| The IPO earnings management question has been one of capital market research hot spot subjects. The domestic and foreign scholars the earnings administrative action conducts the research after enterprise IPO discover the IPO enterprise to realize going on the market to finance as well as to raise the wholesale price the goal, has implemented the earnings management. The earnings management including should count the earnings management and the real earnings management. However, formerly was from should count the earnings management angle about the IPO earnings management’s research to carry on, rarely has the scholar to conduct the research to the IPO enterprise’s real earnings administrative action. But, more and more evidence indicated that consummates as well as the legal protection level enhancement unceasingly along with the accounting standards, the enterprise to achieve the earnings goal to implement the real earnings management. The existing research discovery, the real earnings management with should count the earnings management the function mechanism and to the enterprise value and achievements influence existence certain difference, with should count the earnings management to compare, the real earnings management has the lower legal risk and the audit risk, it is bigger to the enterprise value and the enterprise achievements’harm. In addition, the enterprise implements the real earnings management to be able to receive factor and so on profession characteristic, legal risk, earnings management elasticity influences.Formerly should count the earnings management about IPO the research to conceal a supposition, namely the earnings level is higher, the wholesale price is also higher, the earnings level is affects IPO to fix a price one of most important factors, therefore, the enterprise as far as possible will enhance the earnings. However, the earnings level is not affects the IPO fixed price the only factor, after the earnings achieve certain standard, the enterprise growth potential, the auditor prestige signal similarly will have the important influence to the IPO fixed price. Then, to raise the stock wholesale price, the IPO enterprise whether both to implement should count the earnings management, and has implemented the real earnings management? Should count between the earnings management and the real earnings management has the substitution relations, then under different constraints, IPO enterprise to obtain a higher wholesale price to choose what earnings mode of administration? They will have what kind of influence to the wholesale price? The IPO enterprise in the control earnings raise the wholesale price in the process, enterprise’s growth potential, the auditor prestige have had what kind of influence to the wholesale price? Has the important meaning to these question’s research, however still did not have the scholar to carry on the discussion regarding this at present.This article as studies the sample take2006-2008year IPO enterprise, inspected the IPO enterprise under certain constraints earnings mode of administration choice and the different earnings mode of administration economic consequences. This article studied the discovery, the EPO enterprise not only implements should count the earnings management, and has implemented the earnings management; IPO the enterprise to the earnings mode of administration’s choice is the result which measures under the issue price maximization principle, when its auditor for international "four big", accountant the elastic level is low, is in the non-control profession, the choice real earnings management is more advantageous in raises the stock wholesale price; Otherwise, the choice should count the earnings management to be more advantageous in raises the stock wholesale price. The IPO enterprise more implements enhances the earnings to count the earnings management, the wholesale price is higher. But the IPO enterprise always implements by no means enhances the earnings the earnings mode of administration, the IPO enterprise will synthesize measures each earnings mode of administration to the wholesale price the influence. IPO should count in the earnings management "the earnings to be higher, the wholesale price is higher" the concealment supposition is not suitable for the real earnings management. This article discovers the IPO enterprise to raise the wholesale price to reduce the earnings through the contraction credit condition sales control way, will enhance the operative activity cash flow, will thus enhance the earnings per share the cash degree of protection is the earnings quality; The IPO enterprise through unusual will also increase expense control ways and so on research and development disbursement, advertizing cost to operate the enterprise "the growth potential" although reduced the earnings, but will be advantageous in raises the wholesale price. What is more interesting, because "four big" the audit quality is high, the IPO enterprise chooses international "four big" when the few implementations will count the earnings management before IPO to reduce the auditor will write up "not the clean audit opinion" the risk. This time, the IPO enterprise reduced one importantly "the creative earnings" origin, thus it has the possibility to raise the earnings through the expense control way. Certainly, the IPO enterprise reduces R&D, S&A and so on disbursement will reduce the enterprise growth potential, will not favor raises the stock wholesale price, but will choose international "four big" and the higher earnings level is helpful in raises the wholesale price, made up the growth potential to give the wholesale price insufficient the influence. This article return result indicated that the IPO enterprise in the earnings with other influence earnings factor (for example auditor, growth potential, earnings quality and so on) between will carry on the balance, will obtain a higher wholesale price.In addition, this article discovered that the different earnings mode of administration to future achievements’influence existence certain difference, the real earnings management will have a more tremendous negative influence to the future achievements, will sell the control activity to produce in the past in IPO to the enterprise achievements affects and continues to the second year, production control activity after IPO the second annual meeting had the influence to the enterprise achievements, but the expense control activity possibly will experience a longer time to the enterprise achievements’influence only then to appearThis article take the IPO earnings management as the object of study, will analyze the IPO enterprise to raise the stock wholesale price in the future carefully thoroughly to the earnings mode of administration choice as well as under the different constraints the IPO enterprise to the earnings mode of administration choice difference, based on this, this article has further analyzed the different earnings mode of administration to the IPO enterprise in the future the achievements influence. This article research conclusion to the social public, to be listed, Securities Supervisory Association and so on deep research IPO earnings management has the important theory significance and the practical significance. This article research mainly includes the introductory remarks, the main text as well as the research conclusion with suggests three major part altogether six chapters.The first part, introductory remarks. Mainly introduced this article research background, the research question propose, the research mentality as well as the research significance and the innovation. In addition, proposed this article research frame and the research technique in this part.The second part, textual material, including the2nd chapter of-4th chapter, altogether three chapters.The2nd chapter:System background and rationale. This chapter first has carried on the review to our country IPO fixed price way’s evolution, and distributed the going on the market condition to the IPO enterprise to carry on the analysis. At the same time, this chapter has chosen the principal-agent theory, the information asymmetrical theory, the contract theory, the LLSV theory and has carried on the analysis as this article rationale. The system background analysis and the correlation theories have provided the good research foundation for as follows research.The3rd chapter:Literature summary and research supposition. Because present is not unified to the earnings management’s definition, thus this chapter first has carried on the review and the analysis to the earnings management’s definition and the classification, and proposed this article approves the earnings management definition, divides into the earnings management should count the earnings management and the real earnings manages two ways. Then, this chapter carried on the literature to the IPO enterprise before the IPO earnings mode of administration choice to summarize and to propose the corresponding research supposition, namely the IPO enterprise already implemented before IPO should count the earnings management also to implement the real earnings management. Because the earnings mode of administration’s choice and the function display can receive macroscopic and the microscopic environment restriction which the IPO enterprise locates, the overseas massive research discovery constraints will have the material effect to be listed earnings mode of administration choice, thus this article further analyzed under the different constraints IPO earnings mode of administration to choose whether to have the difference, summarized in the literature in the foundation proposed the supposition. Finally this chapter (to enterprise achievements influence has carried on the theoretical analysis and the literature review in the future) to the different earnings mode of administration’s economic consequences, proposes the supposition, namely:With should count the earnings management to compare, the real earnings management the achievements will influence be bigger in the future to the enterprise.The4th chapter:Research design. This chapter selected2006-2008A IPO enterprises to study the sample, and studied the goal and the domestic and foreign scholar’s procedure according to this article has designed the relevant variable and the model. In order to examine this article the model and the variable designs whether to have the hypothesis error, this chapter has carried on the general examination to the model (the RESSET examination), the model check result indicated this article selects the model does not have the model hypothesis error, thus has provided in the measurement guarantee for as follows empirical analysis.The5th chapter:Real diagnosis result analysis. This chapter first carried on the descriptive statistics to the main explanatory variable, the average value check result had indicated initially the IPO enterprise implemented should count the earnings management and the real earnings management. Then, this chapter carried on the relevant analysis to the explanatory variable, the relevant analysis result had indicated that this article did not have the serious multiple collinearity. In the descriptive statistics and in the relevant analysis’s foundation, this chapter used on a chapter of design model to carry on the multivariate linear regression analysis, proposed the supposition to this article to carry on the examination. The multiple regression result indicated that the IPO enterprise has simultaneously implemented two earnings mode of administration before IPO, and under the different earnings mode of administration, the IPO enterprise has chosen the different earnings mode of administration. The real earnings management the achievements will influence be bigger in the future to the enterprise. At the same time, this chapter returned the result to above to carry on the thorough careful analysis. This article believed that the IPO enterprise to the earnings mode of administration’s choice is the result which measures under the issue price maximization principle. And to "the earnings was formerly higher about the IPO earnings management study, the wholesale price is also higher" the concealment supposition to raise the question.The third part, namely the6th chapter:Research conclusion, policy suggestion, limitation and research forecast. This chapter synthesis preamble’s theoretical analysis, and unifies the result which the empirical analysis obtains, summarized the full text research conclusion, and put forward the policy proposal. Simultaneously this article also has the deficiency, this is also the following research further studies and the direction diligently.This article research significance and the innovation place of mainly have:(1) formerly was from should count the earnings management about the IPO earnings management question’s research the angle, however Our country listing qualifications have the scarcity, as well as each kind of great microscopic constraints existence, for as far as possible raises the stock issue price, the enterprise also has possibly implemented the real earnings management before IPO. At present still did not have scholar’s to conduct the thorough careful research before IPO real earnings administrative action;(2) considered the IP O enterprise has two earnings mode of administration before IPO to be possible to supply the choice, but two kind of earnings mode of administration display function’s mechanism as well as is been different constraints’s influence. Therefore, in the foundation which in the former scholar studies, will inspect the IPO enterprise to have the significance under the different constraints earnings mode of administration choice;(3) the former scholar discovered that the real earnings management to will have the harm to the long-term achievements. This article discovers the different earnings mode of administration to the difference which as soon as the future achievements’influence existence will decide, the real earnings management will have a more tremendous influence to the future achievements, and the different real earnings management tool will have the influence time to the enterprise achievements also to have the difference, will sell the control activity to produce in the past in IPO to the enterprise achievements affects and continues to the second year, production control activity after IPO the second annual meeting had the influence to the enterprise achievements, but the expense control activity possibly will experience a longer time to the enterprise achievements’influence only then to appear.(4) present real earnings management definition existence flaw. According to this article research mentality and the findings, this article proposed succinctly, the accurate real earnings management definition. |
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