股票定向增发、盈余管理与公司的业绩滑坡——基于应计项目操控与真实活动操控方式下的研究

Equity Private Placement,Earnings Management and the Decreased Performance of China Listed Companies Based on Accruals Manipulation and Real Activities Manipulation

本文采用了应计项目操控与真实活动操控两种模型研究了我国上市公司定向增发新股过程中盈余管理行为以及之后的业绩表现,结果发现:中国上市公司在定向增发过程中会同时使用应计项目操控与真实活动操控两种盈余管理方式;进一步研究发现应计项目盈余管理会导致上市公司定向增发后业绩的短期滑坡,真实活动盈余管理会引起公司业绩的长期滑坡,真实活动盈余管理是上市公司定向增发之后业绩滑坡的主要原因。

This paper adopts two models of accual manipulation and real activities manipulation to research the earnings management in the process of equity private placement of China＇s listed companies and the later result performance. It finds that China＇s listed companies will use the two manners of accual manipulation and real activities manipulation at the same time in the process of equity private placement; Further study finds the accual manipulation will cause the result decline in a short term and the real activities manipulation will cause the result decline in a long term. The real activities are the key reasons which cause result decline after equity private placement of listed companies.