摘要
以能源行业为例研究定向增发过程中承销商声誉对上市公司盈余管理的影响,以检验我国承销商的"第三方"作用在证券市场的发挥情况以及承销商声誉机制是否完善,为监管部门制定相关政策制度提供参考依据,有效敦促上市公司减少盈余管理行为,为激励我国承销商声誉机制不断完善提供参考。首先,从理论角度阐述了上市公司在定向增发过程中存在盈余管理的行为,并指出承销商声誉能对上市公司定向增发盈余管理行为起到一定程度的抑制作用。然后,以在2010—2013年度进行定向增发的共56家能源行业的公司为研究对象,采用Jones模型来衡量盈余管理水平,运用M-W方法对相应的承销商声誉进行计算排名,通过拟合优度检验、单变量T检验、回归分析等方法进行了实证研究。结果发现:能源行业进行定向增发的各公司均存在正向的盈余管理行为;在能源行业中,承销商声誉与各公司定向增发盈余管理程度显著相关,且呈负相关关系,所以承销商声誉对定向增发盈余管理程度具有抑制作用,承销商的"第三方"作用得到有效发挥。
This paper studies the energy industry as the example during placement underwriter reputation affect earnings management of listed companies to test whether the ＂third party＇s＂role of underwriters and underwriters reputation mechanisms in the stock market is perfect. It aims to provide a reference in formulating relevant policies and systems for regulatory authorities,and to reduce earnings management behavior of listed companies effectively and to provide a reference for improving the excitation of the underwriter reputation mechanism. Firstly,it analyzed the listed companies in the private placement during the earnings management behavior from a theoretical perspective, and explored that the reputation of the underwriters can restrain the earnings management behavior of listed companies. In the year 2010—2013 and then conducted a private placement of a total of 56 companies in the energy sector as the research object,using the Jones model,it measures the level of earnings management,using M-W method for the corresponding calculation and ranking underwriter reputation,through the test of goodness of fit,single variable T test,regression analysis and other methods for empirical research. The results show that there are positive earnings management behaviors in all the companies in the energy industry. In the energy sector,the underwriter reputation and companies consider significantly associated with the degree of earnings management,and a negative correlation relationship,so the underwriter reputation to consider the degree of earnings management has inhibition,underwriters to effectively play ACTS as a ＂third party＂.
出处
《重庆理工大学学报（自然科学）》
CAS
北大核心
2018年第1期241-248,共8页
Journal of Chongqing University of Technology：Natural Science
基金
教育部人文社会科学规划基金资助项目(12YJA630179)
中央高校基本科研业务费资助项目(2013B33114)
关键词
承销商声誉
定向增发
盈余管理
能源行业
underwriter reputation
placement
earnings management
energy industry
