【摘要】 对我国创业板公司IPO过程中的业绩变化和盈余管理行为进行了研究,发现"新股发行之谜"也存在于我国创业板上市公司IPO中,创业板上市公司IPO前后均进行了盈余管理,包括应计盈余管理和真实盈余管理。相对应计盈余管理,真实盈余管理对我国创业板上市公司IPO后业绩的负面影响更为严重。真实盈余管理活动偏离了公司最优化决策,损害了公司的长期利益。因此,建议监管部门可以设置创业板差别化的准入标准,并适时推出注册制,继续完善我国创业板市场的退市制度,建立投资者保护制度。更多还原

【Abstract】 A study is made on the performance change in the process of IPO in China’s listed companies on GEM and earnings management behaviors.It finds that the "New Issuance Mystery" also exists in the IPO of China’s listed companies on GEM,with earnings management conducted both before and after IPO,including accrued and real earnings management.Compared with accrued earnings management,real earnings management has a more serious negative effect upon the performance after IPO in China’s listed companies on GEM.Real earnings management activities deviate from the optimization of decision-making,which has hurt the company’s long-term interests.Therefore,this paper proposes that the regulators should set up the differentiated access standards on GEM and launch the registration system in appropriate time to continue improving China’s delisting system on GEM and build up the investor protection system.更多还原