摘要
在并购的视角下,以中国2009年第一季度至2014年第四季度发布并购完成公告的沪深A股上市公司为研究样本,考察中国并购公司的季度性盈余管理择机行为。根据并购高风险、受关注度高等特征,结合中国上市公司盈余管理的资本市场动机和契约动机进行理论分析,并进行实证检验。实证结果显示,中国发生并购的上市公司管理者会基于资本市场动机和契约动机择机在第三季度或第四季度进行机会主义盈余管理。
From the perspective of merger and acquisition （M＆A）, this article takes the do- mestic A -share listed companies in Shanghai and Shenzhen stock market, who have declared ac- quisition announcement from the first quarter of 2009 to the fourth quarter of 2014 as research sam- ples, and inspects the timing behavior of earnings management of the domestic M＆A companies in terms of quarter. According to the characteristics of M＆A such as high risk and high attention de- gree,this article carries out a theoretical analysis by combing the capital market motivation and contract motivation of earnings management of China＇s listed companies, and an empirical test is conducted. The empirical results reveal that opportunistic earnings management is implemented by managers of M＆A listed companies implement in the third or fourth quarter based on the capital market motivation and contract motivation.
出处
《云南财经大学学报》
CSSCI
北大核心
2017年第6期132-139,共8页
Journal of Yunnan University of Finance and Economics
关键词
并购
盈余管理
择机
M＆A
Earnings Management
Timing
