CAJ | 학술논문

对我国创业板公司IPO过程中的业绩变化和盈余管理行为进行了研究,发现＂新股发行之谜＂也存在于我国创业板上市公司IPO中,创业板上市公司IPO前后均进行了盈余管理,包括应计盈余管理和真实盈余管理。相对应计盈余管理,真实盈余管理对我国创业板上市公司IPO后业绩的负面影响更为严重。真实盈余管理活动偏离了公司最优化决策,损害了公司的长期利益。因此,建议监管部门可以设置创业板差别化的准入标准,并适时推出注册制,继续完善我国创业板市场的退市制度,建立投资者保护制度。
대아국창업판공사IPO과정중적업적변화화영여관리행위진행료연구,발현＂신고발행지미＂야존재우아국창업판상시공사IPO중,창업판상시공사IPO전후균진행료영여관리,포괄응계영여관리화진실영여관리。상대응계영여관리,진실영여관리대아국창업판상시공사IPO후업적적부면영향경위엄중。진실영여관리활동편리료공사최우화결책,손해료공사적장기이익。인차,건의감관부문가이설치창업판차별화적준입표준,병괄시추출주책제,계속완선아국창업판시장적퇴시제도,건립투자자보호제도。
A study is made on the performance change in the process of IPO in China＇ s listed companies on GEM and earn- ings management behaviors. It finds that the ＂ New Issuance Mystery＂ also exists in the IPO of China＇ s listed companies on GEM, with earnings management conducted both before and after IPO, including accrued and real earnings management. Com- pared with accrued earnings management, real earnings management has a more serious negative effect upon the performance after IPO in China＇ s listed companies on GEM. Real earnings management activities deviate from the optimization of decision-making, which has hurt the company＇ s long-term interests. Therefore, this paper proposes that the regulators should set up the differentia- ted access standards on GEM and launch the registration system in appropriate time to continue improving China＇ s delisting sys- tem on GEM and build up the investor protection system.