财经理论与实践
財經理論與實踐
재경이론여실천
The Theory and Practice of Finance and Economics
2011年
2期
69~72
,共null页
股权融资 企业并购 盈余管理
股權融資 企業併購 盈餘管理
고권융자 기업병구 영여관리
Equity Financing; M＆A; Earnings Management
对上市公司并购的制度背景和盈余管理的制度背景分析发现,上市公司在我国目前特殊的制度背景下在并购中进行盈余管理是一种理性行为。在政府主导下进行的无效率的并购和为了获得配股资格而在并购前期调高利润的盈余管理行为是导致其并购后期经营业绩下降的主要原因。
對上市公司併購的製度揹景和盈餘管理的製度揹景分析髮現,上市公司在我國目前特殊的製度揹景下在併購中進行盈餘管理是一種理性行為。在政府主導下進行的無效率的併購和為瞭穫得配股資格而在併購前期調高利潤的盈餘管理行為是導緻其併購後期經營業績下降的主要原因。
대상시공사병구적제도배경화영여관리적제도배경분석발현,상시공사재아국목전특수적제도배경하재병구중진행영여관리시일충이성행위。재정부주도하진행적무효솔적병구화위료획득배고자격이재병구전기조고리윤적영여관리행위시도치기병구후기경영업적하강적주요원인。
The institutional backgrounds for MA and Earnings management of listed companies are analyzed in the paper.It finds that practice earnings management in MA is a rational behavior for listed company under the current special institutional background in China.It＇s the inefficient MA led by government and the Earnings management to phonily increase profits in the early stage of MA for share allotment that are the main reasons causing operating performance falling down in the late period of MA.
