The Impact Of IPO Earnings Management On Company Performance

IPO earnings management has always been one of the hot topics in capital market research.Scholars at home and abroad have studied earnings management behavior before IPO and found that IPO enterprises have implemented earnings management in order to realize the purpose of listing financing and raising the issue price.Earnings management includes accrual earnings management and real earnings management.Taking IPO earnings management as the research object,this paper analyzes in-depth and detailed the selection of earnings management methods for IPO enterprises in order to achieve the goal of raising the issue price of shares,and also analyzes the influence of different earnings management methods on the future performance of IPO enterprises.First of all,this paper introduces the research background,significance and research methods.in this part,it puts forward the research framework and research methods of this paper.At the same time,the paper reviews and summarizes the literatures on accrual earnings management before IPO,real earnings management and post-ipo performance decline,and selects principal-agent theory,information asymmetry theory,contract theory and llsv theory as the theoretical basis of this paper and analyzes them.Based on literature review and theoretical analysis,this paper puts forward the corresponding research hypothesis according to the research purpose,that is,IPO enterprises have implemented two kinds of earnings management methods at the same time before the initial public offering of shares.at the same time,it makes a theoretical analysis of the economic consequences of different earnings management methods(impact on the future performance of enterprises),and puts forward the hypothesis that real earnings management has a greater impact on the future performance of enterprises than accrual earnings management.Secondly,this paper selects IPO enterprises in a-share non-financial industry as research samples,and designs corresponding variables and models according to the research purpose of this paper and the practices of scholars at home and abroad.The empirical part first makes descriptive statistics and univariate analysis of the main explanatory variables.The results of the median test have preliminarily verified the expectation of this article that IPO enterprises have implemented various earnings management methods in their initial public offering.Then the correlation analysis of the explanatory variables shows that there is no serious multidisciplinary in this paper.On the basis of descriptive statistics and correlation analysis,the model designed in the previous chapter is used to carry out multiple linear regression analysis and test the hypotheses proposed in this paper.The multiple regression results show that IPO enterprises have implemented two earnings management methods before IPO,and under different constraints,IPO enterprises have chosen different earnings management methods.Compared with accrual earnings management,real earnings management has a greater impact on the future performance of enterprises.Finally,this paper summarizes the theoretical analysis above and the results of empirical analysis,summarizes the research conclusions of this paper,and puts forward policy suggestions.At the same time,there are also shortcomings in this article,which is also the direction of further research.