我国上市公司定向增发新股中的盈余管理研究  

Empirical research on earnings management in the private placement by Chinese listed companies

作　　者：胡光怿[1] 徐晓东[1] 

机构地区：[1]上海交通大学安泰经济与管理学院,上海200030

出　　处：《西南民族大学学报（自然科学版）》2013年第4期630-634,共5页Journal of Southwest Minzu University(Natural Science Edition)

摘　　要：将2007-2011年间成功实施定向增发的我国沪深两市A股上市公司进行分组,对比了各组公司在发行新股中的盈余管理情况.研究结果表明,我国上市公司在定向增发时会进行盈余管理,盈余管理的方向取决于定向增发的对象.当增发对象是外部投资者时,上市公司会进行向上的盈余管理;当增发对象是控股股东时,上市公司会进行向下的盈余管理;当上市公司同时向外部投资者和控股股东定向增发时,盈余管理不显著.Using financial data of the Chinese listed companies which succeeded in implementing private placement from year 2007 to 2011, this paper explores the earnings management in private placement from different groups. Chinese listed companies will carry on earnings management during the private placement and the direction of the earnings management depends on the offering targets. When the offering targets are outside investors, the listed company will do upward earnings management. When the offering targets are the controlling shareholder, the listed company will do downward earnings management. When the offering targets are both of above, the earnings management is not significant.

关 键 词：定向增发 盈余管理 控股股东 外部投资者 

分 类 号：F23[经济管理—会计学] F275[经济管理—国民经济]