股权分置改革与IPO前后盈余管理行为研究被引量：8

The Impact of Split-share Structure Reform on the Earning Management Between Pre-IPO and Post-IPO

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摘要 IPO过程中是否存在向上盈余管理是研究者和政策制定者持久关注的话题,动机和机会是影响IPO过程盈余管理行为的重要因素,本文以股权分置改革为契机检验了制度变迁所导致的决策主体利益函数变化对IPO过程盈余管理行为的影响。研究发现,由于IPO过程严苛的法律监管和高额的法律风险,IPO前向上盈余管理幅度显著低于IPO后的盈余管理幅度,上述现象在股权分置改革之后更为明显,而这种现象主要存在于获得实质性流通权的民营上市公司当中。这意味着,股权分置改革改变了大股东的盈余管理动机和盈余管理行为模型,未来监管的重点应该后置,需要特别关注最终控制人股票限售期期满之时的会计质量。 Whether earning management exists in relation to IPO is one of hot topics for researchers and supervisors. This paper studies the impact of split-share structure reform on the earning management between pre-IPO and post-IPO. We find that the earning management during pre-IPO is lower than that ofpost-IPO and it is more salient after split-share structure reform. And we find the relationship between split-share structure reform and earning management only exists in private companies. These findings mean that the focus of supervision should transform to post-IPO.

作者方军雄

机构地区复旦大学管理学院会计系

出处《证券市场导报》 CSSCI 北大核心 2016年第2期28-37,77,共11页 Securities Market Herald

基金国家自然科学基金"制度环境公司治理与高管治理机制有效性"和国家自然科学基金"政府控制市场化进程与上市公司高管薪酬契约有效性"的阶段性成果

关键词 IPO 盈余管理股权分置改革 IPO, eaming management, split-share structure reform

分类号 F832.5 [经济管理—金融学]

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