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

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。

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 finns in A-share market of Shanghai Stock Exchange and Shenzhen Stock Exchange during 2001 - 2007, the empirical result shows that the degree of eamings management prior to IPO year is negatively related with venture capital, reputation of audit finn, 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.