摘要
本文以2006～2012年申请上市公司为样本，基于盈余管理视角对发审委审核决策进行了考察。研究发现，拟上市公司IPO审核通过率与上市前盈余管理显著负相关，但这一关系仅在公司盈余管理程度较高时成立。进一步的分析显示，当拟上市公司为国有企业或其所在行业获得产业政策支持时，其IPO申请更不会因盈余管理而被否；同时，对于拥有政治关联背景或经营业务复杂的拟上市公司，IPO审核通过率与公司盈余管理的负相关关系变弱。最后，实施程度较高盈余管理并通过发行审核的公司，上市后的股票收益和经营业绩更差，由此表明，拟上市公司的盈余管理降低了资本市场资源配置的效率。
Employing IPO firms from 2006 to 2012 as a sample and basing on the perspective of earnings management,this paper examines the decision efficiency of the Stock Issue Examination and Verification Committee(SIEVC). We find that the passing rate of IPO screening is negatively correlated with firms' earnings management,but this relationship is only found for the high-level earnings management. Further analyses show that when IPO firms are state-owned enterprises(SOEs) or get industry supports from government,their IPO application are less likely to be rejected for earnings management.Meanwhile,political connection and business complexity weaken the negative relationship between the IPO passing rate and firms' earnings management.Finally,we find that IPO firms with more earnings management have lower stock return and worse accounting performance after listing,indicating that IPO firms' earnings management decreases the resource allocation efficiency in the capital market.
出处
《会计研究》
CSSCI
北大核心
2016年第7期10-18,共9页
Accounting Research
基金
国家自然科学基金项目(71102136,71272008,71372038)
教育部人文社会科学重点研究基地重大研究项目(14JJD630010)
上海市教育委员会科研创新项目(14ZS078)
上海财经大学研究生创新基金项目(2015110728)
上海财经大学创新团队支持计划的资助
