The Gem IPO Earnings Management In The Process Of Empirical Research

In October2009, our country is listed on the gem companies in shenzhen stock exchange, marked the our country establish with the mainboard market is given priority to, in the gem market as the supplement of multi-layer stock market system. Gem market compared to the main board market has obvious characteristic, high growth, high p/e ratio, high risk, therefore become the latest must-haves in the numerous venture investors, and the growth enterprise market has become an important platform of small and medium-sized enterprises (smes) to raise money, Country to encourage the development of small and medium-sized enterprises, especially the development of high and new technology enterprise, made the low relative to the mainboard market indicators and standards, even so many gem companies still not reached the requirements of regulations of the state of financial indicators, in order to be able to get listing qualifications and raising the price of the stock, surplus management has become important measures and get a wide range of promotion.Before listing due to the large surplus management behavior, people increase surplus after reach the purpose of listing, and need to scale down earnings management behavior to smooth the annual surplus of inflated before, so there are many listed companies in the first issue after the performance dramatically shrink phenomenon, Cause of investor dissatisfaction and unfavorable to the market allocation of resources, has brought the growth enterprise market volatility. Appears to reveal the root causes of this phenomenon in order to find out effective solutions, This paper reference the domestic and foreign relevant gem IPO earnings management in the process of empirical research, Respectively was carried out on the gem companies earnings management theoretical basis, the motives of earnings management and earnings management means of expounded analysis, from theory to analyze surplus management existence inevitability; And use the modified Jones model, operating cash flow returns model, paired sample T test, linear regression analysis method to the gem companies such as the extent of earnings management for measurement. By adopting the combination of theory and empirical methods, to enhance the persuasive to demonstrate their hypothesis and the rigour of an article.In this paper, the contents of the summary.As follows:first, according to the research background and purpose of conclude this topic source, according to the level of research on earnings management at home and abroad research status. The second reference at home and abroad on gem IPO earnings management in the process of empirical research for this paper laid the foundation of the theory; Summary of the third part introduces the definition and characteristics of earnings management, studied the basic theory of earnings management and motivation of earnings management are introduced measures laid the theoretical foundation of this article; The fourth part mainly introduced the gem companies founded background, market characteristics, market conditions, to identify the means of earnings management and method, laid a theoretical foundation for empirical research behind; Fifth part entered the stage of empirical research hypothesis first, has carried on the effective choice to sample, variables is constructed and used by the empirical model; The sixth part has carried on the empirical research to the data using the results to illustrate the correctness of the hypothesis;The seventh part is conclusion and suggestion, want to control earnings management behavior to reduce investment risks, guarantee the stability of the financial market, to promote high-tech enterprises with growth potential got rapid development.This article’s innovation point there are two main aspects:the first in China’s fledgling gem market as the research object; In the past a lot of empirical research on earnings management mostly focused on the main board market,,though there is an empirical study of the growth enterprise market abroad, but China was formally established in October2009, the growth enterprise market, based on the emerging things, the growth enterprise market in China as the research object, is the study of perspective innovation, Second is on the part of the empirical model of innovation, in the past with Jones model is given priority to, direct, eliminating the influence of the aspects of working capital in this paper, the modified Jones-CFO model,Considering the influence of earnings management of working capital, joined the new independent variable is an innovative model, And with2011,128companies listed on the gem market as samples, the estimation period for four years, before and after using the latest data, make empirical more persuasive.