企业IPO前后盈余管理策略研究——基于渐进DID和演化博弈的实证分析  

Study on the Earnings Management Strategy during IPO:Empirical Analysis Based on Time-varying DID and Evolutionary Game

作　　者：过文俊[1] 程远飞 Guo Wenjun;Cheng Yuanfei(School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,China)

机构地区：[1]中南财经政法大学金融学院,湖北武汉430073

出　　处：《金融理论探索》2023年第2期50-63,共14页Exploration of Financial Theory

基　　金：中南财经政法大学中央高校基本科研业务费专项资金资助“绿色信贷对企业全要素生产率的影响——基于机器学习和Sinkhorn算法的空间溢出效应研究”(202210509)。

摘　　要：研究IPO企业的盈余管理有利于维护资本市场稳定。本文基于2000—2020年间A股非金融类上市企业样本数据,在综合考虑内部盈余管理惯性和外部融资环境的前提下,采用多时点双重差分方法,研究企业IPO前后盈余管理策略变化。结果发现:对于融资规模较小的企业,IPO会抑制企业上市前的应计盈余管理;而对于融资规模较大的企业,IPO会促进企业上市前的真实盈余管理。通过演化博弈模型进行仿真分析发现,处于同一IPO效应期的企业会出现盈余管理策略趋同的现象。因此,监管机构和投资者应注意拟上市企业的真实盈余管理行为,防范已上市企业的应计盈余管理行为,警惕企业IPO期间盈余管理的“羊群效应”。Study on the earnings management of IPO enterprises is conducive to maintaining the stability of capital market.The paper studied the sample data of A share non-financing listed enterprises from 2000 to 2020.Taking account of the inertia of internal earnings management and external financing environment,this paper adopts the time-varying DID method to study the change of earnings management strategy during IPO.The findings are,for enterprises with small financing scale,IPO will inhibit the accrual earnings management before listing.However,for enterprises with large financing scale,IPO will promote real earnings management before listing.Through the simulation analysis of evolutionary game model,this paper finds that enterprises in the same IPO effect period will have the phenomenon of earnings management strategy convergence.Therefore,regulatory institutions and investors should pay close attention to the real earnings management of future listed enterprises,guard against accrued earnings management behavior of listed enterprises,be vigilant to the herd behavior of earnings management among enterprises in the IPO stage.

关 键 词：应计盈余管理 真实盈余管理 IPO 融资 多时点双重差分 

分 类 号：F832.51[经济管理—金融学] F275