对价方式、盈余管理与市场绩效  

Pricing Mode,Earnings Management and Market Performance

作　　者：聂志萍[1] 

机构地区：[1]河海大学商学院,江苏南京210098

出　　处：《山西财经大学学报》2011年第10期72-84,共13页Journal of Shanxi University of Finance and Economics

基　　金：霍英东基金项目(101087);河海大学并购研究项目(2084140801129)

摘　　要：选取国有企业控制权转移的样本,剖析有偿转让和无偿转让这两种不同对价方式对盈余管理的影响,并对不同的对价方式下控制权转移是否改进了企业的中短期及长期的市场绩效进行经验检验。研究发现:(1)有偿转让控制权的对价方式更易推动上市公司通过操控应计利润调低净资产,提高溢价率,以符合政策要求;(2)在整体上无偿类样本相对于同行业公司没有明显的盈余管理,而有偿类样本则有明显通过线上项目调控应计利润的痕迹;(3)有偿转让方式可以提高企业的中短期市场绩效,但中长期来看,对价方式的作用并不明显。The paper analyzes its impact on earnings management and market performance based on the CRTs of state-owned enterprises.The paper discovers：（1） the CRTs with paperment often motivate listed companies to adjust DA,so as to make companies＇ equity seem low and premium rate seem high;（2）This adjustment is made to meet the regulations concerning pricing for transferring stated-owned stock.Different motivations lead different amount of DA adjusted by listed companies;（3） the CRTs without payment have no significant DA while CRTs with payment have significant DA even other factors such as ＂big bath＂ have controlled.CRTs with payment can improve short-and medium-term market performance.However,pricing mode shows little significant influence on market＇s long-run performance.

关 键 词：控制权转移 对价方式 盈余管理 市场绩效 

分 类 号：F832[经济管理—金融学]