IPO、盈余管理与企业生命周期

IPO,Earnings Management and Enterprise Life-cycle

大量的文献研究通过运用传统的应计模型研究发现,企业的管理层在IPO当年会通过盈余管理调增可操控性应计,但传统的应计模型忽略了企业基本面的变化、企业生命周期、经理人事后预计的偏误和会计准则等因素的影响。当应计模型引入企业生命周期的代理变量后,运用1998-2008年期间上市公司的数据,可检验先前关于IPO企业正的可操控性应计是否会出现正向偏误。结果显示,当IPO企业按照生命周期分类后,处于上升阶段的IPO企业有显著的正向可操控性应计,而处于下降阶段的IPO企业则出现了显著的负向可操控性应计。

Through studies by means of traditional accruals models, many researchers find that enterprise management will increase CPA （ Can playability accrued） by earnings management in the year of IPO, but that Iraditional accruals mod- els ignore the impact of many factors such as fundamental changes in enterprises, enterprise life cycle, bias of managers af- terward expectations and accounting principles. By introducing the proxy variables of enterprise life cycles into accruals models and by using the data of the listed companies from 1998-2008, this study explores and examines the question of whether positive CPA has the positive bias. The results show that when IPO enterprises are categorized according to the life cycle, IPO enterprises progressing upward have significant positive CPA whereas IPO enterprises regressing downward have significant negative CPA.