摘要
盈余管理是公司在遵循会计准则的基础上,通过对外报告的会计收益信息进行控制或调整,以达到主体自身利益最大化的行为,公司上市后的股权再融资(Secondary Equity Offering,SEO)中通常会存在盈余管理。本文通过横截面估计方法,对2006年至2008年间有股权再融资的公司进行操控性利润的分离估计和检验,验证其是否存在盈余管理现象,并通过上市公司的盈利数据及累计超常收益率的回归检验,揭示市场对股权再融资和非股权再融资两类公司公布的财务状况的反应。
Earnings management is recognized as attempts by management to influence or manipulate reported earnings by using specific accounting methods, Earnings management is usually with seasoned equity offerings. Based on cross section data, The paper examines if the listed companies manage earnings during their SEC. As the announcement of an SEC signals earnings management, the paper also examines the market reaction to the SEC through regression analysis.
出处
《科学决策》
2009年第10期53-62,共10页
Scientific Decision Making
关键词
盈余管理
股权再融资
上市公司
earning management
secondary equity offering, SEO
listed company
