并购完成公告择机、盈余管理与并购当期绩效——基于上市公司季度报告的实证

M&A Completion Announcement Timing, Earnings Management and the Current Performance of M&A——An Empirical Study Based on Quarterly Reports of Listed Companies

本文基于2009~2014年中国上市公司季度报告,研究公司并购完成公告发布的择机行为对并购后盈余管理的影响,以及并购后盈余管理对并购当期绩效的影响。结果表明,相比于前三个季度,公司管理者在第四季度存在多发布并购完成公告的择机行为;同时,在第四季度发布并购完成公告的并购公司包含了比其他季度更多的盈余管理,特别地,管理者在第四季度操纵盈余时倾向于利润调增;并购后盈余管理的调增对第四季度并购当期绩效的提高具有显著的促进作用。

This paper studies the influence of the company's M&A completion announcement on the earnings management after the M&A,and the effect of earnings management on the current performance of M&A based on the quarterly report of China's Listed Companies in 2009-2014.The research results show that, compared to the first three quarters, the company managers issue more completion announcements of M&A in the fourth quarter. At the same time, the companies which issue completion announcements of M&A in the fourth quarter contains more earnings management behavior than that in the other quarters.In particular, managers tend to increase profits in the fourth quarter when they manipulate earnings.What's more,the earnings management after M&A increases the performance of the fourth quarter of the year by the end of the year, which has a significant role in promoting the improvement of the current performance.