板块差异、上市效应与盈余质量研究——来自创业板和中小板的证据

Differences between Boards,IPO Effect and the Earning Quality Research: Evidences from ChiNext and SME

本文以中小板与创业板近两年首发上市的公司为样本,研究公司首发上市与盈余质量之间的关系。研究发现,公司上市前一年盈余操纵的程度显著下降,但创业板公司盈余操纵程度大于中小板公司。虽然盈余操纵行为推高了发行价,但投资者的认购热情未受到影响,首日投资回报取决于投资者情绪,与盈利能力及成长性无关。首发上市时的盈余操纵程度随着第一大股东持股比例的增加而降低,但董事长兼总经理的现象导致盈余质量下降,而机构投资者和会计师事务所也未能显著提高盈余质量。创业板公司盈余质量整体上低于中小板公司,但规模大、成立时间长的公司盈余质量相对较高。

Using IPO companies in the past two years in ChiNext and SME as samples, we studied the relationship between IPO and earning quality. The result shows that the magnitude of Companies＇ earnings manipulation decreases in the year prior to IPO, and it is higher in ChiNext than that of SME. Although the behavior of earnings manipulation increases issue price, investors subscription enthusiasm is not affected by it. The return in the first day of listing depends on investors＇ enthusiasm, and has no relationship with companies＇ profitability and growth. With the increase of share held by the largest shareholder, the magnitude of IPO earnings manipulation will decrease, but the combination of chairman and CEO leads to the decrease of earnings quality. The existence of institutional investors and choice of CPA firms cannot increase IPO earnings quality significantly. The overall IPO earnings quality in ChiNext is lower than that of SME, but the larger the size and the longer the establishment of the company, the higher the earnings quality.