我国上市公司股票增发过程中的盈余管理研究
|
摘要
上市公司在股票增发过程是否进行了盈余管理、进行了多大程度的盈余管理以及投资者是否能够看穿上市公司的盈余管理是投资者、证券监管部门以及其他资本市场主体感兴趣的话题。本文对我国上市公司在股票增发过程的盈余管理行为进行了研究，研究显示，我国上市公司在股票增发前实施了盈余管理行为，股票增发前的盈余管理可以预测股票增发后的净利润表现；研究同时显示，我国上市公司股票价格在股票增发后出现大幅下跌，说明投资者在一定程度上看穿了上市公司在股票增发前的盈余管理行为。不过，研究显示，股票增发前的盈余管理不能预测股票增发后的股票盈利率表现，说明投资者只是从整体上识别出上市公司在股票增发时会进行盈余管理，但无法准确地识别每家上市公司实施的盈余管理程度。最后，研究显示，我国上市公司在股票增发过程中的盈余管理模式与成熟资本市场的盈余管理模式存在差异，这是由我国类别股份制度、合并会计报表制度以及关联方关系及其交易制度所引起的。本文得出结论，不同制度环境中的盈余管理具有不同形式的盈余管理模式。
It is of interest to investors,security regulator,and other related capital market agencies that whether listed companies manage earnings in their financial reports,if so,how much listed companies manage earnings,and whether investors see through earnings management of listed companies around seasoned equity offerings. This thesis investigates earnings management of China's listed companies around seasoned equity offering,and reveals that China's listed companies manage earnings before seasoned equity offerings and experience poor stock price performance in the post-offering period,and suggests that investors see through earning management in some extent. And this thesis also finds the evidences that earnings management before seasoned equity offerings can't explain stock price perform in the post-offering period,which suggests investors only see through earnings management as a whole,and they can't see through earnings management of a individual listed company accurately. Meanwhile,this thesis reveals that
there are some great earnings management differences between companies listed in China capital market and companies listed in mature capital market because of separated share system,coalition financial reporting system,and transaction system between affiliated companies particular owned by China. At last,this research comes to the conclusion that there are particular forms of earnings management in different social and economical environments around seasoned equity offerings.
It is of interest to investors,security regulator,and other related capital market agencies that whether listed companies manage earnings in their financial reports,if so,how much listed companies manage earnings,and whether investors see through earnings management of listed companies around seasoned equity offerings. This thesis investigates earnings management of China's listed companies around seasoned equity offering,and reveals that China's listed companies manage earnings before seasoned equity offerings and experience poor stock price performance in the post-offering period,and suggests that investors see through earning management in some extent. And this thesis also finds the evidences that earnings management before seasoned equity offerings can't explain stock price perform in the post-offering period,which suggests investors only see through earnings management as a whole,and they can't see through earnings management of a individual listed company accurately. Meanwhile,this thesis reveals that
there are some great earnings management differences between companies listed in China capital market and companies listed in mature capital market because of separated share system,coalition financial reporting system,and transaction system between affiliated companies particular owned by China. At last,this research comes to the conclusion that there are particular forms of earnings management in different social and economical environments around seasoned equity offerings.
引文
一、中文参考文献
[1] Beaver著，薛云奎主译，财务呈报：会计革命，第1版，大连，东北财经大学出版社，1999
[2] Scott著，陈汉文等译，财务会计理论，第1版，北京，机械工业出版社，2000
[3] Watts、Zimmerman著，陈少华等译，实证会计理论，第1版，大连，东北财经大学出版社，1999
[4] 曹凤岐主编，中国证券市场发展、规范与国际化，第1版，北京，中国金融出版社，1998
[5] 陈龙水，浅议我国上市公司的盈余管理，当代财经，2002(10)，185-189
[6] 陈小悦等，中国股市弱型效率的实证研究，会计研究，1997(9)，
[7] 胡朝霞，中国股市弱式效率研究，投资研究，1998(1)，
[8] 胡继之主编，海外主要证券市场发行制度，第1版，北京，中国金融出版社，2001
[9] 科斯等著，陈昕主编，财产权利与制度变迁—产权学派与新制度学派译文集，第1版，上海，三联书店，2000
[10] 凌春华、陈龙水，企业盈余管理制度的理论与实践，企业经济，2002(10)，69-70
[11] 陆建桥，中国亏损上市公司盈余管理实证研究，会计研究，1999(9)，25-35
[12] 曲晓辉、齐平茹，论会计政策的选择原则，会计研究，1999(2)，19-25
[13] 尚志强，企业会计信息披露与分析，第1版，上海，立信会计出版社，2000
[14] 田昆儒，企业产权会计论，第1版，北京，经济科学出版社，2000
[15] 王学军等译，盈余管理研究回顾及其对会计准则建设的启示，会计研究，2000(11)，52-60
[16] 王益，《资本市场》，第1版，北京，经济科学出版社，2000
[17] 王跃堂，会计政策选择的经济动机，会计研究，2000(12)，31-40
[18] 魏明海，盈余管理基本理论及其研究述评，会计研究，2000(9)，37-42
[19] 夏冬林，我国上市公司股东大会功能分析，会计研究，2000(3)，12-17
[20] 谢德仁，企业剩余索取权：分享安排与剩余计量，第1版，上海，三联书店，2001
[21] 谢德仁，中国会计规则制定权合约安排之变迁，会计研究，2000(12)，14-25
[22] 薛云奎，会计准则制定的方法论研究，第1版，上海，上海财经大学出版社，1999
[23] 张朝宓、苏文兵，当代会计实证研究方法，第1版，大连，东北财经大学出版社，2001
[24] 张国辉，会计理论研究，第1版，大连，东北财经大学出版社，2001
[25] 张金良、李树华，证券市场财务与会计问题研究，第1版，上海，上海财经大学出版社，1998
[26] 张先治，财务信息在契约中的作用，会计研究，2000(9)，12-16
[27] 张跃进、张耘，会计政策及其选择，第1版，杭州，浙江人民出版社，2001
[28] 赵宇龙，会计盈余与股价行为，第1版，上海，三联书店，2000
二、英文参考文献
[1] Aharony, J. Lee, C.J., T.J. Wong, 1997, Financial packaging of IPO firms in a Transitional Economy: the case of B-Shares and H-Shares in china, Working paper, Hong Kong university of Science and Technology
[2] Akerlof, G., 1970. The market for "lemons": quality uncertainty and the market mechanism. Quarterly Journal of Economics 90, 629-650
[3] Bagnoli, M., Watts, S. G., 2000, The effect of relative performance evaluation on earnings management: a game-theoretic approach, Journal of Accounting and Public Policy 19(2000) 377-397
[4] Ball, R., Brown, P., 1968. An empirical evaluation of accounting income numbers. Journal of Accounting research 6, 159-177
[5] Beaver, W., 1968. The information content of annual earnings announcements. Journal of Accounting Research Supplement 6, 67-92
[6] Bernard, V., 1989. Capital markets research in accounting during the 1980's: a critical review. In: Frecka, T.J. (Ed.), The State of Accounting Research as we enter the 1990s. University of Illinois at Urbana-Champaign, Urbana, IL.
[7] Burgstahler, D., Dichev, I., 1997, Earnings management to avoid earnings decreases and Losses, Journal of Accounting and Economics 24, 99-126
[8] Bushman, R.M., 1991. Public disclosure and the structure of private information markets. Journal of Accounting Research 29, 261-276
[9] Chaney, P. K., Lewis, C. M., 1998, Income smoothing and underperformance in initial public offerings, Journal of Corporate Finance (1998) 1-29
[10] DeAngelo, H., DeAngelo, L., Skinner, D.J., 1996, Reversal of fortune: dividend signaling and the disappearance of sustained earnings growth, Journal of Financial Economics 49, 341-371
[11] Dechow, P., Sloan, R., 1997, Returns to contrarian investment strategies: tests of nave expectations hypotheses, Journal of Financial Economics 43, 3-27
[12] Dechow, P., Sloan, R., Sweeney, A., 1996, Causes and consequences of earnings manipulations: an analysis of firms subject to enforcement actions by the SEC, Contemporary Accounting Research 13, 1-36
[13] Dechow, P.M., Sloan, R.G., Sweeny, A.P., 1995, Detecting earnings management, the Accounting Review, April, 193-225
[14] Demski, J., Feltham, G., 1994. Market response to financial reports. Journal of Accounting and Economics 17, 3-40
[15] Dye, R.A., 1985. Discloure of nonproprietary information. Journal of Accounting Research 23, 123-145
[16] Godwin, N.H., Key, K.G., Sawyer, R.S., 2000, Financial accounting choice and earnings management, Journal of Accounting Education 18(2000) 369-376
[17] Han, J.C., Wang, S.W., 1998, Political costs and earnings management of oil companies during the 1990 Persian Gulf Crisis, the Accounting Review, January, 103-117
[18] Hayn, C., 1995, The information content of losses, Journal of Accounting and Economics 20, 125-153
[19] Healy, P. M., Wahlen, J. M., A Review of the Earnings Management Literature and Its Implications for Standard Setting, Accountings Horizons 13(Dec., 1999), 365-383
[20] Healy, P.M., 1985, The effect of bonus schemes on accounting decisions, Journal of Accounting and Economies, April, 85-107
[21] Jegadeesh, N., 1999, Long-run performance of seasoned equity offerings: benchmark errors and biases in expectations. Working paper, University of Illinois at Urbana Champaign, March.
[22] Jones, J., 1991, Earnings management during import relief investigation, Journal of Accounting and Economics 23, 309-337
[23] Jones, J., 1991, Earnings management during import relief investigations, Journal of Accounting Research 29, 193-228
[24] Key, K.G., 1997, Political cost incentives for earnings management in the cable television industry, Journal of Accounting and Economics 23, 309-337
[25] Kinnunen J., Keloharju, M., Kasanen, E., Nishkanen, J., 2000, Earnings management and expected dividend increases around seasoned share issues: evidence form Finland, Scandinavian Journal of Management 16(2000) 209-228
[26] Lev, B., Ohlson, J., 1982. Market based empirical research in accounting: a review, interpretations, and extensions. Journal of Accounting Research 20(Suppl.), 249-322
[27] Loughran, T., Ritter, J., 1995, The new issues puzzle, the Journal of Finance 50, 23-51
[28] Loughran, T., Ritter, J., 1997, The operating performance of firms conducting seasoned equity offerings, Journal of Finance 52, 1823-1850
[29] Maddala, 1977, Econometrics, McGraw-Hill, Inc.
[30] McNichols, M. F., 2000, Research design issues in earnings management studies, Journal of Accounting and Public Policy 19(2000) 313-345
[31] Moyer, S.E., 1988, Capital adequacy ratio recalculations and accounting choices in commercial banks, Journal of Accounting and Economics, 123-154
[32] Rangan, S., 1998, Earnings management and the performance of seasoned equity offerings, Journal of Financial Economics 50(1998) 101-122
[33] Ritter, J., 1991, The long-run performance of initial public offerings, Journal of Finance 46, 3-27
[34] Schipper, K., 1989, Commentary on Earnings Management, Accounting Horizons December, 1989, 91-102
[35] Shivakumar, L., 2000, Do firms mislead investors by overstating earnings before seasoned equity offerings?, Journal of Accounting and Economics 29(2000) 339-371
[36] Sloan, R., 1996, Do stock prices fully reflect information in accruals and cash flows about future earnings? Accounting Review 71, 289-315
[37] Spiess, D., Affleck-Graves, J., 1995, Underperformance in long-run stock returns following seasoned equity offerings, Journal of Financial Economics 38, 243-269
[38] Stooll, H., Curley, A., 1970, Small business and the new issues market for equities, Journal of Financial and Quantitative Analysis 5, 309-322
[39] Toeh, S., Welch, I., Wong, T., 1998, Earnings management and the post-issue underperformance of seasoned equity offerings, Journal of Financial Economics 50, 63-100
[1] Beaver著，薛云奎主译，财务呈报：会计革命，第1版，大连，东北财经大学出版社，1999
[2] Scott著，陈汉文等译，财务会计理论，第1版，北京，机械工业出版社，2000
[3] Watts、Zimmerman著，陈少华等译，实证会计理论，第1版，大连，东北财经大学出版社，1999
[4] 曹凤岐主编，中国证券市场发展、规范与国际化，第1版，北京，中国金融出版社，1998
[5] 陈龙水，浅议我国上市公司的盈余管理，当代财经，2002(10)，185-189
[6] 陈小悦等，中国股市弱型效率的实证研究，会计研究，1997(9)，
[7] 胡朝霞，中国股市弱式效率研究，投资研究，1998(1)，
[8] 胡继之主编，海外主要证券市场发行制度，第1版，北京，中国金融出版社，2001
[9] 科斯等著，陈昕主编，财产权利与制度变迁—产权学派与新制度学派译文集，第1版，上海，三联书店，2000
[10] 凌春华、陈龙水，企业盈余管理制度的理论与实践，企业经济，2002(10)，69-70
[11] 陆建桥，中国亏损上市公司盈余管理实证研究，会计研究，1999(9)，25-35
[12] 曲晓辉、齐平茹，论会计政策的选择原则，会计研究，1999(2)，19-25
[13] 尚志强，企业会计信息披露与分析，第1版，上海，立信会计出版社，2000
[14] 田昆儒，企业产权会计论，第1版，北京，经济科学出版社，2000
[15] 王学军等译，盈余管理研究回顾及其对会计准则建设的启示，会计研究，2000(11)，52-60
[16] 王益，《资本市场》，第1版，北京，经济科学出版社，2000
[17] 王跃堂，会计政策选择的经济动机，会计研究，2000(12)，31-40
[18] 魏明海，盈余管理基本理论及其研究述评，会计研究，2000(9)，37-42
[19] 夏冬林，我国上市公司股东大会功能分析，会计研究，2000(3)，12-17
[20] 谢德仁，企业剩余索取权：分享安排与剩余计量，第1版，上海，三联书店，2001
[21] 谢德仁，中国会计规则制定权合约安排之变迁，会计研究，2000(12)，14-25
[22] 薛云奎，会计准则制定的方法论研究，第1版，上海，上海财经大学出版社，1999
[23] 张朝宓、苏文兵，当代会计实证研究方法，第1版，大连，东北财经大学出版社，2001
[24] 张国辉，会计理论研究，第1版，大连，东北财经大学出版社，2001
[25] 张金良、李树华，证券市场财务与会计问题研究，第1版，上海，上海财经大学出版社，1998
[26] 张先治，财务信息在契约中的作用，会计研究，2000(9)，12-16
[27] 张跃进、张耘，会计政策及其选择，第1版，杭州，浙江人民出版社，2001
[28] 赵宇龙，会计盈余与股价行为，第1版，上海，三联书店，2000
二、英文参考文献
[1] Aharony, J. Lee, C.J., T.J. Wong, 1997, Financial packaging of IPO firms in a Transitional Economy: the case of B-Shares and H-Shares in china, Working paper, Hong Kong university of Science and Technology
[2] Akerlof, G., 1970. The market for "lemons": quality uncertainty and the market mechanism. Quarterly Journal of Economics 90, 629-650
[3] Bagnoli, M., Watts, S. G., 2000, The effect of relative performance evaluation on earnings management: a game-theoretic approach, Journal of Accounting and Public Policy 19(2000) 377-397
[4] Ball, R., Brown, P., 1968. An empirical evaluation of accounting income numbers. Journal of Accounting research 6, 159-177
[5] Beaver, W., 1968. The information content of annual earnings announcements. Journal of Accounting Research Supplement 6, 67-92
[6] Bernard, V., 1989. Capital markets research in accounting during the 1980's: a critical review. In: Frecka, T.J. (Ed.), The State of Accounting Research as we enter the 1990s. University of Illinois at Urbana-Champaign, Urbana, IL.
[7] Burgstahler, D., Dichev, I., 1997, Earnings management to avoid earnings decreases and Losses, Journal of Accounting and Economics 24, 99-126
[8] Bushman, R.M., 1991. Public disclosure and the structure of private information markets. Journal of Accounting Research 29, 261-276
[9] Chaney, P. K., Lewis, C. M., 1998, Income smoothing and underperformance in initial public offerings, Journal of Corporate Finance (1998) 1-29
[10] DeAngelo, H., DeAngelo, L., Skinner, D.J., 1996, Reversal of fortune: dividend signaling and the disappearance of sustained earnings growth, Journal of Financial Economics 49, 341-371
[11] Dechow, P., Sloan, R., 1997, Returns to contrarian investment strategies: tests of nave expectations hypotheses, Journal of Financial Economics 43, 3-27
[12] Dechow, P., Sloan, R., Sweeney, A., 1996, Causes and consequences of earnings manipulations: an analysis of firms subject to enforcement actions by the SEC, Contemporary Accounting Research 13, 1-36
[13] Dechow, P.M., Sloan, R.G., Sweeny, A.P., 1995, Detecting earnings management, the Accounting Review, April, 193-225
[14] Demski, J., Feltham, G., 1994. Market response to financial reports. Journal of Accounting and Economics 17, 3-40
[15] Dye, R.A., 1985. Discloure of nonproprietary information. Journal of Accounting Research 23, 123-145
[16] Godwin, N.H., Key, K.G., Sawyer, R.S., 2000, Financial accounting choice and earnings management, Journal of Accounting Education 18(2000) 369-376
[17] Han, J.C., Wang, S.W., 1998, Political costs and earnings management of oil companies during the 1990 Persian Gulf Crisis, the Accounting Review, January, 103-117
[18] Hayn, C., 1995, The information content of losses, Journal of Accounting and Economics 20, 125-153
[19] Healy, P. M., Wahlen, J. M., A Review of the Earnings Management Literature and Its Implications for Standard Setting, Accountings Horizons 13(Dec., 1999), 365-383
[20] Healy, P.M., 1985, The effect of bonus schemes on accounting decisions, Journal of Accounting and Economies, April, 85-107
[21] Jegadeesh, N., 1999, Long-run performance of seasoned equity offerings: benchmark errors and biases in expectations. Working paper, University of Illinois at Urbana Champaign, March.
[22] Jones, J., 1991, Earnings management during import relief investigation, Journal of Accounting and Economics 23, 309-337
[23] Jones, J., 1991, Earnings management during import relief investigations, Journal of Accounting Research 29, 193-228
[24] Key, K.G., 1997, Political cost incentives for earnings management in the cable television industry, Journal of Accounting and Economics 23, 309-337
[25] Kinnunen J., Keloharju, M., Kasanen, E., Nishkanen, J., 2000, Earnings management and expected dividend increases around seasoned share issues: evidence form Finland, Scandinavian Journal of Management 16(2000) 209-228
[26] Lev, B., Ohlson, J., 1982. Market based empirical research in accounting: a review, interpretations, and extensions. Journal of Accounting Research 20(Suppl.), 249-322
[27] Loughran, T., Ritter, J., 1995, The new issues puzzle, the Journal of Finance 50, 23-51
[28] Loughran, T., Ritter, J., 1997, The operating performance of firms conducting seasoned equity offerings, Journal of Finance 52, 1823-1850
[29] Maddala, 1977, Econometrics, McGraw-Hill, Inc.
[30] McNichols, M. F., 2000, Research design issues in earnings management studies, Journal of Accounting and Public Policy 19(2000) 313-345
[31] Moyer, S.E., 1988, Capital adequacy ratio recalculations and accounting choices in commercial banks, Journal of Accounting and Economics, 123-154
[32] Rangan, S., 1998, Earnings management and the performance of seasoned equity offerings, Journal of Financial Economics 50(1998) 101-122
[33] Ritter, J., 1991, The long-run performance of initial public offerings, Journal of Finance 46, 3-27
[34] Schipper, K., 1989, Commentary on Earnings Management, Accounting Horizons December, 1989, 91-102
[35] Shivakumar, L., 2000, Do firms mislead investors by overstating earnings before seasoned equity offerings?, Journal of Accounting and Economics 29(2000) 339-371
[36] Sloan, R., 1996, Do stock prices fully reflect information in accruals and cash flows about future earnings? Accounting Review 71, 289-315
[37] Spiess, D., Affleck-Graves, J., 1995, Underperformance in long-run stock returns following seasoned equity offerings, Journal of Financial Economics 38, 243-269
[38] Stooll, H., Curley, A., 1970, Small business and the new issues market for equities, Journal of Financial and Quantitative Analysis 5, 309-322
[39] Toeh, S., Welch, I., Wong, T., 1998, Earnings management and the post-issue underperformance of seasoned equity offerings, Journal of Financial Economics 50, 63-100