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股权融资中的盈余管理现象严重影响着投资者对资本市场的信心。本文改进了修正的Jones模型,通过研究中国上市企业的盈余管理程度和股权再融资中增发新股之间的关系,试图找出影响盈余管理的因素,为防其发生提供参考。研究表明,增发新股会引起盈余管理。盈余管理程度与增发的再融资额度和总资产的比值、大股东持股比例正相关,与企业的资产周转率、资产负债比、企业规模负相关。2007年新的会计准则对盈余管理行为产生了一定的限制作用。
Earnings management in equity financing seriously affects investors’ confidence in the capital market. This paper improves the modified Jones model and tries to find out the factors that affect the earnings management and provide reference for preventing it by studying the relationship between the earnings management of Chinese listed companies and the new shares in equity refinancing. Research shows that the issuance of new shares will lead to earnings management. The degree of earnings management is positively correlated with the ratio of additional refinancing quota and total assets, and the proportion of major shareholders holding shares, which is negatively related to the asset turnover ratio, asset-liability ratio and firm size. The new accounting standards in 2007 have had some restrictions on the behavior of earnings management.