双重增发条件下上市公司盈余管理实证研究  

Empirical Research on Listed Companies Earnings Management under the Dual SEOs Condition

作　　者：张嘉兴[1] 齐鲁光[1] 

机构地区：[1]天津财经大学商学院,天津300222

出　　处：《审计与经济研究》2015年第1期57-65,共9页Journal of Audit & Economics

基　　金：国家自然科学基金面上项目(71272189)

摘　　要：2006年和2008年证监会出台政策对增发新股公司的净资产收益率和现金分红均提出要求。以此为背景的实证研究发现,出于迎合政策中的双重增发条件目的,上市公司获取增发资格过程中为减少现金分红而实施了调减利润的盈余管理,而在增发当年和增发下一年存在调增业绩的盈余管理,并运用了应计项目和真实活动两种盈余管理方式。双重增发条件下上市公司盈余管理目的和行为的转化应引起投资者、分析师、审计师及政策制定部门的重视。In 2006 and 2008, China Securities Regulatory Commission issued policies and requested for seasoned equity offer- ings of the return on equity and cash dividend. Based on this background, we carry on an empirical research and find that with the strong motivation of catering policy and decreasing cash dividend, listed companies lower profit of earnings management when acquiring the qualification of seasoned equity offerings, manage earnings upward in the year of SEOs and the following year. Both accrual and real manipulations are used around SEOs. Under the dual SEOs condition, change of earnings manage- ment of listed companies＇ profit goal and behavioral should attract investors, analysts, auditors and policymakers＇ attention.

关 键 词：双重增发条件 增发新股 迎合政策 应计项目盈余管理 真实活动盈余管理 企业再融资 

分 类 号：F235.99[经济管理—会计学]