| Since 1999,Chinese Securities Market Issuance and Implementation Approval System.The CSRC made clear requirements on the performance of IPO companies through the Measures for Initial Public Offering and Listing of Listed Companies.At the same time,new shares the issue price is also directly related to company performance in current IPO inquiry system.Therefore,the performance during the company's IPO is very important for success.Many companies manipulate their accounting surpluses in a variety of ways in order to be able to successfully IPO and make the stock prices higher.Earnings management can be divided into real earnings management and accrued earnings management.Real earnings management is the earnings management activities of the business operators that affect and manipulate the accounting information disclosed by the company for the purpose of obtaining personal benefits,using the real economic activities of the enterprises as a means or controlling the occurrence time of relevant trading activities.In general,real earnings management is more flexible and concealed.With the implementation of new accounting standards and the continuous enhancement of IPO supervision,the space for listed companies to make use of accruals of earnings management has been gradually reduced,and accruals for earnings management the single,limited maneuverability and easy to spot malpractice appear,more and more companies are turning to real earnings management.At present,scholars domestic and abroad have conducted in-depth research on the intention,measures and consequences of real earnings management and have made a series of important conclusions which laid the foundation for the research work in this paper.However,the existing research is mainly based on empirical methods,and the related case studies are scarce.Because the real earnings management behavior is based on specific real transactions,there are significant differences in the direction,motivation,means and effects between different enterprises and real earnings management in different periods.Starting from a specific enterprise,exploring the real earnings management behavior of a company in a certain period provides a new perspective for the study of true earnings management.Therefore,by analyzing and summarizing the motives,means and economic consequences of Fosun shares IPO before real earnings management,this paper can reveal the harm of the real earnings management before the IPO of the listed companies in our country from one aspect,at the same time,making decisions for other companies Relevant departments to curb earnings management to provide guidance and reference.This paper uses the combination of normative research and case studies,takes the case of real earnings management before Fengxing Inc.IPO as the research object,and analyzes the motives,methods and economic consequences of the company's real earnings management before IPO.In the part of normative research,we learn and digestion the literatures in China and abroad.In the part of case analysis,on the basis of examining the reason and the purpose of Fengxing Inc.for the real earnings management,this paper points out the main means of true earnings management of Fengxing Inc.together with the financial data and chart analysis,and uses the model of Roy Chowdhury to measure the true The degree of earnings management and the changes of the purchase and holding excess returns(BHAR)to evaluate whether the company has the real earnings management behavior and the real earnings management behavior.Finally,this paper draws the conclusion through the above research,digs the universality of this case analysis,puts forward some suggestions for listed companies and relevant departments to curb earnings management.The main contributions of this paper are as follows:(1)Based on the real cases in China's securities market,this paper analyzes the purpose and means of real earnings management before the IPO of listed companies and the reasons for adopting real earnings management instead of accrued earnings management.Expand the research methods of real earnings management.(2)The use of Roy Chowdhury model reveals whether there is a problem of earnings management in the case company IPO process.Verify the scientific nature of Roy Chowdhury's model.(3)Through the analysis of the company's financial data over the years and the calculation of the holding period yield after the listing of Fengxing Inc.,the economic consequences of the real earnings management before the Fengxing Inc.IPO were analyzed.It is helpful to know the concealment and danger of real earnings management.The basic framework of this paper can divide into five chapters: The first one is introduction of background.The related literatures are sorted out and the research ideas and methods of this paper are explained.The second part is the part of the theoretical overview,elaborates the concept and type of earnings management,the motivation,characteristics and related theories of real earnings management,and introduces several common methods of real earnings management.The third part introduces the case of true earnings management before the IPO of Fengxing Inc..This part introduces the situation of Fengxing Inc.and the process of IPO of the company,analyzes the purpose of its true earnings management,and the company uses the real earnings management Rather than accruals of earnings management reasons.The fourth part is the central part of this case study.It mainly analyzes the means of true earnings management of Fengxing Inc.and the economic consequences of its true earnings management.The paper also apply the Roy Chowdhury model to test the true earnings management of Fengxing Inc..Confirming the existence of true earnings before the Fengxing Inc.IPO management behavior.The fifth part is the conclusion of this case study and related policy suggestions.Summarize the previous analysis,and put forward relevant suggestions from the internal governance,external supervision and management and the formulation and improvement of policies and regulations. |
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