【作者】 刘金玉；

【导师】 陈新国；

【作者基本信息】 太原理工大学 ， 会计学， 2011， 硕士

【摘要】 由于IP0过程的特殊性,它不但为发行人提供了强烈的盈余管理动机,也为他们提供了大量的机会,因此,IP0企业在发行前后的几个年度特别容易产生盈余管理行为。而我国的证券市场不是商品经济自然演进的产物,有其特殊的制度背景,带着改革开放经济转型的烙印,而且我国证券市场的发展历史比较短,股票发行过程曾一度存在制度设计的缺陷。很多公司把证券市场当作“提款机”,为了获得上市融资的资格、提高股票发行的价格,想尽一切办法对企业的财务进行过度包装,导致了我国上市公司的经营业绩在IP0前后反差巨大,甚至有些公司在首次公开招股之后业绩下降极为严重,以至于有些投资者用“一年红火、两年平淡、三年亏损、四年重组”来形容公司在首次公开招股后经营业绩的变化。这种过度包装上市的行为严重损害了投资者的利益,不利于资源的优化配置,更不利于我国证券市场的健康有序发展。2006年我国重启IP0以来,企业上市的步伐在不断加快,上市融资规模越来越大,使得人们对企业IP0的关注度越来越高。本文写作的目的,就是希望能够对我国A股市场首次公开招股过程中的盈余管理现象进行一些初步的探讨,为政府部门制定法律法规以加强对证券市场的监督管理、为投资者做出正确理性地投资决策贡献绵薄之力。笔者阅读了大量关于盈余管理的文献以及政府部门出台的关于IPO的相关法律法规,搜集了一些关于企业操纵盈余的案例,并对这些文献和法规进行了总结阐述。接着从搜集到的案例中总结了我国上市公司盈余管理的几种主要的方法手段,对企业的盈余管理问题进行了初步的揭示。在此基础上,笔者选取了2002年至2004年在上海证券交易所上市的工业行业IP0企业为样本,以净资产收益率和销售净利率为主要指标,结合了销售收入增长率和净利润增长率,采用理论分析与实证研究相结合的方法,考察了样本企业在IP0前三年、IP0当年以及IP0后两年的收益表现。通过考察研究发现：样本企业前3年和前2年的报告收益处于最高水平,在IP0前一年略有下滑,在IP0当年明显下滑,在IP0后的两个年度报告收益下滑及其严重,有些企业甚至报告亏损。但是与收益不断下滑的趋势相矛盾的是,这些样本企业的销售收入在IP0之后却呈现显著增长的态势。即这些企业报告净利润的下滑甚至亏损,并不是企业的主营业务出了问题,而是存在着实际获利而报告不盈利的情况。在得出了第一个结论之后,本文研究了样本企业在IP0之前的盈余管理情况,发现：在IP0之前进行了正向盈余管理行为的企业,IP0之后报告收益下滑的现象更为严重。这说明,企业在首次公开招股以前的会计年度存在着美化收益、粉饰报表的向上操弄盈余的行为。但是从长期来看,操纵性应计利润的代数和为0,企业的管理层不可能一直向上操纵盈余而不被侦查出来,因而在企业股票发行上市之后的几个年度,前期高估的利润就会被冲回,导致了企业在IP0之后报告利润的大幅度下降。更多还原

【Abstract】 Due to the particularity of the IPO process, it not only provides issuer with an intense Earnings Management motivation, but also a lot of opportunities. In our country, the stock market is not the result of the commodity economy natural evolution, which under the special historical perspective, forwards developing windingly, with the brand of the reform and opening up. Therefore, enterprises of IPO are particularly apt to earnings-managerial behaviors before and after several years of the issue. In our country, with the short history of the stock market’s development, the process of the stock issuance once had defects of design of accounting system. Many listed companies treat the stock market as an automated teller machines. They try to whitewash their financial statements and regulate profits, even false package by cheating in order to gain qualification of listing. It leads to the large gap of the operating performance between before Initial Public Offerings and after then. Some investors use "a year of flourishing,2 years of careless,3 years deficit,4 years of broken lot "to describe the different of the large gap of the operating performance between before Initial Public Offerings. It has seriously damaged the interests of investors will be detrimental to the optimal distribution of resources. More over, it will be detrimental to the sustained, rapid and sound development of the stock market. Consequently, the factors which affect earnings-managerial motivation among the enterprises of IPO have commonness in IPO processes, and also individuality in our stock market. Since the restart of our IPO in 2006, the pace of the listing of a company continues to accelerate, the scale of seeking financing is larger and larger, and people pay more and more attention to enterprises of IPO. The purpose of this thesis is as follows. It makes preliminary probe into phenomenon of earnings management in public raising capital by floating shares first in A-share market in our country. It helps to formulate laws and regulations for government departments, strengthen supervision and management of the securities market, and make the rational investment decisions for investors.The writer read lots of literature at home and abroad on the earnings management and laws and regulations about the IPO. Then, it discusses the common ways of earnings management hi listed companies through theory analysis combined with case analysis. On this basis, the combination of theoretical analysis and empirical test, is made to investigate revenue performance of Industrial Enterprises listed on the Shanghai Stock Exchange before and after the IPO between 2002 and 2004. The results showed that the earnings of the sample companies in the first three years is at the highest level of reported ones, and a marked decline in the IPO year, a sharp decline after the IPO, some even deficit. But, paradoxically, the sales revenue has shown obvious growth trend.Especially, the reported of those companies which has carried on the upward earnings management has fallen by even more. The empirical study found that enterprises have sham behaviors to beautify profit and varnish report forms in the fiscal year before initial public offering In the long run,it is impossible that company executives have carried on the upward earnings management all the time and never get caught. The algebraic sum of the discretionary accruals is zero.The overstated earnings before the IPO will be reversed after the IPO. Exactly, this behavior has led to a sharp fall in business performance after the IPO.更多还原