定向增发时的盈余管理研究--基于国有控股权视角

Earnings Management during Private Placement——under the perspective of State-owned Controlling Stake

本文以2011-2012年A股实施定向增发的公司作为研究样本,基于国有控股权视角,考察了定向增发当年企业的盈余管理行为。研究发现：国有控股股东在定向增发时存在盈余管理行为,且其程度显著强于非国有控股股东。定向增发对象不同时,盈余管理方向与国有控股权有关,当只有机构投资者认购时,国有控股股东倾向于向上盈余管理行为,而非国有控股股东多采用向下盈余管理行为。国有企业＂一股独大＂的股权结构更为盈余管理行为提供了契机。

On the basis of controlling stake in state-owned,we select A-share＇s company from 2011 to 2012 which took private placement implementation as samples,so as to study the behavior of earnings management during private placement. In this paper,the empirical results indicate that,state-owned controlling shareholders have earnings management behavior at the time of placement,and its extent significantly stronger than the non-state-owned controlling shareholder. When issued to different objects,the direction of earnings management is related to state-owned controlling stake. When only issued to institutional investors,state-owned controlling shareholders tend to upward earnings management behavior,rather than the non-state-owned controlling shareholder of downward earnings management behavior. The ownership structure of ＂only one big share＂ in state-owned enterprises provides an opportunity for earnings management behavior.