公司成长性能够被操纵吗?——基于双星新材的案例研究  

Growth Manipulation:The Case of Shuangxing New Materials

作　　者：陈胜蓝[1] 马慧[1] 胡佳妮[1] 

机构地区：[1]内蒙古大学经济管理学院,中国呼和浩特020021

出　　处：《上海商学院学报》2012年第4期42-48,共7页Business Economic Review

基　　金：教育部人文社会科学研究西部和边疆地区项目(10XJC630003);教育部人文社会科学研究一般项目(11YJA630023);内蒙古自治区自然科学基金项目(2011BS1004);内蒙古高等学校科学研究项目(NJ10028);内蒙古大学高层次人才引进科研启动项目(Z20100103)

摘　　要：理论研究表明公司上市的主要目的是为了满足公司高成长的需要而筹集资金,而在中国资本市场上,高成长公司刚刚上市成长性大幅下滑却成为一个较为普遍的现象。以2011年第2季度在中小板上市、第3季度成长性大幅下滑的双星新材为例的分析表明,原材料成本波动和行业波动并不是双星新材第3季度成长性大幅下滑的主要原因。公司上市前过度包装、提高公司发行价格很可能是上市后成长性大幅下滑的主要原因。Theory study shows that the main purpose of going public is to raise funds for company growth. But a sharp slowdown in growth after IPO has been so common that it has drawn increasing attention. Therefore, it is of great concern to investigate firms＇ earnings management during the process of IPO. This paper examines Jiangsu Shuangxing Corporation, which encountered a sharp slowdown in growth after listing in Chinese Middle and Small Capital Stocks in 2011. The results indicate that the fluctuation of material cost is not the main reason to account for the downward plunge. It is suggested that the company probably manipulated its earnings to increase its IPO price.

关 键 词：成长性 盈余管理 案例研究 

分 类 号：F426.86[经济管理—产业经济]