CAJ | 학술논문

结合中国实际情况，研究定向增发公司在发行股票过程中是否进行盈余管理，以及盈余管理对长期股票收益的影响。首先，对2008年、2009年实施定向增发的公司寻找配对样本，再与配对样本进行均值比较以及多变量回归模型检验，发现定向增发公司在增发当年和前一年进行了盈余管理；然后，对定向增发之后盈余管理与长期股票收益进行回归分析，结果表明，盈余管理会导致长期股票收益下降，与非定向增发公司相比，定向增发公司盈余管理对长期股票收益的影响更小。
결합중국실제정황，연구정향증발공사재발행고표과정중시부진행영여관리，이급영여관리대장기고표수익적영향。수선，대2008년、2009년실시정향증발적공사심조배대양본，재여배대양본진행균치비교이급다변량회귀모형검험，발현정향증발공사재증발당년화전일년진행료영여관리；연후，대정향증발지후영여관리여장기고표수익진행회귀분석，결과표명，영여관리회도치장기고표수익하강，여비정향증발공사상비，정향증발공사영여관리대장기고표수익적영향경소。
This paper studies whether private placement issuers manipulate their earnings around the time of issuance and the effect of earnings management on long-term stock returns according to the situation of our country. Firstly, paired samples are found for each private placement firm in 2008 and 2009. Com- parison with the mean of discretionary accruals of paired samples and empirical analysis of multivariate re- gression models show that private placement issuers tend to engage in earnings management in the issued year and the previous year of private placements. Regressions is run further for earnings management and post- issue stock returns. Results show that earnings management lead to the decline in long-term stock. Compared with non-placement companies, earnings long-terms stock returns. management of private placement has less impact on