约束条件、IPO盈余管理方式与公司业绩——基于应计盈余管理与真实盈余管理的研究

Restraint Condition,IPO Earnings Management and Corporate Performance——Viewpoint from Accruals and Real Earnings Management

IPO盈余管理问题一直是资本市场研究的热点议题之一,本文考察了IPO企业的盈余管理方式及其对公司业绩的影响,并进一步探讨了在一定约束条件下,不同盈余管理方式对发行定价的作用。研究发现,IPO企业不仅实施了应计盈余管理,而且实施了真实盈余管理;IPO企业对盈余管理方式的选择是在发行价最大化原则下权衡的结果,当公司面临的法律保护水平较低、处于管制行业、审计师为非国际"四大"时,选择真实盈余管理更有利于提高股票发行价。此外,本文发现不同盈余管理方式对公司未来业绩的影响存在一定的差异,应计盈余管理主要影响公司的短期业绩,而真实盈余管理将会对公司的长期业绩产生较大影响。

Earnings management for IPOs is always a hot topic in the research of capital market.This paper examines both the accrual-based and real earnings management activities for IPOs,and their effects on corporate performance.Furthermore,considering certain restraint conditions,the paper also investigates the influences of earnings management on the firms' stock issue prices.We find that these firms conduct accrual-based as well as real earnings management activities for their IPOs.For IPO firms,the choice of real versus accrual-based earnings management depends on how to maximize their IPO pricing.In the presence of Non-Big Four auditors,poor legal protection,or being in regulated industries,firms prefer to conduct real earnings management in order to improve IPO pricing.Moreover,our research shows that accrual management leads to performance decline in the short run,while the real earnings management activities may harm the long-run performance.