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ID:456243
大小:40.50 KB
页数:6页
时间:2017-08-04
《上市公司经营业绩与盈余管理【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在应用文档-天天文库。
1、外文翻译原文Post-IPOOperatingPerformanceandEarningsManagementMaterialSource:InternationalBusinessResearchAuthor:NurwatiA.Ahmad-ZalukiThepresentstudyinvestigatestheoperatingperformanceandtheexistenceofearningsmanagementforasampleof254MalaysianIPOcompaniesovertheperiod1990-2000.Usingaccrual-basedmeasureofop
2、eratingperformance,thisstudyfindsstrongevidenceofdecliningperformanceintheIPOyearanduptothreeyearsfollowingIPOsrelativetothepre-IPOperiod.ThisfindingisconsistentwiththeresultsofpriorstudiesdocumentingthelongrununderperformanceofIPOcompanies.Theresultsalsoconfirmthatthedeclineinpost-IPOoperatingperfo
3、rmanceisduetotheexistenceofearningsmanipulationbytheIPOmanageratthetimeofgoingpublic.Existinginternationalstudiesofinitialpublicoffering(IPO)companiesfindthatoperatingperformancehaddeclinedinthepost-IPOperiod.Themajorityofpriorstudiesarebasedontheaccrualmeasureofaccountingprofitswhicharepotentiallys
4、ubjecttoaccountingmanipulationbymanagers,forexamplethroughworkingcapitaladjustments.ThemostrecentstudyofoperatingperformanceofMalaysianIPOcompanieswasundertakenbyAhmadandLimusingasampleof162IPOcompaniesduringtheperiod1996to2000.Usingtheaccrual-basedoperatingperformancemeasure,theyfoundthattherewasas
5、ignificantdeclineintheoperatingperformanceafterthecompanieswentpublic.Theyalsofoundthatonlycompanysizeandpre-IPOprofitabilityhavesignificantinfluencesonthepost-IPOoperatingperformance.DuetothefactthattheMalaysianeconomysufferedaneconomiccrisisin1997and1998,withmostcompaniessufferingadeclineinprofita
6、bility(Note1),thepresentstudyaddressestheearningsmanagementissueandre-examinestherobustnessofexistingMalaysianevidencebyusingalargersample(254companies)andalongertimeperiod(1990-2000).First,itinvestigateslongrunoperatingperformanceinadevelopingmarketwhereasmostpriorresearchhadfocusedondevelopedmarke
7、ts.Second,itextendsprioroperatingperformanceliteraturebyinvestigatingtheexistenceofearningsmanagementatthetimeoftheIPO.Thiswillenabletheassessmentastowhetherthepost-IPOperformanceispotentiallyrelatedt
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