不同板块上市公司盈余质量对比研究——基于“退市新规”背景

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1、ABSTRACTImproveearningsqualityandprotecttheinterestsofmediumandsmallinvestors．whichnotonlythetargetoftheintroductionofregulatorypolicies，butalsobasedonanimportanttopicunderasymmetricinformationanalysisframeworkforcorporategovernanceresearch．Withtheintroductionofnewregulationsondelisting，wech

2、oose2009．2014A．sharelistedcompaniesasthesample，namelybeforeandafterthe”delistingnewrules”introducedthreeyearstogofromhorizontalandverticaltwoanglestoresearchonmainboard，smallboardandGEMearningsqualitycompanies．Itshowsthatfromthehorizontalcomparison．earningsqualityofsmallplatesinmostyearsbelo

3、wthemainboard，GEM’Searningsq砌ityisnotonlylowerthanthemainboard，butalsobelowthesmallplates；Fromthelongitudinalchangesinperspective，earningsqualityofA—sharelistedcompaniesafterthreeyears(2012—2014)ofthe”delistingnewrulesWassignificantlyhigherthanbeforetheintroductionofthenewregulmionsthreeyear

4、s(2009-2011)average．Amongthem，intheyearbeforethenewregulmionsintroducedafterthreeplatesaccruedearningsqualityisimprovingyearbyyear,theearningsqualityremainedrelativelystablelevelaftertheintroductionofnewregulations．thedifferencesbetweenthedifferentsectorsearningsqualityalongwiththe”delisting

5、newrules”introducedandobviouslyreduced．Fromthedirectionofearningsoperation．themajorityofboardcompaniestenddownwardearningsmanagement，themajorityofGEMcompamestendupwardearningsmanagement，andsinailplatesareunsureofthedirectionofearningsmanipulation．ResultsofthisstudywillhelpUSunderstandthethre

6、edifferentsectionsoftheearningsqualityoflistedcompanies，butalsofortheextemaloversightcontrolmechanismsprovideempiricalsupportfortheprotectiveeffectofsmallinvestors．KeyWords：platedifferenceearningsqualitythenewdelistingregulationsII万方数据首都经济贸易大学硕士学位论文不同板块上市公司盈余质量对比研究目录1引言．11．1研究背景及研究意义11．1．1研究

7、背景．11．1．2研究意义．21．2研究内容与方法及创新之处31．2．1研究内容和框架．31．2．2研究方法．41．2．3本文创新之处51．3相关概念的界定．51．3．1盈余质量．51．3．2板块差异．61．3．3退市新规．72文献综述及理论基础．．82．1文献综述．82．1．1国外研究现状82．1．2国内研究现状92．1．3文献评述122．2理论基础132．2．1盈余质量132．2．2上市公司盈余质量的理论基础143研究设计．．173．1理论分析与研究假设．．173．1．1信息不对称、双重