股权分置改革与IPO前后盈余管理行为研究 (Split-Share Structure Reform and Earning Management between Pre-IPO and Post-IPO)

23 Pages Posted: 3 Apr 2015

See all articles by Junxiong Fang

Junxiong Fang

Fudan University - School of Management

Date Written: March 30, 2015

Abstract

Chinese Abstract: PO过程中是否存在向上盈余管理是研究者和政策制定者持久关注的话题,动机和机会是影响IPO过程盈余管理行为的重要因素,本文以股权分置改革为契机检验了制度变迁所导致的决策主体利益函数变化对IPO过程盈余管理行为的影响。研究发现,由于IPO过程严苛的法律监管和高额的法律风险,IPO前向上盈余管理幅度显著低于IPO后的盈余管理幅度,上述现象在股权分置改革之后更为明显,而这种现象主要存在于获得实质性流通权的民营上市公司当中。这意味着,股权分置改革改变了大股东的盈余管理动机和盈余管理行为模型,未来监管的重点应该后置,需要特别关注最终控制人股票限售期期满之时的会计质量。

English Abstract: Whether earning management exists during IPO is one of hot topics for researchers and supervisors. This paper studies the impact of split-share structure reform on the earning management between pre-IPO and post-IPO. We find that the earning management during pre-IPO is lower than that of post-IPO and it is more salient after split-share structure reform. And we find the relationship between split-share structure reform and earning management only exists in private companies. These findings mean that the focus of supervision should transform to post-IPO.

Note: Downloadable document is in Chinese.

Keywords: IPO; earning management; split-share structure reform

JEL Classification: M41

Suggested Citation

Fang, Junxiong, 股权分置改革与IPO前后盈余管理行为研究 (Split-Share Structure Reform and Earning Management between Pre-IPO and Post-IPO) (March 30, 2015). Available at SSRN: https://ssrn.com/abstract=2587500 or http://dx.doi.org/10.2139/ssrn.2587500

Junxiong Fang (Contact Author)

Fudan University - School of Management ( email )

No. 670, Guoshun Road
No.670 Guoshun Road
Shanghai, 200433
China

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
132
Abstract Views
1,399
Rank
388,558
PlumX Metrics