Earnings management of initial public offering firms: evidence from regulation changes in China

被引：26
作者：
Liu, Jianlei [1 ]
Uchida, Konari [2 ]
Gao, Ruidong [3 ]
机构：
[1] Kyushu Univ, Grad Sch Econ, Fukuoka 812, Japan
[2] Kyushu Univ, Fac Econ, Fukuoka 812, Japan
[3] Waseda Univ, Grad Sch Econ, Tokyo, Japan
来源：
ACCOUNTING AND FINANCE | 2014年 / 54卷 / 02期
关键词：
Earnings management; Initial public offerings process; Fixed-price offering system; Bank loan; China; PERFORMANCE; INCENTIVES; OWNERSHIP; BOARD;
D O I：
10.1111/acfi.12006
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Discretionary current accruals of Chinese initial public offering (IPO) firms decreased after the abolition of fixed-price offering systems that directly linked offering price to reported earnings. Results suggest IPO firms that decrease managerial ownership manage earnings upward during the fixed-price offering period, but this relationship disappeared after the introduction of a book-building system. We also find that bank debt is negatively related to discretionary current accruals during the fixed-price offering period, but no relation exists for the book-building period. Leverage has a significant positive relationship with earnings management. However, this finding is potentially attributable to nonoffering price objectives or endogeneity biases.
引用
收藏
页码：505 / 537
页数：33
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