创业板盈利质量、市场绩效与盈余管理——来自创业板公司的经验证据

GEM Profit Quality, Market Performance and Earnings Management Empirical Evidence from GEM Companies

以创业板上市公司为对象,考察了其盈利质量与市场绩效和盈余管理行为的联系。研究发现,创业板市场没有功能锁定于公司的账面利润,盈利质量较高的创业板公司市场业绩较好;同时,高盈利质量会显著提升创业板公司在其后一年的市场业绩且程度相比前一年更为明显。此外,出于资本市场动机和契约性动机等因素,公司会主动采用应计项目盈余管理或真实项目盈余管理手段减少低盈利质量为企业带来的不利影响,而且这种情况下创业板公司似乎更倾向于采用真实项目盈余管理。

This article examines the relationship between its profit quality and market performance, which is earnings management behavior of GEM listed companies. The study finds that the GEM market has no function to lock in the company's book profit, and the GEM companies has better market performance with higher profit quality;At the same time, high profit quality will significantly increase the market performance of GEM companies in the following year and the extent of it is more obvious than the previous year. On the other hand, due to capital market and contractual motives, the company will actively adopt accrued project earnings management or real project earnings management to reduce the negative impact of low profit quality on the enterprise, and in this situation, GEM companies seem to be more inclined to adopt real project earnings management.