配股政策的变更与上市公司盈余管理现象实证研究.docVIP

配股政策的变更与上市公司盈余管理现象的实证研究 ——基于1994—2007年一般上市公司数据分析 会计42班 田 水 指导导师 陈东平 摘要：盈余管理作为公司普遍使用的管理手段,受到中外学者的关注。本文通过选取1994-2007年一般上市公司的净资产收益率（ROE）数据作为样本，定性与定量研究相结合，利用频数、频率分布图法，针对我国历年来配股政策的变化，以配股政策变更对上市公司ROE分布的影响为切入点，对我国配股政策的变更与上市公司的盈余管理行为进行全面、系统的实证研究。具体研究我国上市公司的配股过程中是否存在盈余管理行为。并通过选取不同阶段的ROE数据,研究配股政策变更前后一般上市公司的ROE变化,发现上市公司存在着通过盈余管理的行为来调控收益以达到证监会的配股标准,并且随着配股政策的变更而变化。 关键词: 配股；盈余管理；净资产收益率；频率分布图。 Empirical Research on the General Listed Companies’ Earnings Management Phenomenon with the Alter of the Rights Issues Policy ——Based on the Analysis Listed Companies’ Dates between 1994 and 2007 Student of Accounting Tian Shui Tutor Chen Dongping Abstract：As the means of many companies, use earnings management is paid attention to by many scholars in the world. As the sample is the data of the general listed companies’ the Rate of Return on Stockholders’ Equity (ROE) during 1994 to 2007, the paper connects the natural and qualitative study, use the methods of chat of frequent and frequency-scatter, and aims at the change of our country’s share-rationing policy over the years resulted in the influenced distribution on the ROE, and it conducts comprehensively systematic quantitative investigation. When studying our companies’ earnings management, whether earnings management of the listed company exists in the process of rights issues should be studied at first. It is to be confirmed that listed company who have the rights issues adjust accountant earnings to fit the standard of CSRC through earnings management after comparing the sample companies with the dominated companies, and it changes with the change of the rights issues policy. Key Words: Rights Issues; Earnings Management; ROE; The Chat of Frequency-scatter. 以会计信息为基础的配股政策是中国证券市场诸多政策的一个典型缩影,在市场发展的十余年间历经数次变迁。因此, 历次配股政策的变迁对会计信息的影响形式作为一个经验证据, 能够展示以会计信息为基础的监管政策的潜在经济后果, 为以后的市场监管提供借鉴。在我国特有的上市公司配股机制中, 净资产收益率要求是最重要的硬性规定之一。 一、引言 研究背景 我国证券市场发展时间较短, 还属于弱型效率的市场, 市场无法有效地对配股公司进行选择。出于保护投资者利益以及维持市场有序运转的需要, 监管部门需要制定关于配股条件的规定, 以便把那些