CAJ | 학술논문

我国的创业板市场于2009年正式开启，为新创高科技企业提供了有效的融资渠道，但由于监管制度的不完善，出现了发行价格偏高、市盈率虚高、超募率较高、风险较大等突出问题。2012年4月20日，深交所发布修订的《创业板上市规则》，完善了创业板的退市制度。本文从应计盈余管理和真实盈余管理两个视角，研究退市制度对创业板上市公司盈余管理行为的影响。结果显示，创业板上市公司有显著的盈余管理行为，但退市制度出台前后期间的盈余管理方式不同：退市制度出台前，公司主要实施应计盈余管理；退市制度出台后，公司的真实盈余管理显著增加，且主要实施销售操控的真实盈余管理方式，应计盈余管理显著减少。本文的研究结果丰富了创业板上市公司盈余管理的研究文献，初步证明了退市制度的有效性，为进一步强化对创业板上市公司的监管提供有效的经验证据。
아국적창업판시장우2009년정식개계，위신창고과기기업제공료유효적융자거도，단유우감관제도적불완선，출현료발행개격편고、시영솔허고、초모솔교고、풍험교대등돌출문제。2012년4월20일，심교소발포수정적《창업판상시규칙》，완선료창업판적퇴시제도。본문종응계영여관리화진실영여관리량개시각，연구퇴시제도대창업판상시공사영여관리행위적영향。결과현시，창업판상시공사유현저적영여관리행위，단퇴시제도출태전후기간적영여관리방식불동：퇴시제도출태전，공사주요실시응계영여관리；퇴시제도출태후，공사적진실영여관리현저증가，차주요실시소수조공적진실영여관리방식，응계영여관리현저감소。본문적연구결과봉부료창업판상시공사영여관리적연구문헌，초보증명료퇴시제도적유효성，위진일보강화대창업판상시공사적감관제공유효적경험증거。
growth enterprises market formally opened in 2009, which provided Hi-tech enterprises with effective fi- nancing channels. Due to incomplete supervisory systems, some problems such as high issuing price, inflated PE rati- o and super offering rate are occuring. On 20th April 2012, Shenzhen stock exchange issued the ＂Revised Listing Rules for the growth enterprises market＂, which improved growth enterprises market delisting rules. This paper ana- lyzes the effects of delisting rules on the earnings management behaviors of listed companies in the both views of ac- crual and real earnings management. We find that listed companies in growth enterprises market have obvious earn- ings management behavior but there are different ways of earnings management before and after delisting rules. Before delisting rules, listed companies implemented accrual earnings management mainly. After delisting rules,listed companies implement more real earnings management including sales manipulation that is the main way of managing earnings and less accrual earnings management as well. Our study enrich the literatures on earnings management of listed companies in growth enterprises market and preliminarily prove the effectiveness of delisting rules, which is helpful for enhancing supervision over growth enterprises market.