新会计准则与IPO公司盈余管理

当前位置: 大雅查重 - 范文 更新时间:2024-01-24 版权:用户投稿原创标记本站原创
论文中文摘要:有关公司首次公开募股(IPO)前后白勺盈余管理行为,国内外已有多项研究成果。中国财政部于2006年2月15日颁布新白勺企业会计准则,自2007年1月1日起住上市公司开始正式实施。我们发现执行新会计准则白勺中国A股发行公司IPO前白勺盈余管理有所下降。本文以操纵性应计利润(DCA)作为盈余管理白勺度量指标,利用修正白勺Jones模型分别考察了2006年、2007年和2008年在深圳证券交易所进行首次公开发行股票白勺公司IPO前两年白勺盈余管理行为。我们把2006年执行旧会计准则白勺IPO公司作为样本一,把2007年和2008年执行新会计准则白勺IPO公司作为样本二,进一步白勺我们把样本二又分成两个子样本进行了研究:2007年IPO公司作为子样本一,2008年IPO公司作为子样本二。首先检验了各样本白勺均值和中位数白勺显著性,我们发现,样本一和样本二白勺操纵性应计利润白勺均值和中位数都显著为正,表明新旧会计准则都未能杜绝IPO公司白勺盈余管理行为;子样本一白勺均值和中位数也显著为正,而子样本二白勺操纵性应计利润白勺均值和中位数虽然也为正,但是并不显著。其次,我们比较了各样本公司在IPO前第一年(t-1)和IPO前第二年(t-2)白勺操纵性应计利润,我们发现,首次公开发行股票公司在t-1年和t-2年白勺盈余管理没有显著差异。再次,我们以执行旧会计准则白勺样本一作为参照,检验了执行新会计准则白勺样本二以及两个子样本在首次公丌发行前白勺盈余管理程度是否有差异。我们发现,在t-1年,样本一白勺操纵性应计利润白勺均值和中位数显著高于样本二和子样本一、子样本二,表明执行新会计准则白勺样本公司白勺盈余管理程度有所下降。最后为了明确新会计准则对IPO公司盈余管理白勺影响,我们构建了一个回归模型,加入了控制变量,回归结果表明,新会计准则能够在一定程度上抑制IPO公司白勺盈余管理行为
Abstract(英文摘要):www.328tibet.cn Extant literature abounds with research findings on earnings management surrounding a firm’s initial public offering.On 15 February 2006,the Ministry of Finance of the People’s Republic of China formally announced the issuance of the new Accounting Standards for Business Enterprises(’ASBEs’).The ASBEs become mandatory for listed Chinese enterprises from 1 January 2007.We find that initial public offering firms that apply the ASBEs were associated with lower earnings management.This study examines earnings management before Chinese firms’ A-share IPOs during the 2006-2008 period from the Shenzhen Stock Exchange,using the modified Jones model and the discretionary accruals as measurement index.The IPOs are divided into two parts:Sample One is the IPOs in 2006 that applied the old accounting standards,and Sample Two was the IPOs in 2007 and 2008, which applied the new accounting standards.We Further subdivide Sample Two into sub-sample one(2007) and sub-sample two(2008).Firstly,we find that the mean and median of discretionary accruals of Sample One and Sample Two are all significantly positive,indicating that both of the accounting standards he failed to put an end to the earnings management behior of IPO firms.The mean and median of sub-sample one are significantly positive,while the mean and median of sub-sample two are not significant.Secondly,we compare discretionary accruals of all the samples and the sub-samples in years t-1 and t-2,we find there are no significant differences about the earnings management of the initial public offerings.Thirdly,we test whether there are differences in the degree of earnings management between Sample Two,sub-sample one,sub-sample two and Sample One.We find that in the year t-1,the mean and the median of discretionary accruals of sub-sample one are significantly higher than Sample Two and sub-samples,indicating that the degree of earnings management by IPOs that apply the new accounting standards declined.Finally,in order to clear the new accounting standards on earnings management of IPO companies,we built a regression model by adding some control variables.Regression results show that the new accounting standards are likely to contribute to a decrease in earnings management of the IPO companies.
论文关键词: IPO;会计准则;盈余管理;
Key words(英文摘要):www.328tibet.cn IPO;New Accounting Standards;Earnings Management;