摘要
以2000年4月至2012年间的中国A股市场IPO公司为样本,实证检验了公司IPO耗时对选择两种不同盈余管理方式的影响。研究结果表明,IPO程序启动之后,公司操纵应计盈余管理程度会随着时间的推移而逐渐下降,而操纵真实盈余管理的程度会逐渐上升。进一步研究发现,IPO耗时较长的公司首日抑价率相对较高,上市后的经营绩效表现相对更差。本文研究结论为优化调整IPO发行制度提供了参考。
Taking the IPO companies of China＇s A-share markets from April 2000 to 2012 as a sample, this paper conducts an empirical test of the impact of the company＇s IPO time-consumption on the choice of the two different earnings management methods. The results show that after the IPO procedure is started, the degree of the accrued earnings management manipulated by the company will gradually decline over time, and the degree of manipulating the real earnings management will gradu- ally increase. Further research finds that companies with longer-time IPOs have a relatively higher ini- tial under-pricing rate, and their operation performance will be relatively poorer after listing. The con- clusions of this paper can provide some reference for optimizing and adjusting the IPO issuing system.
作者
张岩
ZI-IANG Yan(Jiangxi University of Finance and Economics,Nanchang 330013,China)
出处
《当代财经》
CSSCI
北大核心
2018年第8期111-121,共11页
Contemporary Finance and Economics
基金
江西省教育厅科技项目"家族涉入
战略行为与企业绩效"(GJJ170351)
关键词
首次公开发行
应计盈余管理
真实盈余管理
initial public offering
accrued earnings management
real earnings management
