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研究不同板块资本市场首次公开募股(initial public offerings,IPO)盈余管理差异及其原因,对促进我国多板块资本市场的健康发展具有重要的意义。本文以2010~2012年在沪深两市主板、中小企业板和创业板上市的IPO公司为样本,研究了三个板块资本市场的应计盈余和真实盈余管理程度,发现IPO过程中企业普遍存在两种盈余管理方式,且两种盈余管理方式的决策存在相关性,不同板块资本市场的盈余管理程度存在差异,并且两种盈余管理程度与多板块资本市场具有显著相关性。
It is of great significance to study the differences and reasons of the earnings management of initial public offering (IPO) in different sectors of the capital market in order to promote the healthy development of China’s multi-sector capital market. Based on the IPO companies listed on the main board, SME board and GEM in Shanghai and Shenzhen from 2010 to 2012, this paper studies the accrued earnings and real earnings management of the three sector capital markets. It finds that enterprises in the IPO process are ubiquitous There are correlations between the two earnings management modes and the earnings management in different sectors. There is a significant correlation between the two types of earnings management and the multi-sector capital market.