大股东控制下的股权再融资与盈余操纵研究被引量：17

The Study of Seasoned Equity Offerings and Earnings Manipulation Based on the Control of Large Shareholders

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摘要我国上市公司处于大股东的超强控制状态,大股东与潜在投资者之间严重的信息不对称导致了大股东在股权再融资过程中表现出强烈的盈余操纵动机。本文建立了一个模型来分析大股东进行盈余操纵的机理,大股东通过调整利润的时间分布可以改变投资者对上市公司盈利能力和投资价值的判断,从而造成股票再发行价格的提升,使大股东获取更多的私人利益。存在盈余操纵成本的情况下,只要盈余操纵的边际收益大于边际成本,实施盈余操纵就是大股东的最优选择,从而使盈余操纵成为上市公司股权再融资过程中的普遍现象。 This paper introduces a model to analyse the mechanism of earnings manipulation, which large shareholders can change the assessment of the listed companies' profit ability and investment values through manipulating the time distribution of earnings , raise the price of equity , and snatch more private benefits. If the marginal gains of earnings manipulation exceed its marginal costs, the best strategy for large shareholders is to manipulate earnings, and leads to earnings manipulation becoming the common phenomena in seasoned equity offerings.

作者张祥建郭岚

机构地区上海交通大学管理学院上海社会科学院

出处《数量经济技术经济研究》 CSSCI 北大核心 2005年第3期119-126,共8页 Journal of Quantitative & Technological Economics

基金国家自然科学基金项目(70372057)。

关键词大股东控制股权再融资盈余操纵 Control of Large Shareholders Seasoned Equity Offerings Earnings Manipulation

分类号 F830.91 [经济管理—金融学]

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