盈余管理、股权再融资与公司业绩表现

EARNINGS MANAGEMENT,SEASONED EQUITY OFFERINGS AND CORPORATE PERFORMANCE

在公司股权结构集中的情况下,控股股东实施盈余管理并进行股权再融资后会引起公司利润回调,并可能对公司长期经营能力造成影响。本文以沪深两市实施股权再融资的A股上市公司为样本,研究发现盈余管理导致公司股权再融资后业绩下降。进一步地,在热发市场中公司实施盈余管理的幅度更大,引起股票错误定价的程度更高,导致股权再融资后会计业绩和市场业绩下滑的作用更为明显。此外,在发生控股股东股权稀释的公司中,盈余管理引起公司股权再融资后业绩下降的程度更为严重,这表明控股股东利用股价高估的"机会窗口"侵占外部投资者利益的动机非常强烈。

In the case of highly concentrated ownership, there are internal links among earnings man- agement of the controlling shareholder, the window of opportunity and the use efficiency of the raised funds, which all have joint effects on the corporate performance after SEO. Using the A-share listed com- panies in Shanghai and Shenzhen stock markets refinancing in 2007--2011 as our sample, we investigate why the corporate performance declines after SEO from the perspective of earnings management, timing of financing and misuse of raised fund from. Further research show that listed firms in the hot market would implement a greater magnitude of earnings management, causing larger mispricing of firm＇s stock. Consequently, the decrease of accounting and market performance is more significant. We also find the controlling shareholder is more inclined to implement earnings management and misuse the raised funds in the listed companies with serious agency problems, which will adversely affect the performance after SEO.