上市公司并购、定向增发与盈余管理

Corporate M&A,Private Placement and Earnings Management

本文以我国上市公司2008-2014年重大资产重组事件为研究样本,从并购重组特定视角分析了上市公司定向增发融资决策的盈余管理行为及其对财务绩效与市场反应的经济影响。研究发现,上市公司并购前的盈余管理受到并购融资方式的影响,与非定向增发融资相比,上市公司通过定向增发融资实施并购前倾向于进行负向盈余管理,尤其在面向大股东及其关联方定向增发时更为明显。进一步从市场反应与财务绩效角度研究发现,定向增发对象以及并购前盈余管理对并购财富效应无显著影响,但是定向增发融资方式对上市公司未来财务绩效的改进有显著正面影响,并购财务绩效改进与盈余管理负相关,尤其是面向大股东及其关联方定向增发对上市公司财务绩效改进的负面影响更为明显,而且并购前的盈余管理进一步加剧了这种负面影响。

This paper analyzes the M&A events of public firms from 2008 to 2014,from the specific perspective of M&A tn explore the private placement financing decision of listed companies earnings management behavior and its economic impact on financial performance and market reaction.The results show that pre-M&A's earnings management is influenced by M&A financing choice.Compared with the company not have private placement,pre-M&A's public firms which choose private placement prefer negative earnings management,especially its targets are big shareholders and related.Further,from the perspective of accounting-based and market-based performance analysis shows that the target of private placement and pre-M&A's earnings management have no significant influence on M&A market performance,but private placement financing decision of listed companies have significantly positive influence on M&A accounting-based performance.Also,M&A accounting performance is negatively related to the earnings management.Especially,when its target are the big shareholders and related.private placement negatively influence on M&A's accounting performance is more apparent and pre-M&A of listed companies earnings management can add fuel to the negative effects