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论文编号：	5462
作者编号：	2120112403
上传时间：	2013/6/8 14:43:41
中文题目：	盈余管理与IPO后经营业绩下滑的相关关系研究
英文题目：	Study on the Correlation between Earnings Management and the Post-IPO Underperformance of Operation
指导老师：	周晓苏
中文关键字：	上市，盈余管理，经营业绩
英文关键字：	IPO, Earnings Management, Operation Performance
中文摘要：	我国证券市场上，大量公司首次公开发行股票（IPO）后经营业绩较上市前几年出现明显下滑现象，这一独特现象已成为众多学者关注的焦点。国内外研究普遍表明，IPO事件是管理层进行盈余管理的良好时期，因为外部投资者几乎没有获取公司信息的其他渠道。此外，我国股票发行制度包括核准制、保荐制和询价机制等特殊内容，这使得我国企业管理层的盈余管理行为跟国外存在较大差异。本文重在探究我国公司IPO前进行盈余管理的动机和程度以及盈余管理与IPO后经营业绩下滑现象之间的相关关系。 本文从我国股票发行制度角度分析了可能导致盈余管理的因素，从企业上市动机中挖掘出管理层进行盈余管理的动机，随后分析了新会计准则中可能被管理层用作盈余管理的手段。在实证部分，以2007-2009年首次公开发行股票的233家公司作为样本，使用修正的琼斯模型计算出全体样本IPO前第二年（t=-2）至IPO后第二年（t=+2）这五年的可操纵性应计利润，并将全体样本按照IPO前两年可操纵性应计利润均值的正负分成了UP和DOWN两组，分别代表存在向上盈余管理行为和存在向下盈余管理行为。实证结果表明UP组可操纵性应计利润从IPO后第一年（t=+1）开始发生反转，而DOWN组在IPO后不存在显著的盈余管理行为。然而，全体样本以销售净利率计量的经营业绩从IPO后第一年（t=+1）开始都发生明显下滑。通过构造多元线性回归，本文发现样本公司IPO前向上的盈余管理行为是公司IPO后经营业绩下滑的原因之一，但经营现金净流量的下降才是更为普遍的原因。
英文摘要：	In the securities market of China, most IPO firms appear evident underperformance of operation, which has drawn the focus of scholars in recent years. Both domestic and overseas studies have mentioned that the IPO event provides management with good opportunities to engage in earnings management, for outside investors have few other channels to obtain information of the IPO companies. Besides, special regulations on stock issuing make the earnings management behaviors in China different from those in other countries. This study explores the motivations and extent of IPO earnings management and its correlation with the post-IPO underperformance of operation. In this paper, factors of earnings management are analyzed at the angle of stock issuing system, followed by the explanation of earnings management motivations and the policies in GAAP which can be used in earnings management. In the empirical part, a sample of 233 firms issuing IPOs during 2007-2009 is investigated. The total sample is divided into two sub-samples by the means of discretionary accruals in the two years before IPO. Those with positive discretionary accruals means are categorized as Group UP, while the others are categorized as Group DOWN, expressing different earnings management patterns. The results show that the discretionary accruals of Group UP begin to reverse in the first year after IPO(t=+1), but Group DOWN does not have apparent discretionary accruals after IPO. However, the profit rates of both groups begin to decrease from the first post-IPO year(t=+1). Further regressions find that the opportunistic earnings management before IPO is one cause of post-IPO underperformance. However, the decrease of real operation performance, namely the decrease of net operation cash flows is the general reason for the post-IPO underperformance.
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