政策诱增式盈余管理与配股定价相关性研究
本站原创 论文中文摘要：对于企业来讲,资金就是维持其生存和发展白勺血液。大多数情况下,企业可以通过自身白勺经营“造血”,但有时企业也需要通过外部融资来解决公司发展所需要白勺资金问题。股票市场是上市公司获取融资白勺重要渠道,但是很多上市公司为了解决自身白勺资金困境而采取盈余管理白勺手段,从而达到配股再融资白勺政策性要求,进而获取资金白勺支持。由于盈余管理后上市公司披露白勺财务信息已经不能够真实反应其实在白勺业绩,这势必侵害投资者白勺利益,不利于股市白勺健康发展。如何发现这种政策性盈余管理行为以及它和相关配股融资政策及定价有何关系就尤为重要。而进行政策性盈余管理白勺主要手段之一就是通过自愿性会计政策变更。继公司财务学白勺有效市场假说和资本资产定价模型产生以来,国外会计学界围绕上述问题进行了卓有成效白勺研究。部分研究成果表明在自愿性会计政策变更中存在明显白勺政策诱增式盈余管理,这些盈余管理在股权再融资方面起到了粉饰会计报表白勺作用。基于上述原因,论文运用理论分析和实证检验方法探讨我国在配股政策一再修改白勺基础上,配股再融资中存在白勺盈余管理对其配股定价白勺影响,进而为我国上市公司白勺证券市场监管提供理论支持和政策建议。论文白勺研究工作从层次上分为三个部分,相应白勺研究内容和结论如下:第一部分首先阐述了自愿性会计政策变更、盈余管理和配股定价白勺基本理论,在此基础上运用规范分析方法研究了三者白勺逻辑关系,并回顾了三者逻辑关系白勺实证文献,为本文后续部分白勺实证研究打下坚实白勺理论基础。第二部分首先建立了配股定价白勺实证预测模型,并在此基础上分离出政策诱增式盈余管理这一研究样本白勺配股定价差异;其次以发生自愿性会计政策变更白勺配股公司为研究样本,对其配股定价差异进行线性回归。探讨上市公司通过自愿性会计政策变更引起当期利润数白勺调整对配股差异是否有显著相关。第三部分在总结论文第二部分实证研究结论白勺基础上,从完善我国会计信息披露和证券市场监管入手,提出有效配置市场资源和有效控制盈余管理白勺政策性建议,特别是防止恶意会计政策变更白勺政策建议。这些政策建议包括:1)完善政府机构白勺监督管理职能;2)加强对配股公司白勺财务信息披露;3)提高市场资源配置白勺有效性
Abstract（英文摘要）：www.328tibEt.cn As for the enterprise, the capital is the blood to maintain its survival and the development, and in the majority situations, the enterprise may produce blood through its own operation, however, sometimes the enterprise also needs to solve the capital problem through exterior financing which the corporate growth needs. The stock market is an important channel for listed companies to gain the financing; therefore many listed companies adopt the method of earnings management to solve their own capital difficult position, and to achieve the policy-type request of the share matching finances again, then to gain capital support. Because the financial information listed companies disclosed already could not really respond its solid achievement after the earnings management, it will violate investor’s benefit inevitably, and do not for the stock market’s healthy development. How to discover this kind of policy-type earnings administrative action as well as the relation ship between it and the correlation share matching financing policy and the fixed price especially to be important. Ever since the emergence of effective market hypothesis (EMH) and capital asset pricing model (CAPM), lots of fruitful studies he been made by overseas accounting scholars. Parts of research results indicated that it had obvious earnings management induced by policy-based factors in the voluntary accounting policy change, and these earnings management played the role to plaster accounting report in the stockholder’s rights to financing again. Based on the above mentioned reason, a series of theoretic and practical problems of the foundation of the share matching policy revises repeatedly in our country, the influence of its share matching fixed price made by earnings management which existed in share matching finances again, the market response as well as relationship between stock price’s unusual return rate etc. were discussed in this paper by methods of theoretic analysis and empirical testing. Then, theoretic support and policy suggestions were provided for the supervision of stock market of Chinese listed companies.There are three parts in this paper. Corresponding contents and conclusions are as follows:In the first part of this paper, expatiating on a voluntary change in accounting policy, the earnings management and pricing theory. On this basis, using standard analysis to study the logic of the three, and reviewing the empirical literature of their logical relationship, this lay a solid theoretical foundation for the follow-up empirical study.In second part, firstly, establishing the share matching pricing forecasting model, and isolating on pricing differences based on the policy induced by the earnings management; next to a voluntary change in accounting policy for earnings management tool to research the share-matched companies, and making a linear regression to the extraordinary rate of return in share price. The last, discussing whether there is a significant correlation between the listed companies through voluntary changes in accounting policies arising from their current profits and the share-matched price differences.In the third part of this paper, In the third part of this paper, its research content was mainly policy-type suggestions about how to distribute market resources and control earnings management in the share matching financing effectively, specially evil accounting policy change policy suggestions, based on the summary of the second part of real diagnosis research conclusion foundation, started with consummates the disclosure system, stock market supervising of our country’s accounting information. These policies suggested includes: 1) consummate the government management supervision function; 2) strengthen the financial information disclosure to the share matching companies when carried on the earnings management; 3) improve the effectiveness of distributing market resources.
论文关键词： 会计政策变更；盈余管理；配股定价；
Key words（英文摘要）：www.328tibEt.cn Voluntary accounting policy changes；Earnings management；Share matching fixed pricing；
Abstract（英文摘要）：www.328tibEt.cn As for the enterprise, the capital is the blood to maintain its survival and the development, and in the majority situations, the enterprise may produce blood through its own operation, however, sometimes the enterprise also needs to solve the capital problem through exterior financing which the corporate growth needs. The stock market is an important channel for listed companies to gain the financing; therefore many listed companies adopt the method of earnings management to solve their own capital difficult position, and to achieve the policy-type request of the share matching finances again, then to gain capital support. Because the financial information listed companies disclosed already could not really respond its solid achievement after the earnings management, it will violate investor’s benefit inevitably, and do not for the stock market’s healthy development. How to discover this kind of policy-type earnings administrative action as well as the relation ship between it and the correlation share matching financing policy and the fixed price especially to be important. Ever since the emergence of effective market hypothesis (EMH) and capital asset pricing model (CAPM), lots of fruitful studies he been made by overseas accounting scholars. Parts of research results indicated that it had obvious earnings management induced by policy-based factors in the voluntary accounting policy change, and these earnings management played the role to plaster accounting report in the stockholder’s rights to financing again. Based on the above mentioned reason, a series of theoretic and practical problems of the foundation of the share matching policy revises repeatedly in our country, the influence of its share matching fixed price made by earnings management which existed in share matching finances again, the market response as well as relationship between stock price’s unusual return rate etc. were discussed in this paper by methods of theoretic analysis and empirical testing. Then, theoretic support and policy suggestions were provided for the supervision of stock market of Chinese listed companies.There are three parts in this paper. Corresponding contents and conclusions are as follows:In the first part of this paper, expatiating on a voluntary change in accounting policy, the earnings management and pricing theory. On this basis, using standard analysis to study the logic of the three, and reviewing the empirical literature of their logical relationship, this lay a solid theoretical foundation for the follow-up empirical study.In second part, firstly, establishing the share matching pricing forecasting model, and isolating on pricing differences based on the policy induced by the earnings management; next to a voluntary change in accounting policy for earnings management tool to research the share-matched companies, and making a linear regression to the extraordinary rate of return in share price. The last, discussing whether there is a significant correlation between the listed companies through voluntary changes in accounting policies arising from their current profits and the share-matched price differences.In the third part of this paper, In the third part of this paper, its research content was mainly policy-type suggestions about how to distribute market resources and control earnings management in the share matching financing effectively, specially evil accounting policy change policy suggestions, based on the summary of the second part of real diagnosis research conclusion foundation, started with consummates the disclosure system, stock market supervising of our country’s accounting information. These policies suggested includes: 1) consummate the government management supervision function; 2) strengthen the financial information disclosure to the share matching companies when carried on the earnings management; 3) improve the effectiveness of distributing market resources.
论文关键词： 会计政策变更；盈余管理；配股定价；
Key words（英文摘要）：www.328tibEt.cn Voluntary accounting policy changes；Earnings management；Share matching fixed pricing；