It is of interest to investors,security regulator,and other related capital market agencies that whether listed companies manage earnings in their financial reports,if so,how much listed companies manage earnings,and whether investors see through earnings management of listed companies around seasoned equity offerings. This thesis investigates earnings management of China's listed companies around seasoned equity offering,and reveals that China's listed companies manage earnings before seasoned equity offerings and experience poor stock price performance in the post-offering period,and suggests that investors see through earning management in some extent. And this thesis also finds the evidences that earnings management before seasoned equity offerings can't explain stock price perform in the post-offering period,which suggests investors only see through earnings management as a whole,and they can't see through earnings management of a individual listed company accurately. Meanwhile,this thesis reveals that there are some great earnings management differences between companies listed in China capital market and companies listed in mature capital market because of separated share system,coalition financial reporting system,and transaction system between affiliated companies particular owned by China. At last,this research comes to the conclusion that there are particular forms of earnings management in different social and economical environments around seasoned equity offerings. |