我国上市公司股票增发过程中的盈余管理研究

【作者】 陈龙水；

【导师】 凌春华；

【作者基本信息】 浙江大学 ， 会计学， 2002， 硕士

【摘要】 上市公司在股票增发过程是否进行了盈余管理、进行了多大程度的盈余管理以及投资者是否能够看穿上市公司的盈余管理是投资者、证券监管部门以及其他资本市场主体感兴趣的话题。本文对我国上市公司在股票增发过程的盈余管理行为进行了研究，研究显示，我国上市公司在股票增发前实施了盈余管理行为，股票增发前的盈余管理可以预测股票增发后的净利润表现；研究同时显示，我国上市公司股票价格在股票增发后出现大幅下跌，说明投资者在一定程度上看穿了上市公司在股票增发前的盈余管理行为。不过，研究显示，股票增发前的盈余管理不能预测股票增发后的股票盈利率表现，说明投资者只是从整体上识别出上市公司在股票增发时会进行盈余管理，但无法准确地识别每家上市公司实施的盈余管理程度。最后，研究显示，我国上市公司在股票增发过程中的盈余管理模式与成熟资本市场的盈余管理模式存在差异，这是由我国类别股份制度、合并会计报表制度以及关联方关系及其交易制度所引起的。本文得出结论，不同制度环境中的盈余管理具有不同形式的盈余管理模式。更多还原

【Abstract】 It is of interest to investors,security regulator,and other related capital market agencies that whether listed companies manage earnings in their financial reports,if so,how much listed companies manage earnings,and whether investors see through earnings management of listed companies around seasoned equity offerings. This thesis investigates earnings management of China’s listed companies around seasoned equity offering,and reveals that China’s listed companies manage earnings before seasoned equity offerings and experience poor stock price performance in the post-offering period,and suggests that investors see through earning management in some extent. And this thesis also finds the evidences that earnings management before seasoned equity offerings can’t explain stock price perform in the post-offering period,which suggests investors only see through earnings management as a whole,and they can’t see through earnings management of a individual listed company accurately. Meanwhile,this thesis reveals that there are some great earnings management differences between companies listed in China capital market and companies listed in mature capital market because of separated share system,coalition financial reporting system,and transaction system between affiliated companies particular owned by China. At last,this research comes to the conclusion that there are particular forms of earnings management in different social and economical environments around seasoned equity offerings.更多还原