信息披露对IPO业绩落差的影响研究 ——基于中国创业板上市公司的实证分析
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已出版:
12月 27, 2019
关键词:
IPO 信息披露 IPO业绩落差
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摘要
本文通过研究，旨在寻求改善创业板公司IPO后业绩下滑的现象，完善资本市场制度建设，推进注册制实施，创建大数据环境下的内部控制信息披露指数体系，完善证券市场退市制度。同时，本研究为强化证券监管监督机制，提高资本市场有效性，推动创业板与科创板市场的健康发展提供有价值的现实依据。构建了回归模型，研究信息披露和IPO业绩落差之间的相关关系，探究减少IPO业绩落差的解决方案。本文选取2011至2015年间中国创业板IPO首发上市公司，采集数据主要来自国泰安数据库，手工整理了深圳证券交易所网站披露信息的部分观测样本和上市公司年报信息。本文基于委托代理理论、盈余管理理论、信息不对称理论，预期理论及信号传递理论，在研究内容和视角上创新，构建研究信息披露与IPO业绩落差关系的回归模型，然后进行调节效应的检验。主要研究结论如下: 1. 信息披露质量与IPO业绩落差显著正相关，说明上市公司的信息披露越真实、越可靠，IPO业绩落差越小。2. 中介机构声誉对信息披露与IPO业绩落差的关系起到正向调节作用。3. 政府监管强度对信息披露水平与IPO业绩落差的关系起到正向调节作用。4. 优化IPO资源对信息披露与IPO业绩落差关系起到正向调节作用。
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Yu, S., Xu, Z., & Huang, Y. (2019). 信息披露对IPO业绩落差的影响研究 ——基于中国创业板上市公司的实证分析. 社会科学与管理, 3(2), 107–121. 取读于 从 https://so01.tci-thaijo.org/index.php/CJSSM/article/view/211828
栏目
研究型文章
Chinese Journal of Social Science and Management Editorial Division
The Office of Research and Development, Panyapiwat Institute of Management
85/1 Moo 2, Chaengwattana Rd., Bang Talat, Pakkred, Nonthaburi 11120, Thailand
Tel. 02 855 01048 E-mail: cjssm@pim.ac.th
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Zhang, Z. X. & Zhu, W. H. (2007). The empirical study on disclosure quality of listed companies in China. Nankai Economic Studies, (1), 45-59. [in Chinese]
Zhou, X. H. & Wu, H. L. (2010). An empirical study on performance change in initial public offerings of listed companies with middle and small capital stocks. Journal of Technical Economics &
Management, (6), 19-22. [in Chinese]
Zhu, H. Q., Zhang, M. X. & Duan, K. (2016). Research on the IPO performance effect of listed companies: A literature review. Times Finance, (12), 333-335. [in Chinese]
Aharony, J., Lee, C. W. & Wong, T. J. (2000). Financial Packaging of IPO Firms in China. Journal of Accounting Research, (38), 103-126.
Aharony, J., Lin, C. J. & Loeb, M. P. (1993). Initial Public Offerings, Accounting Choices, and Earnings Management. Contemporary Accounting Research, 10(1), 61-68.
Ball, R. & Shivakumar, L. (2008). Earnings quality at initial public offerings. Journal of Accounting & Economics, 45(2–3), 324-349.
Benesh, W. J. (2011). Taming the Dragon: The Modernization of the Chinese Equity Markets and its Effects on IPO Underpricing. Contemporary Accounting Research, 13(2), 334-39.
Cai, Y. Z. (2014). IPO effect from managerial shareholding view——the empirical study of listed companies on GEM board. Master’s Thesis, Southwestern University of Finance and Economics. [in Chinese]
Cao, S. X. (2015). Empirical study of relationship between the quality of the listed company information disclosure and the performance of the listed company information disclosure.
Reform of Economic System, (6), 191-196. [in Chinese]
Chen, X. Y. (2010). Empirical research on the relationship between pre-IPO earnings management and post-IPO performance for China firms. The Theory and Practice of Finance and Economics, 31(1), 62-65. [in Chinese]
Du, Z. P. (2016). Research on issues of initial public offerings price regulation of China. Doctoral Dissertation, Jilin University. [in Chinese]
Fang, J. X. & Xiang, X. X. (2009). Exterior supervision, regulation environment and information disclosure quality: Evidence from listed companies in SME board. Securities Market Herald, (11), 58-63. [in Chinese]
Ge, J. S. & Huang, S. Z. (2002). Critical review of Enron event——A thorough analysis of Enron’s accounting and auditing issues. Accounting Research, (2), 3-11. [in Chinese]
Guo, M. & Fu, M. H. (2016). Venture capital, information disclosure quality and corporate performance variability. Communication of Finance and Accounting, (27), 22-26. [in Chinese]
Healy, P. & Palepu, K. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405-440.
Ipino, E. (1997). Signaling IPO quality: Evidence from disclosure and board composition. Ededition Sweet and Maxwell, 6(7), 56-64.
Kumar, P., Langberg, N. & Sivaramakrishnan K. (2016). Voluntary Disclosure with Informed Trading in the IPO Market. Social Science Electronic Publishing, 54(4), 1365-1394.
Li, Y. P. (2009). Why does the operating performance of the Chinese listed companies deviate from the business cycle? Economic Research Journal, (3), 99-109. [in Chinese]
Lin, Y. Z. & Zhang, Y. F. (2007). The relationship between information transparency and operating performance. Accounting Research, (9), 26-34. [in Chinese]
Liu, B. C. (2014). Research on information disclosure of listed Chinese companies in US: A case study of muddy water shorting DGW. Master’s Thesis, Tianjin University. [in Chinese]
Liu, F. C., Mo, J. X. & Ma, R. K. (2017). The impact of TMT overseas background on firm innovation performance. Management Review, 29(7), 135-147. [in Chinese]
Liu, Y. & Lv, C. J. (2015). Research on methods of IPO earnings management: The case of GUIRENNIAO. Nankai Business Review, 18(6), 81-89. [in Chinese]
Lu, L. (2016). A literature review on information disclosure of listed companies. China Management Informationization, 19(23), 121-122. [in Chinese]
Meek, G. K., Ruberts, C. B. & Oray, S. J. (1995). Factors Influencing Voluntary Annual Report Disclosures By U.S., U.K. and Continental European Multinational Corporations. Journal of International Business Studies, 26(3), 555-572.
Mo, J. X. (2016). A study of the impact of top management team overseas background on firm innovation performance. Master’s Thesis, Dalian University of Technology. [in Chinese]
Qi, J. N., Chen, H. L. & Zhang, Y. (2004). Auditor size, brand name, pricing and audit quality: The audit pricing and quality of “Big Four” in Chinese audit market. Auditing Research, (3), 59-65.
[in Chinese]
Qian, P. & Luo, M. (2015). The prediction model of Chinese listed companies’ financial fraud. Accounting Research, (7), 18-25. [in Chinese]
Qiu, P. P. (2013). A study of venture capital’s impact on companies’ operating performance before and after the IPO on GEM. Finance and Accounting Monthly, (6), 34-35. [in Chinese]
Song, F. X. & Li, C. C. (2014). A study of venture capital’s impact on companies’ operating performance changes before and after the IPO on GEM. Finance & Economics, (5), 44-54. [in Chinese]
Wang, X. Y. (2014). Study on accounting information disclosure of US-listed China-concept stocks: Take Longtop as example. Finance and Accounting for International Commerce, (6), 65-68.
[in Chinese]
Wu, W., Wu, C. & Rui, O. M. (2012). Ownership and the Value of Political Connections: Evidence from China. European Financial Management, 18(4), 695-729.
Xu, L. (2006). Development of investor protection and IPO long-term performance: An empirical study based on law and finance. Nankai Business Review, 9(2), 96-101. [in Chinese]
Zhang, C. & Lv, W. (2009). Information environment, financing constraints and cash dividend. Journal of Financial Research, (7), 81-94. [in Chinese]
Zhang, Z. X. & Zhu, W. H. (2007). The empirical study on disclosure quality of listed companies in China. Nankai Economic Studies, (1), 45-59. [in Chinese]
Zhou, X. H. & Wu, H. L. (2010). An empirical study on performance change in initial public offerings of listed companies with middle and small capital stocks. Journal of Technical Economics &
Management, (6), 19-22. [in Chinese]
Zhu, H. Q., Zhang, M. X. & Duan, K. (2016). Research on the IPO performance effect of listed companies: A literature review. Times Finance, (12), 333-335. [in Chinese]
