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论文编号：	592
作者编号：	2120062014
上传时间：	2008/6/19 23:46:08
中文题目：	基于股权融资的中国上市公司盈余
英文题目：	Study on Earnings Management B
指导老师：	张晓农
中文关键字：	上市公司 盈余管理， IPO，配股
英文关键字：	Chinese Listed CompaniesEarni
中文摘要：	经过近二十年的发展，中国市场的规模迅速扩大，企业通过股权融资的现象越来越多，但是由于证监会对上市公司股权融资资格作出了严格规定，因此企业管理当局为了进行股权融资，存在着基于股权融资的盈余管理动机。盈余管理对于财务信息的真实性和财务信息使用者的决策有一定影响，因此本文就是致力于研究基于股权融资的上市公司盈余管理存在性及程度的问题。 本文在研究配股融资中的盈余管理时采取了总应计利润模型和盈余分布模型相结合的方式，在研究IPO和增发中的盈余管理时采用了总应计利润模型。在应用总应计利润模型时，对影响应计利润的科目重新分析，最后确定了固定资产原值、存货增量、线下项目增量这三个对应计利润的解释能力和相关性最强的解释变量进入模型，从而构造了新模型——横截面修正Jones模型。 通过横截面修正Jones模型检验发现：首次公开发行股票的上市公司在IPO当年和次年存在盈余管理，IPO后第二年盈余管理行为消失；配股上市公司实施配股前三年和配股当年都存在向上的盈余管理行为，自配股后次年开始没有发现盈余管理的证据；增发上市在增发前第三年、第二年和增发后第二年不存在盈余管理行为，增发前一年、增发当年和增发后第一年都存在显著的盈余管理行为。
英文摘要：	After nearly 20 years of development, the size of Chinese market expanded rapidly, the phenomenon of equity financing in enterprises become more and more, but due to China Securities Regulatory Commission has made rigorous requirements to equity financing for listed companies, so the companies’s management authority gives birth to the earnings management motives in order to carry out equity financing. Earnings management has impact in some degree on the authenticity of financial information and the decision-making for the financial information users, this paper is dedicated to the research on the existence and extent of Chinese listed companies’ earnings management based on equity financing. This paper applies aggregate accruals model and earnings distribution model to the study on earnings management of allotment-share companies and aggregate accruals model to IPO and additional share offers companies. In the application of aggregate accruals model we re-analyzed the items which affect the accrual profits and found that PPE, increment of inventory and increment of the item below line are the most relevant variables with accrual profits and can explain accrual profits in the most degree, thus constructed a new model-cross section adjusted Jones model. Through the examination of cross-section adjusted Jones model we found that: earning management existed in the IPO year and the first year after IPO, in the second year after IPO earnings management disappeared. As for as allotment share is concerned, enterprises carry out earning management in three years before the allotment share and in the allotment share year, since the year after allotment share we found no evidence of earnings management. When enterprises offer additional share we concluded that in the third and second year before and in the second year after additional share offerers there isn’t earnings management, in the first year before and after the additional share-offering and in the additional share-offering year there is severely earnings management in these companies.
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