保荐机构声誉与创业板 IPO公司盈余管理实证研究

本文以2009年至2011年在我国创业板上市的281家公司为样本，通过经营活动现金流量模型、生产成本模型和酌量性费用模型，分别计算出三种方式下的真实活动盈余管理程度，通过构建真实活动盈余管理总额模型，度量了我国创业板上市公司IPO过程中的真实活动盈余管理程度。在此基础上，研究了保荐机构声誉对创业板上市公司IPO盈余管理程度的影响。结果表明，在其他变量不变的情况下，保荐机构的声誉越高，其推荐的上市公司的IPO盈余管理程度越低。

An Empirical Study on Reputation of Sponsor Institutions on Earnings Management of GEM IPO Companies

With samples from the 281 companies listed on GEM from 2009 to 2011, the real earnings management activities were e‐valuated respectively in three models including the operating cash flow model, the production cost model and discretionary expense model. By constructing an authentic model of the total real earnings management activities, the degree of real earnings management in IPO of GEM listed Corporations were measured. Besides, the influence of the sponsor institutions’reputation on the degree of earnings management in GEM listed corporation’s IPO was studied. The results show that the higher the sponsor institutions’rep‐utation is, the lower degree is found in the listed Corporation’s IPO sponsored by the institutions when other variables remain the same.