本文選題：保薦制度 + IPO��； 參考：《沈陽(yáng)工業(yè)大學(xué)》2012年碩士論文

【摘要】：保薦制度作為我國(guó)證券市場(chǎng)新股發(fā)行制度重大改革舉措之一，對(duì)于保護(hù)廣大投資者利益，改善上市公司盈余質(zhì)量，提高證券市場(chǎng)資源有效配置以及維護(hù)證券市場(chǎng)的正常運(yùn)行都具有重要意義。保薦制度自實(shí)施以來(lái)，對(duì)于保薦制度實(shí)施所起到的作用一直褒貶不一，隨著A股2011年業(yè)績(jī)公告的公布，多家2010年新進(jìn)上市公司業(yè)績(jī)的大幅度下滑，不禁又引起人們對(duì)保薦制度實(shí)施是否提高了公司盈余質(zhì)量的關(guān)注。 本文從公司可操控應(yīng)計(jì)及會(huì)計(jì)穩(wěn)健性的視角，運(yùn)用規(guī)范研究和實(shí)證研究相結(jié)合的方法，研究了保薦制度實(shí)施對(duì)IPO公司盈余質(zhì)量產(chǎn)生的影響。在規(guī)范研究方面，理論分析了保薦制度實(shí)施對(duì)IPO公司上市前和上市后會(huì)計(jì)政策選擇行為、保薦制度實(shí)施對(duì)IPO公司可操控應(yīng)計(jì)以及公司會(huì)計(jì)穩(wěn)健性產(chǎn)生的影響。在實(shí)證研究方面，首先運(yùn)用描述性統(tǒng)計(jì)分析的方法分析了IPO公司可操控應(yīng)計(jì)的特征、保薦制度實(shí)施前后公司會(huì)計(jì)政策的變化以及保薦制度實(shí)施前后IPO公司總資產(chǎn)收益率的變化趨勢(shì)；然后運(yùn)用t檢驗(yàn)方法檢驗(yàn)均值，運(yùn)用Wilcoxon方法檢驗(yàn)中位數(shù)，考察了可操控應(yīng)計(jì)的顯著性以及保薦制度實(shí)施前后公司可操控應(yīng)計(jì)的差異。最后運(yùn)用Hausman檢驗(yàn)研究了保薦制度實(shí)施對(duì)公司可操控應(yīng)計(jì)及會(huì)計(jì)穩(wěn)健性的影響。 通過(guò)本文的研究發(fā)現(xiàn)，保薦制度的實(shí)施改變了IPO公司會(huì)計(jì)政策選擇的時(shí)機(jī)，在上市輔導(dǎo)期即IPO前兩年，與保薦制度實(shí)施前相比，保薦制度實(shí)施后，IPO公司更加偏好激進(jìn)的會(huì)計(jì)政策，IPO公司的可操控應(yīng)計(jì)更高，并且利用可操控應(yīng)計(jì)調(diào)節(jié)公司盈余的時(shí)間比保薦制度實(shí)施前提前了一年；而在上市持續(xù)督導(dǎo)期，IPO公司的可操控應(yīng)計(jì)的檢驗(yàn)結(jié)果卻沒(méi)有顯著性差異，可操控應(yīng)計(jì)出現(xiàn)明顯下降。從本文的研究結(jié)果可以看出，保薦制度只改變了上市公司會(huì)計(jì)政策選擇的時(shí)機(jī)，而并未改變公司的盈余質(zhì)量。
[Abstract]:As one of the major reform measures of the new stock issuance system in China's securities market, the recommendation system can protect the interests of the vast number of investors and improve the earnings quality of listed companies. It is of great significance to improve the effective allocation of securities market resources and to maintain the normal operation of securities market. Since the implementation of the sponsorship system, the role played by the recommendation system has been mixed. With the announcement of the A share earnings announcement in 2011, the performance of several newly listed companies in 2010 has fallen sharply. Can not help but cause people to sponsor system whether to improve the quality of corporate earnings. From the perspective of accounting conservatism, this paper studies the effect of sponsor system on the earnings quality of IPO companies by combining normative research with empirical research. In the aspect of normative research, the author theoretically analyzes the effect of the recommendation system on the behavior of accounting policy selection before and after listing of IPO companies, and on the controllable accruals and accounting conservatism of IPO companies. In the aspect of empirical research, firstly, the characteristics of controllable accruals of IPO companies are analyzed by descriptive statistical analysis. The change of company accounting policy before and after the implementation of the recommendation system and the trend of the change of the total return on assets of the IPO company before and after the implementation of the sponsorship system, and then using the t test method to test the mean value, and the Wilcoxon method to test the median. The significance of controllable accruals and the differences before and after the implementation of the recommendation system were investigated. Finally, the Hausman test is used to study the effect of the recommendation system on the controllable accrual and accounting conservatism of the company. Through the research of this paper, it is found that the implementation of the recommendation system has changed the timing of accounting policy selection of IPO companies, in the IPO guidance period, that is, two years before the IPO, compared with the recommendation system before the implementation of the system. After the implementation of the sponsorship system, the IPO companies prefer more radical accounting policies. The controllable accruals of the IPO companies are higher, and the time of using the controllable accruals to adjust the company's earnings is one year earlier than that before the implementation of the sponsorship system. However, there is no significant difference in the test results of the controllable accruals of IPO companies during the continuous supervision period, and the controllable accruals decrease obviously. From the results of this paper, we can see that the recommendation system only changes the timing of accounting policy selection of listed companies, but does not change the earnings quality of the companies.
【學(xué)位授予單位】：沈陽(yáng)工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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