产权性质、股权再融资与真实盈余管理  

Property Rights,Seasoned Equity Offerings and Real Earnings Management

作　　者：何丹[1] 黄之荔[1] 

机构地区：[1]西南财经大学会计学院,四川成都611130

出　　处：《南京审计学院学报》2014年第6期52-62,共11页journal of nanjing audit university

基　　金：国家社会科学基金项目(10CJY007);中央高校基本科研业务费(JBK130127)

摘　　要：采用A股上市公司2003—2011年的数据,对不同产权性质的上市公司股权再融资背景下真实盈余管理活动与公司业绩的关系进行研究,结果表明:无论是国有企业还是非国有企业,在股权再融资期间均有实施真实盈余管理的倾向,且国有企业的真实盈余管理水平高于非国有企业;真实盈余管理会导致上市公司再融资后业绩变差,且国有企业比非国有企业的业绩下滑更显著。In this paper, we use data of A-share listed companies from 2003 to 2011 to look into the relationship between the real earnings management activity and the future performance of the listed companies under the background of seasoned equity offerings in listed companies with different property rights. The empirical outcomes illustrate that both state-owned company and non-state-owned company trend to have real earnings management activities during the seasoned equity offering period. What＇ s more, state-owned enterprises have higher level of real earning management than non-state-owned enterprises. Real earnings management would lead to worse performance after the stock refinancing, which is, relatively, more obvious for stateowned enterprises.

关 键 词：股权再融资 公司业绩 产权性质 会计准则 真实盈余管理 会计制度改革 非国有企业 应计盈余管理 

分 类 号：F230[经济管理—会计学]