核准制与IPO公司利润操纵问题研究——基于沪市的实证分析

【作者】 李弢；

【导师】 潘琰；

【作者基本信息】 福州大学 ， 会计学， 2003， 硕士

【摘要】 中国证券市场经过十几年的发展已经具有了相当的规模，但与之相伴随的问题也层出不穷，IPO公司的利润操纵行为就是其中一个。本文结合核准制在中国的实施，考察了1998－2002年5月31日间中国A股发行公司IPO过程中的利润操纵行为，以检验该时期与公开发行股票有关的监管措施的实施对首次公开募股（IPO）公司的影响。本文以实证研究为主，力图做到实证研究与规范研究相结合。在对A股发行公司IPO过程中的利润操纵行为进行实证检验之前，本文首先尝试运用信息经济学的知识对上市公司利润操纵的成因进行深入的分析，并在此基础上对盈余管理和利润操纵这两个相关但有极易混淆的概念进行界定。而后，本文运用修正的DeAngelo模型对选取的141家IPO公司进行实证分析，通过分析发现从总体上来讲核准制实施前后中国公司在IPO过程中利润操纵程度并无显著变化，也就是说，以核准制为代表的对公开发行公司IPO过程中的监管未产生明显的效果。最后，针对实证分析所得出的结论，主要从新制度经济学的视角出发，运用其中的制度变迁理论对实证结论进行规范分析，并提出相应的政策建议。更多还原

【Abstract】 China’s stock market has developed greatly during the past over one decade, but with several problems accompanied like earning manipulation of IPO (Initial Public Offering). Based on the implementation of the System of Approval in China, and researched the manipulating behaviors by A shares companies during IPO procedure in China from 1998 to May 31, 2002, the thesis analyses the effect of implementation of regulations concerned with public issue to IPO.Based on the positive research, the thesis aims to the combination of positive research and normative research. Before our positive exam toward earnings manipulation of A-share offering companies, the paper firstly analyzes the reason of listed companies’ earnings manipulation with information economics, and then specifically explain and strictly define the related but confused conception of earnings management and earnings manipulation. Through the actual analysis of selected 141 IPO companies with amended DEANGELO MODEL, there is no particular change in earnings manipulation during IPO procedure before and after the implement of approval system, that is, there is no obvious effect in supervision towards public offering companied. Finally, the author will submit the concerned suggestions after the normative analysis utilizing the institutional change theory.更多还原