新上市公司盈余的可信度:应计盈余与真实盈余管理

Equilibrium Pub Date : 2021-09-30 DOI:10.24136/eq.2021.024
Tomasz Sosnowski
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引用次数: 9

摘要

研究背景:首次公开发行(IPO)为研究公司制度环境变化对财务报表披露信息可信度的影响提供了绝佳的机会。本文的目的:本研究的主要目的是分析应计盈余和真实盈余管理的使用,以夸大上市事件的盈余、收入或总资产。因此,本文对新上市公司财务报告质量的研究有一定的贡献。方法:两种主要方法反映了不同类型盈余管理活动的使用,即可自由支配的应计利润和实际盈余管理。在这两种情况下,都有必要使用适当的OLS方法估计模型来确定影响财务报表中报告的结果的类别的正常水平。研究结果与增加值:基于华沙证券交易所2005年至2015年183家ipo的样本,新上市公司的管理者普遍积极使用可支配性应计利润,降低生产成本和某些可支配费用,经营现金流异常?即,本文中使用的盈余管理的所有代理?在IPO期间。在首次公开募股之前的一段时间里,经理们更多地引入了公司实际运营领域的典型技术,特别是对某些可自由支配成本的刻意建模。反过来,在IPO之后的一年,支配性应计利润的使用占主导地位。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The credibility of earnings announced by new stock companies: accrual and real earnings management
Research background: An initial public offering (IPO) creates an excellent opportunity to research the impact of changes in the institutional environment of companies on the trustworthiness of the information disclosed in financial statements. Purpose of the article: The main aim of the study is to analyze the use of accrual and real earnings management to inflate earnings, revenue, or total assets around the going public event. Therefore, this paper contributes to the stream of study on the quality of financial reporting of new stock companies. Methods: Two main approaches reflect the use of various types of earnings management activities, i.e., discretionary accruals and real earnings management. In both cases, it was necessary to use proper OLS method estimated models to identify the normal level of categories that affect the results reported in financial statements. Findings & value added: Based on a sample of 183 IPOs from the Warsaw Stock Exchange between 2005 and 2015, generally, managers of newly-listed companies actively use discretionary accruals, reduce production costs and certain discretionary expenses, and abnormal cash flows from operations ? i.e., all proxies of earnings management used in the paper ? in the periods around the IPO. In the period prior to the IPO, managers more often introduce techniques typical of the real sphere of the company's operations, in particular, the deliberate modeling of certain discretionary costs. In turn, the use of discretionary accruals dominates in the year after the IPO.
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