OPM战略、定向增发水平与盈余管理  

OPM Strategy,Private Placement and Earnings Management

作　　者：曹鑫[1] 范利民[2] 唐菁菁[2] 

机构地区：[1]广西财经学院 [2]广西大学商学院

出　　处：《财会通讯（下）》2015年第4期33-36,45,共5页Communication of Finance and Accounting

摘　　要：本文选取2010—2012年参与定向增发的部分A股上市公司为样本,对定向增发的资金水平与盈余管理程度的关系进行研究。研究表明:定向增发资金水平与盈余管理程度正相关,无论定向增发的对象是大股东还是其他特定投资者;在参与定向增发的公司中,实施了OPM战略的公司盈余管理程度低于未实施OPM战略的公司;在实施OPM战略的公司中,营运资金绝对值规模越大,其盈余管理程度越低。There exists common phenomenon of earnings management during the course of listed company' s private placement.The paper studies the relationship between capital scale of private placement and level of earnings management.Research results show that:capital scale of private placement is positive to level of earnings management no matter what the target of private placement is the largest shareholder or other specific investors;Level of earnings management in those companies that executed OPM strategy is less than those didn't;In those companies that executed OPM strategy,level of earnings management is less with larger absolute scale's value of operating capital.The research results can be useful for supervisors to regulate earnings management during the course of private placement and can also provide new thinking for investors to select such investment chances.

关 键 词：OPM战略 定向增发 盈余管理 营运资金规模 

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