上市公司可转债融资与盈余管理动机的实证分析  

An Empirical Analysis of the Listed Companies′Convertible Bond Financing and Earnings Management

作　　者：孙朦朦 SUN Mengmeng(Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai 200030, China)

机构地区：[1]上海交通大学安泰经济与管理学院

出　　处：《上海管理科学》2019年第3期22-29,共8页Shanghai Management Science

摘　　要：以2000-2016年间发行和赎回可转债的A股上市公司为样本,以1998-2016年间的数据,在同行业中选取与样本公司规模和盈利能力相近的公司作为配对样本,采用应计项目操控与真实活动操控两种模型研究了我国上市公司在发行和赎回可转债过程中的盈余管理行为。研究表明,上市公司在发行可转债的当年会采用应计项目操控与真实活动操控两种方式做大利润,吸引投资者,达到顺利发行的目的;在摘牌可转债的前一年,上市公司会采用应计项目盈余管理,粉饰公司业绩刺激债券持有人转股。This article takes the listed companies that issued and delisted convertible bonds between 2000 and 2016 as a sample,and selects companies in the same industry that are similar in size and profitability to the sample companies as matching samples.Then,this paper study the earnings management behavior of listed companies in China while they issued and delisted convertible bonds,using accrual-based and real activity manipulation models.Research shows that when a listed company issues convertible bonds,it will use accrual and real activity manipulation in the year to attract investors.And in the year before delisting convertible bonds,listed companies will use accrued-based earnings management to stimulate bondholders to convert bonds into shares.

关 键 词：可转换债券 盈余管理 应计项目 真实活动操控 

分 类 号：F83[经济管理—金融学]