股权再融资、盈余管理与上市公司业绩滑坡——基于应计项目操控与真实活动操控方式下的研究  

Equity Refinancing,Earnings Management and the Performance Decline of China Listed Companies: Viewpoint from Accruals and Real Activities Manipulation

作　　者：李增福[1] 郑友环[1] 连玉君[2] 

机构地区：[1]华南师师范大学经济与管理学院,广州510006 [2]中山大学岭南学院,广州510275

出　　处：《中国管理科学》2011年第2期49-56,共8页Chinese Journal of Management Science

基　　金：国家自然科学基金青年项目(7100208771002056);教育部人文社科青年项目(08JC63003009YJC790269);广东省哲学社会科学基金(9451027501002497);2009年度中央高校基本科研业务费专项资金;中山大学经济研究所基地建设经费

摘　　要：本文采用应计项目操控与真实活动操控两种模型,研究了我国上市公司股权再融资过程中的盈余管理行为及其对公司业绩的影响。结果表明,在股权再融资过程中,上市公司会同时使用应计项目操控和真实活动操控两种盈余管理方式。二者的影响效果存在明显差异,应计项目盈余管理会导致融资后公司业绩的短期下滑,而真实盈余管理则会引起公司业绩的长期下滑。相对而言,真实盈余管理是上市公司股权再融资之后业绩滑坡的主要原因。上述结果修正了以往文献将股权再融资后的业绩滑坡完全归因于应计项目操控的研究结论。This paper investigates both the accrual and real-based earning management activities around seasoned equity offerings（SEOs）,and their effects on firm performance in China.The results show that both accrual and real manipulations are used around SEOs,but their effects are different.In specifically,the accruals manipulation leads to performance decline in short run,while the real activities manipulation may hurt long-run performance.In comparison,the company＇s poor performance post SEO is more attributable to real earnings management.Our findings contribute to the literature by showing that the post-SEO performance decline due to the real activities management is more severe than that due to accrual management.

关 键 词：股权再融资 盈余管理 应计项目操控 真实活动操控 

分 类 号：F231[经济管理—会计学]