大股东控制、定向增发与盈余管理——来自中国证券市场的经证据

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1、AbstractEarningsmanagementoflistedcompanieshasbeenthefocusofacademicresearchathomeandabroad，andthebehaviorofearningsmanagementintheprocessofrefinancingequityismuchmoreconcernedabout．InChina,morethan80％listedcompaniesareinthefactsuper-controlofmajorityshareholder(bytheen

2、dof2009statisticaldata)，majorityshareholdersarerarelyconstrainedbytheothershareholders．InordertoobtainmoreControl—self-interest，majorityshareholderspreferstoCalTyoutearningsmanagementinthecourseofrefinancingequity,acquiringthequalificationoftherightsofferingandpublicsea

3、sonedequityoffering,andachievingthepurposeofraisingmoremoneyinthesecuritiesmarketandinvadingtheinterests、fromtheminorityshareholders．Aftertheequitydivisionreform，moreandmorelistedcompaniesshowastrongpreferencetoearlyouttheprivateequityplacement(non-publicseasonedequityp

4、lacement)withoutminimumsurplus-required，whichisessentiallythebehaviorofrefinancingequityunderthecontrolofthemajorityshareholders．Thus，undertheconditionoftheweaknessexternalregulation、poorinternalgovernanceandlow-degreedprotectionofminorityshareholders，majorityshareholde

5、rshavestrongmotivationtoimplementthebehaviorofeamingsmanagementintheprocessoftheprivateequityplacement,totransferthewealthfromminorityshareholders．Thepaperconductsthetheoreticalanalysisfromthefouraspects：thecontrolfeaturesofmajorityshareholders，themotivationofthebehavio

6、rofearningsmanagementintheprocessoftheprivateplacementandtheeconomicconsequences．Conclusionisthatmajorityshareholderhasbigpowerstocontrolthelistedcompany,andhasmotivationtomanagetheearningsoftheprocessoftheprivateplacement；弱thesametime，thereisapositivecorrelationbetween

7、theproportionofmajorityshareholderandthedegreeofearningsmanagementandanegativecorrelationbetweenthesumproportionof2-5shareholders；ifthelistedcompanieshavethestate-ownedmajorshareholders，theymayhavemoreopportunitiesandconditionsforimplementationofearningsmanagement，compa

8、ring晰tllnon-statecompanies，theyIIItakeadeeperlevelofearningsmanagement；lastly,theearningsmanagementintheproces