盈余管理与新股上市:来自越南的证据

IF 1.2 Q4 MANAGEMENT Asian Academy of Management Journal Pub Date : 2021-12-01 DOI:10.21315/aamj2021.26.2.2
Anh Huu Nguyen, Chi Thi Duong
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引用次数: 5

摘要

围绕企业事件的盈余管理在文献综述中得到了广泛讨论,结果喜忧参半。此外,先前的研究广泛关注首次公开募股(IPO)和经验丰富的股票发行(SEO)的盈余管理,而对上市事件的关注较少。另一个动机来自未开发市场的背景。尽管盈余管理在发达国家已经得到了广泛的讨论,但由于缺乏对这一现象的研究,以及越南股市独特的制度特征和上市前利润要求,盈余管理在新兴国家尤其是越南仍然受到限制。本研究旨在调查越南上市事件前后的盈余管理行为。本研究的样本包括胡志明市证券交易所(HOSE)189家新上市公司2009-2017年的财务数据。四个横截面模型用于估计盈余管理,包括两个基于总应计项目的模型和两个基于当期应计项目模型。本研究对越南股票市场的研究有重要贡献。首先,本研究提供的实证证据表明,与总应计模型相比,当前应计模型中的新上市公司的盈余管理实践更为积极。其次,参数和非参数检验统计结果表明,HOSE上市公司在上市前一年的盈余管理水平高于上市后一年和上市后两年。最后,2012年新的上市要求要求公司最近一年的股本回报率至少为5%。然而,本文没有发现任何证据表明,相对于所有新上市公司,新利润要求后的公司比上市前一年变化前的公司表现出更大的积极盈余管理。
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Earnings Management and New Listings: Evidence from Vietnam
Earnings management around corporate events has been widely discussed in literature review which has shown mixed results. Furthermore, prior studies have extensively focused on earnings management around initial public offerings (IPOs) and seasoned equity offerings (SEOs), while less attention has been given to the listing event. Another motivation comes from the context of the undeveloped market. While earnings management has been widely discussed in developed countries, it is still limited in emerging countries in general and in Vietnam in particular, due to the lack of research on this phenomenon and the unique institutional feature and pre-listing profit requirement in Vietnam’s stock market. This research is conducted to investigate the earnings management behaviour around listing event in Vietnam. The sample of this study consists of financial data from 189 newly listed companies on the Ho Chi Minh City Stock Exchange (HOSE) for the period of 2009–2017. Four cross-sectional models were used to estimate earnings management, including two total accruals-based models and two current accruals-based models. This research makes important contributions to the body of literature on Vietnam’s stock market. First, this study provides empirical evidence suggesting a greater positive earnings management practice of newly listed firms in current accrual models than those in total accrual models. Second, the results from both parametric and non-parametric test statistics show that HOSE-listed firms present higher levels of earnings management in the year prior to the listing than those in post-listing year and two subsequent years after listing. Finally, new listing requirements in 2012 require the company’s return on equity (ROE) in the most recent year to be at least 5%. However, the paper finds no evidence to suggest that relative to all newly listed firms after the new profit requirement exhibit greater positive earnings management than that of firms listed before the change in pre-listing year.
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来源期刊
CiteScore
1.70
自引率
0.00%
发文量
11
审稿时长
20 weeks
期刊介绍: The Asian Academy of Management Journal (AAMJ) is a refereed journal that is jointly published by the Asian Academy of Management (AAM) and Penerbit Universiti Sains Malaysia (http://www.penerbit.usm.my). The journal endeavors to provide forums for academicians and practitioners who are interested in the discussion of current and future issues and challenges impacting the Asian Management as well as promoting and disseminating relevant, high quality research in the field of management. The journal has an established and long history of publishing quality research findings from researchers not only in the Asian region but also globally.
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