客户集中度风险与IPO企业盈余管理

Customer Concentration,IPO Earnings Management and Post-IPO Performance

客户关系能直接影响企业的生存与发展。主要客户能够为IPO企业提供鉴定作用,也可能增加IPO企业的经营风险。本文研究表明,IPO企业的客户集中度越高,上市当年进行向上盈余管理的水平越高。进一步研究表明,客户集中度高的IPO企业会同时进行应计盈余管理与真实盈余管理。

Customer relationship can directly affect a company’s survival and development. Though a major customer can act as the role of certification during the IPO of its supplier,certain character of major customer can also do harm to the supplier. High customer concentration can bring risks to the operation of the supplier. This study shows that the higher customer concentration is,the management of the supplier is more likely to use earnings management to increase profits during the IPO. Both accrual- based earnings management and real earnings management methods are used during the IPO.