with a considerable degree of distortion which are provided by listed companies cannot reflect the performance of listed company correctly. In this paper, we study the differences of earnings management level among right offerings, seasoned equity offerings and equity private placement which are three different forms of SEO. The paper takes listed companies who have implemented SEO from 2007 to 2010 as a sample. The empirical results have shown that there is earnings management of listed companies SEO in previous year. And the level of earnings management of seasoned equity offerings in the last year is significantly greater than right offerings and equity private placement companies. But there is no conspicuous earnings management level difference between the right offerings and equity private placement companies. The empirical results indicate that the requirements of SEO are not the only explanation to the existence of earnings management before SEO. And before SEO, the right offerings and equity private placement are better than seasoned equity offerings from the aspect of earnings management. This is also verified the correctness of SEO policy-oriented.
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