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论文编号：	6422
作者编号：	2120122625
上传时间：	2014/6/10 9:45:50
中文题目：	上市公司定向增发前盈余管理研究
英文题目：	Research about earnings management before placement of listed companies --Take 172 listed companies in China
指导老师：	赵伟
中文关键字：	上市公司；定向增发；盈余管理
英文关键字：	Private Placement；Listed Company；Earnings Management
中文摘要：	随着我国证券市场的日趋完善，上市公司通过市场募集资金的手段也逐渐的多样化。从最早单一的配股到现在多样化的募资方式，凸显出了我国证券市场的进步和发展。而现在，定向增发已经成为了上市公司募集资金时最重要的一种选择。由于市场起步较晚，直到最近几年，定向增发才成为国内上市公司募资的重要手段之一。因此，国内学界对定向增发的研究，尤其是定向增发应用于我国证券市场之后的研究相对较少，而国外由于证券市场起步较早，发展较为完善，对于定向增发的研究相对较多。这也为我们提供了良多的有益借鉴。 　　　然而盈余管理一直是上市公司研究的一个热门课题，不管是上市公司IPO或者再融资，盈余管理或多或少的存在。因此，我们结合盈余管理的一般特征，结合定向增发的特点，对定向增发条件下上市公司盈余管理的动机、方式等内容开展了一系列的研究。希望本文的研究在应用方面具有积极的意义，一方面希望能够对国内相关学者的研究进行一定的补充，另一方面则希望能够为我国证券市场的进一步完善奉献绵薄之力。 　　本文的主要内容安排如下：第一部分是引言，介绍论文的背景，开展研究的意义，以及本文试图发现并解决的问题等。第二部分是文献回顾，分别对国内外对定向增发和盈余管理的学者的研究进行了初步的阐述。第三部分是理论分析，通过从对定向增发、盈余管理等基本概念开始分析，逐步发现上市公司在定向增发过程中开展盈余管理的动机、手段等内容。第四部分是实证研究，通过选择合适的模型和数据，来检验之前理论分析部分的结论是否正确。最后一部分则是通过上述分析最后给出相关政策建议。
英文摘要：	With the maturing of China's securities market, the tools which are used by listed companies to raise funds through the market has gradually diversified. At the beginning the only tool can be used to raise fund is allotment. But now there are different ways to achieve different goals, which is a proof of the progress and development of China's securities market. By now, private placement has become the most important way that listed companies to raise funds. Until recent years, private placement became an important tool of fund-raising for domestic listed companies. Thus, there is few academic research on the private placement in China. On the contrary, there are lots of studies focused on private placement which can be due to a mature market. It provides us with a lot of useful references. 　　　However, listed companies’ earnings management has been a hot research topic for a long time. Listed companies will do earnings management whether they are going IPO or refinancing. Therefore, we combine the general characteristics of earnings management with the characteristics of the private placement to carry out a series of studies about the motive and methods of earnings management. I hope These studies have important significance in the application, which can be able to make complement to domestic scholars’ research, and also can be able to further improve China's securities market. 　　　The main contents of this paper is organized as follows: The first part is the introduction, which described the background, research significance, and also the problems needs to be indentified and solve. The second part is a review of the literature, respectively, of the studies on the private placement and earnings management . The third part is theoretical analysis which is about private placement deducted from the basic concepts, such as the start of earnings management. In this part I did this analysis of listed companies to find the motivation to carry out the earnings management, and also the private placement process gradually. The fourth part is the empirical study part. By selecting the appropriate data and designing appropriate model we can deduct test theoretical analysis test whether the hypothesizes are correct. The last part is the above analysis is policy recommendations given based on what we have concluded before.
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