配股融资股票定价模型的实证研究——基于2000年到2005年上市公司经验数据  

Empirical Study on Reoffering Pricing for Share Allotment of Listed Companies——Data from the Listed Companies of Hu & Shen Stock Market from 2000 to 2005 in China

作　　者：刘斌[1] 翟晓彬[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400030

出　　处：《财贸研究》2008年第1期103-108,共6页Finance and Trade Research

基　　金：国家自然科学基金项目"自愿性政策变更的理论分析和实证研究"(项目批准号:70472017)的基础性研究成果之一

摘　　要：上市公司为了达到配股的政策要求,往往在配股前进行一系列的盈余管理,从而使公司的净资产收益率满足证监会所要求的配股条件。公司配股的盈余管理往往采用政策诱增式自愿性会计政策变更,因而研究政策性诱增式会计变更所引起的信息噪音对公司配股定价的影响就具有重要的理论和现实意义。实证结果表明:公司的配股定价受到自愿性政策对当期净利润增减变化调整的影响,从而也验证了配股行为的盈余管理多为政策诱增式会计政策变更。To meet the policy requirement of share allotment, the listed companies usually take a series of measures to manage the surplus so that ROE can qualify the condition of share allotment. Besides, surplus management often adopts the way of voluntary accounting changes of policy induced surplus increase, so our text mainly research the influence which noise information to the reoffering pricing of share allotment from increasing surplus through policy induced voluntary accounting changes. The result shows that share allotment pricing is effected by the add or subtract changes of voluntary accounting changes adjusted to the current earnings, and we verify that the surplus management of share allotment are mainly policy induced voluntary accounting changes.

关 键 词：改策诱增式盈余管理 配股定价 资源配置 

分 类 号：F830.91[经济管理—金融学]