發(fā)布時間：2018-05-03 14:34

  本文選題：上市公司 + 公開增發(fā)新股　； 參考：《江西財經大學》2012年碩士論文

【摘要】：在我國現行的財務報告體系中,盈余信息一直是投資者在投資時關注的核心問題,我國企業(yè)會計準則要求使用權責發(fā)生制作為會計核算基礎,權責發(fā)生制賦予會計人員對收入、費用的主觀界定性,正是這樣的“主觀界定性”給上市公司的盈余管理行為帶來廣闊的空間。近年來,上市公司股權融資過程中的盈余管理行為,一直是學術界關注的熱點問題。國內外學者從不同角度對此進行了深入的理論分析和實證研究,得出了許多有意義的結論并形成了系統(tǒng)的理論,但是其研究對象大多針對由首次公開發(fā)行新股或配股引起的盈余管理,對于公開增發(fā)及定向增發(fā)新股前的盈余管理問題則研究不深。本文的寫作目的是通過對我國上市公司公開增發(fā)和定向增發(fā)新股前的盈余管理行為進行研究,揭示我國上市公司公開增發(fā)新股和定向增發(fā)新股前都存在盈余管理的現象,但兩者的盈余管理程度和方向存在差異。其中公開增發(fā)新股前存在正的盈余管理,而定向增發(fā)新股前盈余管理的方式與定向增發(fā)新股類型有關。本文的研究對于我國盈余管理的理論研究、監(jiān)管部門的政策制定以及投資者的投資決策行為等都具有十分重要的理論價值和現實意義。 本文通過對我國上市公司公開增發(fā)、定向增發(fā)新股前盈余管理的動機進行理論分析,認為上市公司為取得公開增發(fā)股票的資格,使發(fā)行順利完成以及獲得較高的發(fā)行價格和發(fā)行收入,有動機在公開增發(fā)前進行正的盈余管理。而定向增發(fā)新股的類型將影響中國上市公司盈余管理的方式。本文選取2006-2010年已經實施公開增發(fā)、定向增發(fā)新股的A股上市公司為研究樣本,對我國上市公司公開增發(fā)新股、定向增發(fā)新股前盈余管理的存在及方式進行了實證分析。實證結果表明,上市公司公開增發(fā)新股前存在正的盈余管理。定向增發(fā)新股前也存在盈余管理,其盈余管理的方式與定向增發(fā)新股類型有關。當向其控股股東及其子公司定向增發(fā)新股收購控股股東及其子公司的資產時,進行負的盈余管理；當向其他機構投資者定向增發(fā)新股募集資金時,進行正的盈余管理。 本文的主要內容安排如下：第一部分是引言,介紹論文的研究背景和意義以及本文擬要揭示的問題等。第二部分是文獻回顧,分別對國內外關于盈余管理的相關文獻進行了梳理,并對此進行了評述。第三部分是我國上市公司公開增發(fā)新股、定向增發(fā)新股前盈余管理的理論基礎,即本文的理論分析部分。文章首先對盈余管理的概念、特征、方式及其一般動機分別進行了闡述,接著從上市公司公開增發(fā)新股及定向增發(fā)新股前盈余管理的動機及方式兩個方面進行了理論分析,并提出相關假設。第四部分是我國上市公司公開增發(fā)新股與定向增發(fā)前盈余管理的實證研究,即本文的實證分析部分。文章首先利用樣本的時間序列分布情況初步驗證了理論假設,然后經過描述性統(tǒng)計,單變量分析及多元回歸模型進一步驗證了上市公司在公開增發(fā)新股與定向增發(fā)新股前存在盈余管理的行為。第五部分是研究的結論及政策建議。
[Abstract]:In the current financial reporting system in China, the earnings information has always been the core issue for investors to pay attention to. The accounting standards for enterprises in our country require the use of accrual basis as the basis of accounting. The accrual basis endows the accountants with the subjective nature of the income and cost. It is such a "subjective qualitative" to the listed company. In recent years, earnings management behavior in the process of equity financing in listed companies has been a hot issue in the academic field. Scholars both at home and abroad have carried out in-depth theoretical analysis and empirical research from different angles, and have drawn many meaningful conclusions and formed a systematic theory. Most of the research aims at the earnings management caused by the first public issue of new shares or shares, which is not deeply studied for the issue of earnings management before the open issuance and the directional issuance of new shares. The purpose of this paper is to reveal our country through the study of the earnings management behavior before the public addition and the orientation of the new shares of the listed companies in China. There is a phenomenon of earnings management before the public new shares and the new shares of the listed companies, but there is a difference in the earnings management and direction of the two. The theoretical research of the remaining management, the policy-making of the regulatory departments and the investment decision making behavior of investors are of great theoretical and practical significance.
Through the theoretical analysis of the motives of the public issuance of Listed Companies in China and the motivation of pre issuing new stock earnings management, this paper thinks that the listed companies are qualified to obtain the open additional stock, make the issue complete and obtain the higher issuance price and the distribution income, and have a positive earnings management before the public issuance. The type of new shares will affect the way of earnings management of Chinese listed companies. In this paper, we choose the A share listed companies that have issued new shares in 2006-2010 years as the research samples. There is a positive earnings management before the listed companies open the new shares. The earnings management also exists before the new shares. The way of earnings management is related to the type of new shares. When institutional investors raise funds in private placement, they make positive earnings management.
The main contents of this article are as follows: the first part is the introduction, the research background and significance of the paper and the problems to be revealed in this paper. The second part is the literature review, the relevant literature on earnings management at home and abroad is reviewed, and the third part is the public addition of the listed companies in China. The theoretical basis of earnings management before new shares, which is the theoretical analysis part of this article. First, the article expounds the concept, characteristics, ways and general motives of earnings management, and then divides the listed companies into two aspects: the public issuance of new shares and the motives and ways of the earnings management before the new share issuance. The fourth part is the empirical study on the earnings management of the listed companies in China, which is the empirical analysis of the earnings management before the directional addition. The paper first uses the time series distribution of the sample to verify the theoretical hypothesis, and then through the descriptive statistics, the single variable analysis and multiple regression model. Further verified the earnings management behavior of listed companies before the public offering of new shares and private placement of new shares. The fifth part is the conclusion and policy recommendations.

【學位授予單位】：江西財經大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F233;F832.51;F224

【引證文獻】

相關博士學位論文 前1條

1 溫琳;利益相關者集體選擇視角下的企業(yè)會計政策選擇研究[D];中國海洋大學;2013年

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本文編號：1838897