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A Study of Earnings Management in the Process of IPO

Author: ZhangLan
Tutor: MaZhong
School: Beijing Jiaotong University
Course: Accounting
Keywords: IPO Earnings Management Hollowed out Related party transactions
CLC: F832.51;F224
Type: Master's thesis
Year: 2011
Downloads: 267
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Abstract


Abstract: In this stage of China's listed companies the total of all the company's ratio is still very low, Listing Qualifications as a scarce resource, and has a very high value, so a large number of companies in China have a strong motive for IPO Listing Qualifications. SFC threshold requirements on the performance of the company IPO may prompt the company to improve the performance of the company prior to the IPO earnings management. This article noted that preparing for an IPO, the company and its largest shareholder association between the purchase and sale can significantly enhance the performance of the company, helping the company to IPO eligibility. The largest shareholder in the two conditions of equity unfinished full circulation and full flow taking into account the interests of the subsidiary IPO transport, its benefit is how can they protect. This paper further examines the company after the IPO eligibility, the association between the major shareholders and listed companies as movements of capital, in order to test whether the largest shareholder by occupation of listed companies funds to compensate for the transfer of benefits before the IPO, that is testing the major shareholders of the IPO companies performance support implicit its emptied motivation. Specific test the association between the purchase and sale of the company IPO of the year with its controlling shareholder (the parent company) with the results of association funds used in the IPO market reaction and post-IPO (non-payment of a loan), mainly in the following three aspects found: IPO the company's performance significantly associated sales depend on the company and shareholders, and the relationship between the acquired and the associated weak, and the above relationship has become more evident in companies with a higher current ratio. IPO annual sales and results of the company's non-associated the relationship weakening, further confirms the associated sales implied earnings management. Second, the market failed to recognize the company's pre-IPO earnings management through the implementation of related sales. IPO the company's price-earnings ratio and the associated sales no obvious relationship, the relationship is not obvious even with the sale of non-associated, and the effectiveness of China's securities market is still very low. Third, the largest shareholder in the company before the IPO to give more associated with the purchase and sale support, occupied by the largest shareholder in the company after the IPO funds of listed companies more confirms the major shareholders in hollowed out for the purpose of earnings management motivation. And a lower ratio of equity flows under the conditions of this problem is more serious stake in full circulation this certain extent. The contribution of this article is from the company IPO earnings management perspective reveals the two sides of the large hollowed out support with the interests of the shareholders of the listed company's interests, and confirmed in advance the interests of support in order to further the interests of hollowed. In addition, the full circulation provides the policy basis for this study of China's listed companies shares. The largest shareholder less flow of shares before the split share structure reform of listed companies as a \this behavior is a serious violation of the principle of \Equity of tradable equity division reform, however, weaken the agency conflicts between large shareholders and minority shareholders, thereby weakening the hollowing out of the interests of the major shareholders of listed companies.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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