摘要
通过对1998-2000年231例中国上市公司配股融资的盈余管理进行研究,发现在配股当年及前三年上市公司确实从事了盈余管理,且操控性应计利润显著的大于0,但在配股后,没有发现盈余管理的证据。同时还发现盈余管理与企业规模、负债、经营现金流量和非流通股股东配股参与程度负相关,与融资规模和非流通股比率正相关。
By investigating 231 Chinese seasoned equity offerings (SEOs) firms during the period (1998-2000) to determine if the SEO firms manage earnings in the year during a planned issue of seasoned equity offerings, it is found that Chinese firms contemplating SEOs in 3 years before a planned issue and the year of seasoned equity offerings does manage earnings and discretionary accruals are significant more than 0. After years of seasoned equity offerings any evidence of earnings management has been found. Moreover, earnings management of seasoned equity offerings is negative correlation with corporation size, liabilities, cash from operations and the investment degree of non-current stockholders, and positive correlation with financing sum and the ratio of non-current stockholders.
出处
《商业研究》
北大核心
2004年第16期4-7,共4页
Commercial Research
关键词
盈余管理
利润
上市公司
中国
配股融资
earnings management
seasoned equity offerings
discretionary accruals
listed companies
financing by seasoned equity
