贵州财经大学学报

贵州财经大学学报 ›› 2020 ›› Issue (01): 21-36.

• 金融经济 • 上一篇    下一篇

IPO制度改革、盈余管理与IPO定价效率

高敬忠, 杨朝   

  1. 天津财经大学会计学院, 天津 300222
  • 收稿日期:2019-08-05 出版日期:2020-01-15 发布日期:2020-01-15
  • 作者简介:高敬忠(1975-),男,江苏泰州人,博士,天津财经大学会计学院副教授、硕士生导师,研究方向为会计信息披露与资本市场、公司治理;杨朝(1995-),男,天津人,天津财经大学会计学院硕士研究生,研究方向为财务会计与资本市场。
  • 基金资助:
    国家社会科学基金项目"IPO制度差异、盈余管理与IPO定价效率"（项目编号：16BJY015）

IPO System Reform, Earnings Management and IPO Pricing Efficiency

GAO Jing-Zhong, YANG Zhao   

  1. School of Accounting, Tianjin University of Finance and Economics, Tianjin 300222, China
  • Received:2019-08-05 Online:2020-01-15 Published:2020-01-15

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摘要： 以1993~2015年我国A股IPO公司为样本，检验了我国资本市场IPO制度的渐进式改革对IPO定价效率的作用，并进一步研究了盈余管理在两者作用过程中的中介作用。研究结果发现，除额度管理到指标管理阶段改革没有对IPO定价效率产生显著影响外，其他各阶段改革均有效提高了短窗口期的IPO定价效率，并且IPO公司的盈余管理在这一过程中起到了显著的中介作用。此外，进一步研究还发现IPO制度改革降低了中长期窗口的IPO定价效率，并且IPO制度改革在不同市场化程度的地区和牛熊市期间对IPO定价效率的作用并不相同。研究结论为IPO注册制改革过程中加强对IPO公司盈余管理的监管提供了参考依据。

关键词: IPO公司, IPO制度改革, 盈余管理, IPO定价效率, 中介作用

Abstract: Taking China's A-share IPO company as a sample from 1993 to 2015, and examines the effect of China's previous IPO system reforms on the incremental reform of China's capital market IPO system, and further studies the earnings management. The mediating role played by the role of both. The study found that the reform from the quota management to the indicator management stage did not have a significant impact on the IPO pricing efficiency. The other stages of the reform effectively improved the IPO pricing efficiency in the short window period, and the IPO company's earnings management started in the process. It has reached a significant intermediary role. In addition, further research also found that the IPO system reform has reduced the IPO pricing efficiency in the medium and long-term window, and the IPO system reform has different effects on IPO pricing efficiency in different marketization regions and the bull market. The research in this paper provides a reference for strengthening the supervision of IPO company's earnings management during the IPO registration system reform process.

Key words: IPO company, IPO system reform, earnings management, IPO pricing efficiency, mediating effect

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