我国A股发行公司IPO前盈余管理的影响因素实证研究

Empirical Research on Factors Influencing Earnings Management Prior to IPO in China's A-share Market

中文关键词:  盈余管理  IPO

英文关键词:earnings management  Initial Public Offerings

中文摘要:

      根据2001～2007年期间在我国上交所和深交所A股市场上市的422家IPO公司为研究样本进行分析,实证结果表明,A股发行公司IPO前盈余管理程度:(1)与风险投资、会计师事务所声誉、保荐制度的实施、财务杠杆、经营活动现金净流量等因素负相关;(2)与公司成长性、公司规模、董事长与总经理两职合一、管理层持股等因素正相关;垄断性行业的发行公司IPO前的盈余管理程度较低。但是,实证研究没有发现前十大保荐机构能够降低IPO前盈余管理水平的证据。

英文摘要:

      From the perspectives of external supervision,financial position,corporate governance,this paper investigates their intrinsic relationship with earnings management prior to IPO.Using a sample of 422 IPO firms in A-share market of Shanghai Stock Exchange and Shenzhen Stock Exchange during 2001-2007,the empirical result shows that the degree of earnings management prior to IPO year is negatively related with venture capital,reputation of audit firm,sponsor system,financial leverage,net cash flows in operating activities;that the degree of earnings management is positively related with the growth,the size of IPO firm,the chairman and CEO being identical,and managerial holding share;and that the degree of earnings management is lower for IPO firms in monopolistic industry.However,no evidence can prove that the Top 10 underwriters can decrease the degree of earnings management.