中国上市公司股权再融资与盈余管理相关性研究

摘要股权再融资期间上市公司的盈余管理行为在这些年一直是国内学者研究的重点。本文采用了应计项目操控模型，研究我国上市公司在股权再融资期间的盈余管理行为及其对公司业绩的影响。本文选取了在沪深两市配股与增发的上市公司进行研究，具体研究时段是股权再融资当年的前两年至后四年，一共七年。研究发现，在股权再融资过程中，我国上市公司存在通过应计项目操控模型进行盈余管理的行为，并且研究发现该行为会对上市公司短期业绩造成较大负面影响，对长期业绩却无明显影响。83006

毕业论文关键词股权再融资盈余管理业绩

毕业论文外文摘要

Title Reasearch on the Relationship between Seasoned Equity Offering and Earnings Management of Chinese Listed Companies

Abstract The earnings management behavior of listed companies during the period of equity refinancing has been the focus of the research in China。 In this paper, we use the accrual manipulation model to study the earnings management behavior of listed companies in China during the period of equity refinancing and its impact on the performance of the company。 This paper selects the listed companies which rationed and secondary shares during 2009-2010 in Shanghai and Shenzhen stock allotment。 The specific study period is two years before and four years after equity refinancing, a total of seven years。 Study found that during the equity refinancing process, the listed companies in our country had the behavior of earnings management, and the behavior will cause a significant negative impact on their short-term performance of listed companies,but has no effect on the long run。

Keywords Seasoned equity offering Earnings management Performance

1 绪论 1

1。1研究背景 1

1。2研究意义 1

1。3研究基本框架 2

2股权再融资与盈余管理文献综述及理论分析 3

2。1国外文献回顾 3

2。2国内文献回顾 4

2。3再融资的方式 5

2。4盈余管理产生的理论基础 5

3我国再融资状况 6

4实证设计 12

4。1样本选择 12

4。2研究假设 12

4。3变量选择以及模型设计 12

4。3。1应计利润模型设计 12

4。3。2多元回归模型设计 14

4。3。3可操控应计利润对公司股权再融资后的业绩影响的实证设计 14

5实证研究过程及结果分析 15

5。1应计利润操控模型分析 15

5。2多元回归分析 16

5。3盈余管理对公司的业绩影响 17

6结论及建议 19

6。1研究结论 19

6。2研究建议 19

6。3研究局限 20

致谢 21

参考文献中国上市公司股权再融资与盈余管理相关性研究:http://www.youerw.com/kuaiji/lunwen_97615.html