股权再融资、盈余管理与产权性质

Seasoned Equity Offering, Earnings Management and the Nature of Property Rights

本文以2002-2012年期间进行股权再融资(包括配股和增发)的上市公司为样本,采用修正的Jones模型,研究SEO公司的盈余管理以及不同产权性质SEO公司的盈余管理程度。研究发现,上市公司在SEO前存在盈余管理行为;分组样本考察发现,民营上市公司正向盈余管理程度高于国有上市公司;回归结果表明,无论是2002—2012年期间的研究样本,还是新准则实施后的研究样本,与国有上市公司相比,民营上市公司的盈余管理程度都更高。本文的研究拓展了股权再融资与盈余管理问题的研究视角,验证了公司产权性质会影响公司行为特征。

This paper researches into the earning m ana gement and its degree in seasoned equity offering about listed companies which have different nature of property rights employing the modified Jones model. The result is that listed companied will manage its earnings before SEO. Compared to the state-owned companies, the private companies will manage its earnings before SEO more seriously. Whether it was the 2002-2012 sample period or the 2007-2012 sample periods, the conclusion is the same. This research broadens the view of SEO and earning management, verifying the relationship between corporate natures and earning management in SEO.