定向增发、盈余管理与长期股票收益  

Private Placement,Earnings Management and Long-term Stock Returns

作　　者：田昆儒[1] 王晓亮[2] 

机构地区：[1]天津财经大学商学院,天津300222 [2]山西财经大学会计学院,山西太原030006

出　　处：《财贸研究》2014年第5期147-156,共10页Finance and Trade Research

基　　金：教育部人文社科研究规划项目"当前我国网络舆论中意见领袖形成机制研究"(12YJC860007);山西省软科学研究项目"基于山西高校园区的科技园建设模式研究"(2014041006-1)

摘　　要：结合中国实际情况,研究定向增发公司在发行股票过程中是否进行盈余管理,以及盈余管理对长期股票收益的影响。首先,对2008年、2009年实施定向增发的公司寻找配对样本,再与配对样本进行均值比较以及多变量回归模型检验,发现定向增发公司在增发当年和前一年进行了盈余管理;然后,对定向增发之后盈余管理与长期股票收益进行回归分析,结果表明,盈余管理会导致长期股票收益下降,与非定向增发公司相比,定向增发公司盈余管理对长期股票收益的影响更小。This paper studies whether private placement issuers manipulate their earnings around the time of issuance and the effect of earnings management on long-term stock returns according to the situation of our country. Firstly, paired samples are found for each private placement firm in 2008 and 2009. Com- parison with the mean of discretionary accruals of paired samples and empirical analysis of multivariate re- gression models show that private placement issuers tend to engage in earnings management in the issued year and the previous year of private placements. Regressions is run further for earnings management and post- issue stock returns. Results show that earnings management lead to the decline in long-term stock. Compared with non-placement companies, earnings long-terms stock returns. management of private placement has less impact on

关 键 词：定向增发 盈余管理 长期股票收益 

分 类 号：F275[经济管理—企业管理]