IPO企业盈余管理的实证检验

Empirical Examination of Earnings Management by IPO Firms

盈余管理是导致IPO企业发行之后业绩下滑的重要原因。提出一种新的盈余管理检验模型,现金流——收益模型,研究了企业首次公开发行股票前后的盈余管理行为,IPO企业在发行的前一年以及发行的当年有人为调增利润现象,而在发行后的第2年存在人为调减利润现象。

Earnings management is an important reason for the decline in postissue operating performance of initial public offerings (IPO) firms.A new model to detect earnings management is developed which is labeled the 'cash flow-earnings model' and the earnings management before and after the initial public offerings is studied. The earnings are overstated in the fiscal year prior to the IPO and the year of IPO, and understated in the second fiscal year posterior to the IPO. 