IPO System Reform, Earnings Management and IPO Pricing Efficiency

Abstract

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

CLC Number:

F276.44

GAO Jing-Zhong, YANG Zhao. IPO System Reform, Earnings Management and IPO Pricing Efficiency[J]. Journal of Guizhou University of Finance and Economics, 2020(01): 21-36.

References

[1] 俞红海,李心丹,耿子扬.投资者情绪、意见分歧与中国股市IPO之谜[J].管理科学学报,2015,18(3):78-89.
[2] 史金艳,李笑冲,李延喜.投资者情绪阶段测度与IPO首日收益——兼论承销商声誉的调节效应[J].大连理工大学学报(社会科学版),2018,39(5):32-40.
[3] 陈见丽.政治关系如何推动创业板公司的IPO估值泡沫[J].财经科学,2014(2):41-50.
[4] 杨玉龙.发审委校友关系会否扭曲IPO资源配置[J].财贸经济,2018,39(7):96-112.
[5] Wang Q, Anderson H, Chi J. VC political connections and IPO earnings management[J]. Emerging Markets Review, 2018, 35:148-163.
[6] 于富生,王成方.国有股权与IPO抑价——政府定价管制视角[J].金融研究,2012(9):155-167.
[7] 李维安,刘振杰,顾亮.IPO定价:中庸思维还是团队极化[J].中国工业经济,2014(5):96-108.
[8] 郭泓,赵震宇.承销商声誉对IPO公司定价、初始和长期回报影响实证研究[J].管理世界,2006(3):122-128.
[9] 郑建明,白霄,赵文耀."制度绑定"还是"技术溢出"——外资参股承销商与IPO定价效率[J].会计研究,2018(6):62-69.
[10] Lowry M, Shu S. Litigation Risk and IPO Underpricing[J]. Journal of Financial Economics, 2002, 65(3):309-335.
[11] Hanley KW, Hoberg G. Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings[J]. Journal of Financial Economics, 2012, 103(2):235-254.
[12] 魏志华,曾爱民,吴育辉,李常青.IPO首日限价政策能否抑制投资者"炒新"?[J].管理世界,2019,35(1):192-210.
[13] 宋顺林,唐斯圆.首日价格管制与新股投机:抑制还是助长?[J].管理世界,2019,35(1):211-224.
[14] 杨记军,赵昌文.定价机制、承销方式与发行成本:来自中国IPO市场的证据[J].金融研究,2006(5):51-60.
[15] 方匡南,何纯,王郁.基于Sai-GA-SVR的我国IPO制度与新股市场特征研究[J].管理科学学报,2015,18(4):98-110.
[16] 曹凤岐,董秀良.我国IPO定价合理性的实证分析[J].财经研究,2006(6):4-14.
[17] 刘生胜,郑冠群,宋林.行政干预、一二级市场分歧与IPO定价效率[J].重庆大学学报(社会科学版),2019,25(1):49-61.
[18] Li B, Liu Z. The Oversight Role of Regulators:Evidence from SEC Comment Letters in the IPO Process[J]. Review of Accounting Studies, 2017, 22(3):1229-1260.
[19] 汪天都,孙谦.传统监管措施能够限制金融市场的波动吗?[J].金融研究,2018(9):177-191.
[20] 张岩,吴芳,吴晓晖.IPO募资双重管制与资源配置——基于自然实验的经验证据[J].管理科学学报,2018,21(11):76-91.
[21] 周孝华,赵炜科,刘星.我国股票发行审批制与核准制下IPO定价效率的比较研究[J].管理世界,2006(11):13-18.
[22] 翟立宏,徐志高.我国股票发行通道制与保荐制下IPO定价效率的比较研究[J].经济问题,2009(5):109-113.
[23] 田利辉,张伟,王冠英.新股发行:渐进式市场化改革是否可行.南开管理评论,2013,16(2):116-132.
[24] 陈书燕.监管制度变革对IPO公司盈余管理的影响[J].山西财经大学学报,2006(S2):1-3.
[25] Alhadab M, Clacher I, Keasey K. A Comparative Analysis of Real and Accrual Earnings Management around Initial Public Offerings under Different Regulatory Environments[J]. Journal of Business Finance and Accounting, 2016, 43(7-8):849-871.
[26] Liu, J, Konari U, Ruidong G. Earnings management of initial public offering firms:evidence from regulation changes in China[J]. Accounting&Finance, 2014, 54(2):505-537.
[27] 张岩,吴芳.发行价格管制下的IPO盈余管理[J].财贸经济,2016(9):67-80.
[28] Yu Q, Du B, Sun Q. Earnings Management at Rights Issues Thresholds-Evidence from China[J]. Journal of Banking and Finance, 2006, 30(12):3453-3468.
[29] Haw I-M, Qi D, Wu D, Wu W. Market Consequences of Earnings Management in Response to Security Regulations in China[J]. Contemporary Accounting Research, 2005, 22(1):95-140.
[30] DuCharme, Larry L., Paul H. Malatesta, Stephan E. Sefcik. Earnings Management:IPO Valuation and Subsequent Performance[J]. Journal of Accounting, Auditing&Finance, 2001, 16(4):369-396.
[31] Kothari SP, Mizik N, Roychowdhury S. Managing for the Moment:The Role of Earnings Management via Real Activities versus Accruals in SEO Valuation[J]. Accounting Review, 2016, 91(2):559-586.
[32] Gao J, Cong LM, Evans J. Earnings Management, IPO Underpricing, and Post-Issue Stock Performance of Chinese SMEs[J]. Chinese Economy, 2015, 48(5):351-371.
[33] 徐浩萍,陈超.会计盈余质量、新股定价与长期绩效——来自中国IPO市场发行制度改革后的证据[J].管理世界,2009(8):25-38.
[34] 陈胜蓝.财务会计信息与IPO抑价[J].金融研究,2010(05):152-165.
[35] Tian L. Regulatory underpricing:Determinants of Chinese extreme IPO returns[J]. Journal of Empirical Finance, 2011, 18(1):78-90.
[36] 王冰辉.价格管制与IPO时机选择[J].经济学(季刊),2013,12(2):407-428.
[37] 屈源育,吴卫星,沈涛.IPO还是借壳:什么影响了中国企业的上市选择?[J].管理世界,2018,34(9):130-142,192.
[38] 段丽娜,张小成,袁桥桥.超募制度提高了IPO定价效率了吗[J].宏观经济研究,2018(5):62-71,148.
[39] Cheung Y., OUYANG Z., TAN W.. How regulatory changes affect IPO underpricing in China[J]. China Economic Review, 2009, 20(4):692-702.
[40] 张小成,黄少安,周永生.不同发行机制下IPO抑价比较研究[J].中国管理科学,2012,20(6):35-42.
[41] 陆蓉,韩东进.有限理性监管、初步询价和IPO定价效率[J].经济管理,2010,32(5):16-23.
[42] 邹高峰,张维,常中阳.询价制度下中国IPO长期表现[J].管理科学学报,2012,15(11):66-75.
[43] 李冬昕,李心丹,俞红海,朱伟骅.询价机构报价中的意见分歧与IPO定价机制研究[J].经济研究,2014,49(7):151-164.
[44] 姜婷.新股询价配给规则与IPO价格形成的进化博弈分析[J].中国管理科学,2014,22(6):10-16.
[45] 张峥,欧阳珊.发行定价制度与IPO折价[J].经济科学,2012(1):73-85.
[46] 汪炜,于博,宁宜希.创投对中小板公司IPO折价的影响:监督认证,还是市场力量[J].经济评论,2014(1):141-150.
[47] 李曜,王秀军.我国创业板市场上风险投资的认证效应与市场力量[J].财经研究,2015,41(2):4-14.
[48] Chen J., Ke B., Wu D., Yang Z.. IPO Offer Price Regulation, Financial Reporting Quality, and IPO Overpricing (August 2, 2014). Available at SSRN:http://ssrn.com/abstract=2475785
[49] Chalmers K., Haman J., Qu W.. China's Securities reforms and IPO wealth loss[J]. Journal of Contemporary Accounting&Economics, 2014, 10(3):161-175.
[50] Sletten E, Ertimur Y, Sunder J, Weber J. When and Why Do IPO Firms Manage Earnings?[J].Review of Accounting Studies, 2018, 23(3):872-906.
[51] 白霄,赵文耀,郑建明.承销商-审计师合作关系、盈余管理与IPO定价[J].山西财经大学学报,2017,39(11):43-55.
[52] Michael S., Jose Vega. An examination of SEC revenue recognition comments and IPO earnings management[J]. Accounting Research Journal, 2018, 31(3):371-387.
[53] 高惠,韦玉龙,刘阳.IPO发行制度与信息披露质量——基于保荐制实施与否的比较[J].中国管理科学,2015,23(5):23-31.
[54] 方军雄.信息公开、治理环境与媒体异化——基于IPO有偿沉默的初步发现[J].管理世界,2014(11):95-104.
[55] Aharony, Joseph, Chan-Jane Lin and Martin P. Loeb. Initial Public Offerings, Accounting Choices, and Earnings Management[J].Contemporary Accounting Research, 1993, 10(1):61-81.
[56] Beuselinck C., Stefano Cascino, Marc Deloof, Ann Vanstraelen. Earnings Management within Multinational Corporations[J]. The Accounting Review, 2018, In-Press.
[57] Teoh, Siew Hong, Ivo Welch, T.J. Wong. Earnings management and the underperformance of seasoned equity offerings[J]. Journal of Financial Economics, 1998, 50(1):63-99.
[58] Teoh, Siew Hong, Ivo Welch, T.J. Wong. Earnings Management and the Long-Run Market Performance of Initial Public Offerings[J]. The Journal of Finance, 1998, 53(6):1935-1974.
[59] 王志强,刘星.上市公司IPO盈余管理与其后期市场表现的实证分析[J].经济管理,2003(18):78-81.
[60] Aharony J, Lee C-WJ, Wong TJ. Financial Packaging of IPO Firms in China[J]. Journal of Accounting Research, 2000, 38(1):103-126.
[61] 林舒,魏明海.中国A股发行公司首次公开募股过程中的盈利管理[J].中国会计与财务研究,2000,(2):87-130.
[62] 祁怀锦,黄有为.IPO前后应计与真实盈余管理策略权衡:2007~2011年A股上市公司样本[J].改革,2014(3):130-141.
[63] 黄有为,祁怀锦.中国股市急速扩容与IPO公司盈余管理研究.中央财经大学学报,2014(8):60-68.
[64] 蔡春,李明,和辉.约束条件、IPO盈余管理方式与公司业绩——基于应计盈余管理与真实盈余管理的研究[J].会计研究,2013(10):35-42,96.
[65] Kao J. L., Wu D., Yang Z.. Regulations, earnings management, and post-IPO performance:The Chinese evidence[J]. Journal of Banking&Finance, 2009, 33(1):63-76
[66] 冉茂盛,黄敬昌.首次公开发行、盈余管理与发审委审核[J].证券市场导报,2011(3):29-34,48.
[67] Willenborg M., Wu B., Yang Y. S.. Issuer Operating Performance and IPO Price Formation[J].Journal of Accounting Research, 2015, 53(5):1109-1149.
[68] Abad D., M. Fuensanta Cutillas-Gomariz, Juan Pedro Sánchez-Ballesta, José Yagüe. Real Earnings Management and Information Asymmetry in the Equity Market[J]. European Accounting Review, 2018, 27(2):209-235.
[69] Boulton, Thomas J., Scott B. Smart, Chad J. Zutter. Earnings Quality and International IPO Underpricing[J]. The Accounting Review, 2011, 86(2):483-505.
[70] Rakestraw J., Kumar R., Maher, J. J..Industry-Average Earnings Management and IPO Pricing.Working Paper, 2015,Available at SSRN:http://ssrn.com/abstract=2445105.
[71] Shen Z, Coakley J, Instefjord N. Earnings Management and IPO Anomalies in China[J]. Review of Quantitative Finance and Accounting, 2014, 42(1):69-93.
[72] Billings MB, Lewis-Western MF. When Does Pre-IPO Financial Reporting Trigger Post-IPO Legal Consequences?[J]. Contemporary Accounting Research, 2016, 33(1):378-411.
[73] 陆瑶,袁敏峰.新股"破发"与IPO定价效率:基于股东特征的分析[J].清华大学学报(自然科学版),2014,54(3):381-393,401.
[74] Kothari SP, Leone AJ, Wasley CE. Performance Matched Discretionary Accrual Measures[J]. Journal of Accounting and Economics, 2005, 39(1):163-197.
[75] 温忠麟,张雷,侯杰泰,刘红云.中介效应检验程序及其应用[J].心理学报,2004(5):614-620.
[76] 王小鲁,樊纲,余静文.中国分省份市场化指数报告(2016)[M].北京:社会科学文献出版社,2017.
[77] 宋云玲,李志文.A股公司的应计异象[J].管理世界,2009(8):17-24,187.
[78] 饶育蕾,王建新,丁燕.基于投资者有限注意的"应计异象"研究——来自中国A股市场的经验证据[J].会计研究,2012(5):59-66,94.