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本文以上市公司在定向增发过程中可能存在的盈余管理行为为出发点，采用理论与实
证相结合的方法，对上市公司定向增发过程中盈余管理的存在性、动机、手段、方式及
其对公司业绩的影响展开分析和研究，为证券监管部门提高对上市公司定向增发过程
中盈余管理行为的监督力度、完善有关定向增发的法律法规、规范上市公司的治理机
制、公司外部投资者的投资决策等提供理论和实证依据
本文以在我国 A 股市场上 2011-2012 年成功实施了定向增发的上市公司为研究样
本，考察了上市公司定向增发过程中的盈余管理行为及其对公司业绩的影响。在研究
方法的运用上，首先针对不同的定向增发对象，对上市公司盈余管理程度均值进行 t 统
计检验，初步验证上市公司定向增发过程中盈余管理的存在性及动机；接着采用比较
分析法，选取与样本公司同行业的资产规模和盈利能力最相近的上市公司作为控制样
本，将样本公司与控制样本的盈余管理程度差异均值进行 t 统计检验，进一步验证上市
公司定向增发过程中盈余管理的存在性和动机；最后采用多元回归分析，检验了上市
公司定向增发前的盈余管理行为对公司业绩的影响
研究结论得出：我国上市公司在定向增发过程中存在盈余管理的行为，并且采用
应计项目和真实活动管理方法操控公司盈余。进一步的研究证实上市公司在定向增发
过程中有进行盈余管理的动机，由于公司会计盈余的高低会影响二级市场上公司股票
价格的高低，上市公司大股东通过盈余管理使定向增发新股价格调整到其满意的区间，
因此，当增发对象为机构投资者时，为了募集更多资金，上市公司有进行正的盈余管理
的动机；当增发对象为大股东及其关联方时，在相同的条件下，为了能够以同样的资产
获取更多的股份，上市公司有进行负的盈余管理的动机。在对上市公司定向增发前盈
余管理行为的经济后果的研究中发现，针对不同的定向增发对象，不同的盈余管理手
段对上市公司定向增发之后的公司业绩有不同的影响：当定向增发对象为机构投资者
时，应计项目盈余管理对增发之后公司的短期业绩有显著的负影响，真实活动盈余管广东工业大学硕士学位论文
II
理不仅影响定向增发之后公司的短期业绩，对公司的长期业绩有较显著的影响，造成
公司长期业绩的下滑；当定向增发对象为大股东及其关联方时，由于利润的反转效应
和大股东认购新股的激励效应，应计项目盈余管理和真实活动盈余管理对上市公司定
向增发后的短期业绩有显著的正向影响，而真实活动盈余管理对上市公司定向增发后
的长期业绩也有显著的正向影响。本文的研究丰富了我国有关定向增发领域的研究，
为监管上市公司定向增发相关法律法规的完善提供理论支持
关键词：定向增发；应计项目盈余管理；真实活动盈余管理；公司业绩Abstract
III
Abstract
The private placement as the capital market of our country on the rise of new equity
financing, due to the advantages of its less constraints, low threshold, simple approval
procedures, has gradually become the mainstream way of the listed companies equity
refinancing. In our country, the listed company ownership structure has the characteristics of
a dominant. Therefore, the private placement is actually a kind of equity refinancing
behavior which is controlled by the major shareholders of the company. It is possible to
facilitate the major shareholders to transport interests. It is with the starting point of earnings
management behavior of listed companies in the process of private placement, the paper
researches the existence, motivation, means, methods and their impact on company
performance of the earnings management in the process of private placement in listed
companies. The results of the study will provide theoretical and empirical basis to improve
supervision for the securities regulatory departments, to perfect the laws and regulations of
private placement, to regulate the governance mechanism of listed companies and to make
investment decisions for the outsider investors.
The paper selects the successful implementation of the private placement of listed
companies in the A stock market in 2011-2012 as study sample to studies the earnings
management behavior in the process of private placement . First of all, the average degree of
earnings management of listed companies is tested by T statistics, and the existence and
motivation of earnings management in the process of private placement of listed companies
are preliminarily verified; Then, the paper selects the same industry companies with the total
assets close to the previous year of the private placement of sample company as the control
samples, and the T statistical test of The difference of the degree of earnings management
between the sample firms and the control sample further verify the existence and motivation
of earnings management in the process of private placement of listed companies; Finally, this
paper empirically tests the impact of earnings management before the private placement on
theperformanceoflistedcompanies .Theresults showthat: in theprocess ofprivateplacement
of the listed companies in China, there is a behavior of earnings management, and the listed广东工业大学硕士学位论文
IV
companiesadoptaccruals andrealactivitiestomanipulatecorporateearnings; Furtherresearch
confirms that the listed companies have the motivation of earnings management in the process
of private placement. The higher the company&39;s accountingearnings, the higher the company&39;s
share price, so when the object types of private equity placements is institutional investors, in
order to raise more funds, the listed company has the motivation to improve company’s
earnings. When the object of private equity placements is major shareholder and their and
related parties, in order to obtain more shares with the same assets, the listed company has the
motivation of negative earnings management. The result of the study of the economic
consequences of earnings management shows that different methods of earnings management
have different effects on the performance of listed companies: the accruals earnings
managementhas asignificanteffectonthecompany&39;sshort-termperformance;therealactivity
earnings management not only has a significant impact on the company&39;s short-term
performance, but also affects the company&39;s long-term performance. The study of the paper
enriches the research of private placement in China, and provides theoretical support for the
improving of the relevant laws and regulations of private placement of listed companies.
Keywords: Private placement, Accruals earnings management, Real activity earnings
management, company performance目录
V
目录
摘要.......I
Abstract .........III
目录.....V
Contents......VIII
第一章 绪论 1
1.1 研究背景及意义........1
1.1.1 研究背景.1
1.1.2 研究意义.3
1.2 研究内容及方法........4
1.2.1 研究内容.4
1.2.2 研究方法.4
1.3 研究框架及可能创新5
1.3.1 研究框架.5
1.3.2 研究创新.6
第二章 文献综述 ....8
2.1 盈余管理动机的研究概述....8
2.2 盈余管理手段的研究概述..11
2.2.1 应计项目盈余管理研究概述........
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