【作者】 姚明龙； 张丹敏； 邱雅雯；

【Author】 YaoMinglong1,Zhangdanmin2,QiuYawen3 (1&3.Zhejiang University,310058;2.Zhejiang Shuren University,310015)

【机构】 浙江大学管理学院； 浙江树人大学管理学院；

【摘要】 本文以2004年中小板设立至2007年期间156家制造业类中小板IPO公司为样本,用可操纵应计利润作为盈余管理的替代变量,考察了IPO前后的盈余管理行为,及其对公司经营绩效和公司股票后期市场表现的影响,得出了以下结论:样本公司在IPO前一年和IPO当年存在显著大于零的可操纵应计利润,盈余管理在IPO当年达到最高值,并在IPO后一年回落至正常水平;IPO当年的盈余管理程度与IPO后一年绩效的下降显著相关,但对其他年份绩效的下降不具解释力;本文未发现IPO当年可操纵应计利润与IPO后一年公司市场回报率之间的显著负相关关系。更多还原

【Abstract】 This paper examines the sample of 156 IPO issuers listed on the Small and Medium-Sized Enterprise (SME) Board during the period of 2004-2007. After the study of earnings management and its relationship with the corporation s subsequent operating performance and market performance,this paper provides evidence that IPO issuers in the sample proceed significant earnings management in the year before IPO and the IPO year,and that issuers with higher level of earnings management experience poorer in the year after IPO. But there is no evidence indicates a significantly negative relationship between high level of earnings management and subsequent market return.更多还原