定向增发新股、中介监督与盈余管理研究

This study examines the issue of earnings management in Private Equity Placement of Chinese listed companies from theoretical and empirical aspects based on theories of tunneling, earning management and reputation. It further examines whether intermediary supervision helps to suppress the extent of earnings management or not. First of all, we suppose that adverse selection problem exists in related shareholders. Then we analyze and judge whether the phenomenon of tunneling to related shareholders by earnings management exists before and after Private Equity Placement of Chinese listed companies as well as the methods and time earnings management. Later on, we separately analyze and test whether the extent of earnings management could be suppressed or not when the private placement company hired a reputable auditor or a reputable sponsor. Finally, we analyze and test such an effect when a reputable sponsor and reputable auditors are both hired. This research not only helps to expand and deepen the relevant researches of tunneling, earning management and reputation theories. In practice, it provides new ideas to regulators to improve the supervision system of intermediaries during private equity placement. It can also provide a new reference platform for the Ministry of finance to further improve accounting standards and listed companies to employ intermediaries in China.

本研究拟以利益输送理论、盈余管理理论和声誉理论为基础，从理论和实证两方面研究我国上市公司定向增发新股中的盈余管理问题，并且检验中介监管是否有助于抑制其盈余管理的程度。首先，假设关联股东存在逆向选择问题，分析判断我国上市公司定向增发新股前后是否存在通过盈余管理向关联股东进行利益输送的现象，以及其进行盈余管理的方式和时间。然后，分析和检验当定向增发新股公司分别聘请声誉好的审计师或者声誉好的保荐人对抑制其三种盈余管理程度的区别。最后，分析和检验当定向增发新股公司同时聘请声誉好的保荐人和声誉好的审计师对抑制其三种盈余管理程度的区别。本课题不仅有助于拓展和深化利益输送理论、盈余管理理论和声誉理论的相关研究；在实践方面可为监管部门完善我国上市公司定向增发新股的中介监管制度提供新的思路，也可以为财政部进一步完善我国会计准则以及上市公司聘请中介机构提供一个新的参考平台。

本课题以代理理论、盈余管理理论和声誉理论为基础，在构建了分析保荐人、注册会计师等中介机构抑制定向增发新股公司盈余管理的理论框架基础上，分析了我国定向增发新股公司盈余管理的动机、手段。然后，从注册会计师、保荐人两个维度检验了不同类型的中介机构对抑制定向增发公司盈余管理的作用及其效果，并比较了不同声誉机制下保荐人和审计师对抑制定向增发公司应计利润盈余管理和真实盈余管理效果的差异，还进一步分析和检验了注册会计师和保荐人联合监督对抑制定向增发公司盈余管理的效果。本课题的研究不仅有助于拓展和深化利益输送理论、盈余管理理论和声誉理论的相关研究，还可为监管部门完善我国上市公司定向增发新股制度、强化保荐人和审计师等中介机构的监管以及进一步完善我国会计准则提供可参考的经验证据。