并购前后股票价格与盈余管理
时间:2019-12-07 10:39 来源:毕业论文 作者:毕业论文 点击:次
| 摘要并购作为上市公司资本运作和战略运营的重要手段之一，存在着极大的风险性。而财务决策作为其中的关键一环成为管理者博弈的焦点。近年来管理层通过操纵对外报告中会计收益的信息以使并购中自身利益最大化的行为愈演愈烈。本文选取年我国沪深 A股62 家发生并购的上市公司作为实证研究对象， 将并购中的盈余管理行为与并购前后上市公司的股价联系起来，探索二者内在联系。结果显示，盈余管理能够在一定程度上解释并购活动不同阶段的异常收益。并购前，管理层会利用盈余管理来增加盈余，使得股价被高估，在换股并购中降低收购成本；并购后，之前被修饰的盈余会逐渐转回，造成并购后企业的长期绩效低下，股价降低。42300 毕业论文关键词 盈余管理 并购 股权支付 股票价格 Title Stock price and earning management around Merger & Acquisition Abstract The M&A transaction,as one of the most important means of capital utilization and corporatestrategy operation for public companies,faces significant risks.And financial decision-making isbecoming a key section when corporate management focus more on this part.In recent years,theactions of bidders that engage in earnings management through aggressive accrual reporting tomaximize their interests during M&As is getting more normal.The paper explores theinter-relationship between stock prices and earnings management by bidders in the context ofthe Chinese stock market.The results show that earnings management prior to a deal doesindeed affect stock prices and have implications for the pattern of abnormal returns documentedat different stages of the M&A transactions.During the period leading up to the bid,theempirical results show that managements engage in earnings management in order to inflateearnings and induce overvaluation as a cheap acquisition currency.During the post-mergerperiod,the results show that accrual mispricing induced by management is reversegradually,partly predicting the acquirers’ negative return in the long-run. Keywords earnings management; mergers and acquisitions; equity-financed payment 目次 1引言.1 1.1选题背景.1 1.2研究目的和意义1 1.3.1并购前后股票价格的国内外研究现状2 1.3.2盈余管理与股份支付并购的研究现状3 1.4研究思路与框架4 2基本理论与方法介绍5 2.1盈余管理基本理论及度量方法5 2.1.1盈余管理的概念及手段5 2.1.2盈余管理的动机6 2.1.3盈余管理的度量方法7 2.2并购中股价收益基本理论及度量方法8 2.2.1并购中股价收益基本理论8 2.2.2股价收益的度量方法9 3.关于并购前后股价与盈余管理的实证研究11 3.1研究假设...11 3.2样本选择与数据说明..11 3.3实证结果...13 3.3.1修正琼斯模型的回归参数..13 3.3.2盈余管理与并购公告阶段股票收益..14 3.3.3盈余管理与企业长期股票收益..15 4结论与建议...17 4.1研究结论...17 4.2相关建议...17 致谢.19
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