| 彭华.上市公司盈余操纵与股市反应实证研究——以现金增资为例[J].,2014,15(4):49-56 |
| 上市公司盈余操纵与股市反应实证研究——以现金增资为例 |
| An Empirical Study on Earnings Manipulation and Reaction of Stock Market——Take seasoned equity offerings for example |
| 投稿时间：2014-07-01 |
| DOI： |
| 中文关键词: 盈余操纵 异常报酬率 现金增资 |
| English Keywords:earnings manipulation abnormal returns seasoned equity offerings |
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| 中文摘要: |
| 文章以2006—2013年间深圳证券交易所A股上市公司现金增资为研究对象，探讨上市公司在实施现金增资前是否存在盈余操纵行为以及在现金增资前后，股价是否因为盈余操纵而出现异常波动。研究发现，在现金增资前2年，部分上市公司有显著的盈余操纵行为；在现金增资前后股价出现异常波动，且有盈余操纵公司股价异常波动程度较大。 |
| English Summary: |
| In this study, we use the seasoned equity offerings（SEO） of A shares listed companies between 2006 -2013 on the Shenzhen Stock Exchange to check whether the listed companies would implement earnings manipulation before SEO and whether share price would be affected by the earnings manipulation before and after the SEO. The findings contain that part of the listed companies have a significant phenomenon of earnings manipulation two years before SEO, the share price behaves erratically before and after the SEO, especially in those listed companies which implement earnings manipulation. |
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