CAJ | 학술논문

在分析IPO盈余管理动机的基础上，研究了IPO公司进行盈余管理的手段及其影响。以2008年在深圳证券交易所上市的71家公司为对象，通过研究其2006-2010五年的经济数据，运用改进后的Jones模型，得出两个结论：上市公司的业绩在IPO前后存在明显的差异，并且上市前两年的业绩高于IPO当年及IPO后两年；上市公司通过调整应计利润进行盈余的操纵。最后针对分析结果提出相应对策，以期对加强证券市场监管，完善公司治理结构，帮助投资者进行投资决策做出贡献。
재분석IPO영여관리동궤적기출상，연구료IPO공사진행영여관리적수단급기영향。이2008년재심수증권교역소상시적71가공사위대상，통과연구기2006-2010오년적경제수거，운용개진후적Jones모형，득출량개결론：상시공사적업적재IPO전후존재명현적차이，병차상시전량년적업적고우IPO당년급IPO후량년；상시공사통과조정응계리윤진행영여적조종。최후침대분석결과제출상응대책，이기대가강증권시장감관，완선공사치리결구，방조투자자진행투자결책주출공헌。
On the basis of analyzing IPO earnings management motivation, this paper studies the means and influence of IPO companies earnings management. Regarding the 71 companies listing in Shenzhen stock exchange as the object of the re- search, through the research of 2006-2010 economic data and using the improved Jones model could draw two conclusions： there are significant differences of the performance of listed companies before and after IPO, the performance of two years, before listing is higher than those years and two years after listing; the listed companies manipulate earnings through adjustment accrued profits.At last, in view of the analysis results, this paper puts forward corresponding countermeasures, in order to strengthen the securities market supervision, perfect the corporate governance structure, help investors to make investment deci- sion.