中国IPO公司盈余管理的实证研究基于行业视角.docx

中国IPO公司盈余管理的实证研究一基于行业视角 ABSTRACT Earnings Management is becoming a forefront research topic in the international economics and in the accounting academy since 1980s; furtheermore, it is a worldwide complicated problem. Earnings Management in Chinese listed companies is so prevale nt that is has brought a negei tive impeic t on the no rmal functioning of the marke t econo my. This paper aims at providing di rec tion for inves tors and policy recommendations for government supervision departments by means of positive comparison studies on Earnings Management among industries Based on the basic theory of Earnings Management, EM motives and EM means in Chinese listed companies, the paper takes use of a New Accruals Models to study IPO firms data of 14 industries from 2000 to 2007. The paper has verified 3 Earnings Management is highly universal in 14 industries in China. 2Direction of earnings management: 14 sectors are taking on a positive Eeirnings Management, which means that al 1 of TPO firms tend to make more earnings. 3Degree of Earnings Management: IPO firms do significantly earnings management in IPO next year and before. The magnitude of earnings management is an average of 6% of the beginning total assets in IPO year and before. This means IPO firms in China not only take on Earnings Memagement but also the extent of Earnings Management is quite high. Finally the study puts forward 3 pol icy recommendeitions: making better governance strueture, improving traditional accounting model, improving disclosure system of finemcial information Firms, Industries Perspective II目录 摘要I ABSTRACT II 目录?111 1绪论? 1 1研究背景与研究意义??1 1.2木文的创新点??2 1.3研究方法和论文架构??3 2 IP0公司盈余管理的理论基础、动因及方法.5 1 IP0公司盈余管理的基本理论5 2.2国内外研究文献综述??9 2.3我国首次公开发行股票中法律制度及相关规定? 13 4屮国IP0公司盈余管理的主要方法…14 3研究设计18 1研究假设??18 3.2变量定义??19 3.3实证模型的选择?? 20 3.4样本的选取和数据來源??23 4实证分析25 4.1样本公司的行业描述统计?25 4.2 IPO样木公司主要财务指标描述性分析26 3各行业变量间相关性分析?30 4.4模型回归结果及分析32 5研究结论及政策建议.39 1研究的主要结论??39 5.2启示与建议?40 5.3局限性及后续研究方向?? 43 注释.45 III参考