重庆理工大学学报（自然科学版）2018，Vol.32Issue(1)：241-248,8.DOI:10.3969/j.issn.1674-8425(z).2018.01.033
承销商声誉对我国上市公司定向增发盈余管理的影响分析——基于能源行业的实证研究
Research on Relations Between Underwriter Reputation and Placement Earnings Management Based on Jones Model:Based on the Energy Industry
摘要
Abstract
This paper studies the energy industry as the example during placement underwriter reputation affect earnings management of listed companies to test whether the"third party's"role of underwriters and underwriters reputation mechanisms in the stock market is perfect.It aims to provide a reference in formulating relevant policies and systems for regulatory authorities,and to reduce earnings management behavior of listed companies effectively and to provide a reference for improving the excitation of the underwriter reputation mechanism.Firstly,it analyzed the listed companies in the private placement during the earnings management behavior from a theoretical perspective,and explored that the reputation of the underwriters can restrain the earnings management behavior of listed companies.In the year 2010—2013 and then conducted a private placement of a total of 56 companies in the energy sector as the research object,using the Jones model,it measures the level of earnings management,using M-W method for the corresponding calculation and ranking underwriter reputation,through the test of goodness of fit,single variable T test,regression analysis and other methods for empirical research.The results show that there are positive earnings management behaviors in all the companies in the energy industry.In the energy sector,the underwriter reputation and companies consider significantly associated with the degree of earnings management,and a negative correlation relationship,so the underwriter reputation to consider the degree of earnings management has inhibition,underwriters to effectively play ACTS as a"third party".关键词
承销商声誉/定向增发/盈余管理/能源行业Key words
underwriter reputation/placement/earnings management/energy industry分类
数学引用本文复制引用
吴娟,俞静..承销商声誉对我国上市公司定向增发盈余管理的影响分析——基于能源行业的实证研究[J].重庆理工大学学报（自然科学版）,2018,32(1):241-248,8.基金项目
教育部人文社会科学规划基金资助项目(12YJA630179) （12YJA630179）
中央高校基本科研业务费资助项目(2013B33114) （2013B33114）
