退市制度对创业板上市公司盈余管理行为的影响——基于应计与真实盈余管理的分析  

Effects of the Delisting Rules on the Earnings Management Behaviors of Listed Companies in Growth Enterprises Market——Based on analysis of accrual and real earnings management

作　　者：谢柳芳[1,2] 朱荣[1,3] 何苦[1] 

机构地区：[1]西南财经大学会计学院 [2]成都纺织高等专科学校经管学院,611130 [3]贵州大学经济学院

出　　处：《审计研究》2013年第1期95-102,共8页Auditing Research

摘　　要：我国的创业板市场于2009年正式开启,为新创高科技企业提供了有效的融资渠道,但由于监管制度的不完善,出现了发行价格偏高、市盈率虚高、超募率较高、风险较大等突出问题。2012年4月20日,深交所发布修订的《创业板上市规则》,完善了创业板的退市制度。本文从应计盈余管理和真实盈余管理两个视角,研究退市制度对创业板上市公司盈余管理行为的影响。结果显示,创业板上市公司有显著的盈余管理行为,但退市制度出台前后期间的盈余管理方式不同:退市制度出台前,公司主要实施应计盈余管理;退市制度出台后,公司的真实盈余管理显著增加,且主要实施销售操控的真实盈余管理方式,应计盈余管理显著减少。本文的研究结果丰富了创业板上市公司盈余管理的研究文献,初步证明了退市制度的有效性,为进一步强化对创业板上市公司的监管提供有效的经验证据。growth enterprises market formally opened in 2009, which provided Hi-tech enterprises with effective fi- nancing channels. Due to incomplete supervisory systems, some problems such as high issuing price, inflated PE rati- o and super offering rate are occuring. On 20th April 2012, Shenzhen stock exchange issued the ＂Revised Listing Rules for the growth enterprises market＂, which improved growth enterprises market delisting rules. This paper ana- lyzes the effects of delisting rules on the earnings management behaviors of listed companies in the both views of ac- crual and real earnings management. We find that listed companies in growth enterprises market have obvious earn- ings management behavior but there are different ways of earnings management before and after delisting rules. Before delisting rules, listed companies implemented accrual earnings management mainly. After delisting rules,listed companies implement more real earnings management including sales manipulation that is the main way of managing earnings and less accrual earnings management as well. Our study enrich the literatures on earnings management of listed companies in growth enterprises market and preliminarily prove the effectiveness of delisting rules, which is helpful for enhancing supervision over growth enterprises market.

关 键 词：创业板 退市制度 应计盈余管理 真实盈余管理 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F224