中国资本市场的盈余管理研究

上市公司的盈余管理是当今许多国家所面临的问题。在我国,由于上市公司的融资渠道比较狭窄,配股是公司上市后筹集长期资金的主要渠道。一些公司为了取得配股权会想尽办法进行盈余管理以达到证监会的配股条件。此外,上市公司为了获得较高的配股价格,获得有利的筹资条件,也可能以盈余管理为手段,通过对净资产收益率的把握来实现融资目的。从我国上市公司盈余管理的主要动机、盈余管理的途径以及盈余管理的影响等方面对上市公司基于配股权的盈余管理现象作系统的研究,将对证券市场的完善、证券市场监管的科学化、上市公司行为的规范化乃至整个证券市场的健康发展产生深远的影响,同时还可以丰富盈余管理的证据。

Study on the surplus management in China's capital market

Surplus management of listing companies is a big problem of many countries.Shares-rationing has been the main channel to raise long-term capital due to the narrow financing measures in China.In order to acquire shares-rationing right,some listing companies may try their best to meet the requirements of China's Securities Regulatory Commission by earnings management.In addition,the corporations may also manage earnings for high issuing price of shares-rationing or take measures to gain favorable conditions of financing by the control of the rate of return on owner's equity(ROE).This article illustrates the motivation,approach and influence of listing companies earnings management and the systematic research of earnings management on the basis of shares-rationing right that will have a profound influence on the improvement of regularities in the stock market,the scientific nature of regulatory policies of the capital market,the behavior of listing companies,the development of the capital market,and the enrichment of evidence in earnings management.