中小板企业IPO的盈余管理行为研究.docxVIP

一 ^ ReseaJ：Ch 0t the earnings management behavlor by smal上 and medium-size enterprisesboard firms in the IPO Major：Public Finance Name：Xie Hengqiang Supervisor：Long Zhaohui ABSTRACT There are many research findings on earnings performance and management surrounding a firm’S Initial Public Offering(ipo)at home and abroad．These researches include the study on developed countries’ share，Chinese B-share and H—share，Chinese A-share，and have come to the same or similar conclusion：firms’earnings performance is good before IPO but decline after IPO：firms have earnings management behavior before IPO．Small and medium-size enterprises board is a new member of Chinese A-share，and smal l and medium-si ze firms have i ts own unique growth potential，especially after nearly two decades’development on Chinese A—share market and under the new system and economic environment，we believe that the earnings performance surrounding small and medium-size enterprises board firms’IPO have new features and also implicit reasons for the features．Thi s study examines earnings performance and management surrounding small and medium-size enterprises board firms’IPO．We find： 1，based on the test samples，it is observed that during the examined period the earnings of small and medium-size enterprises board firms peak two years before the IPO year，then decline in the following years，which i s not a classic inverted V—shaped trend：2，through empirical analysi s， we didn’t find any evidence on earnings management before small and medium-size enterprises board firms’IPO；3，through the study of the declining earnings performance during the period of analysis，we find the firms absorbed by small and medium-size board didn’t achieve the desired development objectives． Key Words：earnings management，IPO，small and medium-size enterprises board m