國(guó)電電力發(fā)展股份有限公司股權(quán)籌資與盈余管理問題研究 畢業(yè)論文

摘 要
我國(guó)資本市場(chǎng)自20世紀(jì)90年代初運(yùn)行以來，資本市場(chǎng)的容量在不斷擴(kuò)大，股權(quán)分置改革也在逐步探索中發(fā)展，有關(guān)資本市場(chǎng)的實(shí)證研究也在迅速增長(zhǎng)。自上個(gè)世紀(jì)八十年代以來，盈余管理作為財(cái)務(wù)揭示的熱點(diǎn)問題，一直受到國(guó)內(nèi)外會(huì)計(jì)界的廣泛關(guān)注。盈余管理是企業(yè)管理當(dāng)局為誤導(dǎo)其他會(huì)計(jì)信息使用者對(duì)企業(yè)經(jīng)營(yíng)業(yè)績(jī)的理解或?yàn)榱擞绊?br /> 在我國(guó)，由于市場(chǎng)環(huán)境條件的影響，上市公司為了上市、配股、避免被市場(chǎng)淘汰，以此籌資為主要目的而進(jìn)行的盈余管理占主要部分。由于籌資涉及上市公司的根本利益，并且不同的籌資方式會(huì)對(duì)上市公司的籌資結(jié)果產(chǎn)生不同的影響。因而，出于籌資動(dòng)機(jī)的盈余管理問題就表現(xiàn)得相當(dāng)明顯，更有部分上市公司出現(xiàn)操縱盈余的傾向。但許多盈余管理完全是一種機(jī)會(huì)主義行為，尤其是在當(dāng)前我國(guó)證券市場(chǎng)還不是很完善的情況下，上市公司中的一些盈余管理行為已經(jīng)影響到資源的優(yōu)化配置，嚴(yán)重?fù)p害了投資者的利益。本文主要以中國(guó)國(guó)電集團(tuán)公司控股的全國(guó)性上市發(fā)電公司國(guó)電電力發(fā)展股份有限公司（股票代碼600795）為研究對(duì)象，從公司自1997年在在上海證券交易所掛牌上市以來的首次IPO，配股，增發(fā)股票，對(duì)其不同的籌資方式，規(guī)模，渠道等深入研究，并結(jié)合其財(cái)務(wù)報(bào)表對(duì)其每種籌資方式對(duì)盈余管理的影響展開分析，并且從不同方面進(jìn)行對(duì)比，從而揭示出籌資與盈余管理二者之間的關(guān)系。

關(guān)鍵字：上市公司；盈余管理；再融資 
 

Abstract

The capital market of our country since the beginning of the 20th century, the capacity of the capital market develops in continuously extend, ownership of a share cent place reformation too at gradually investigate, concerning the substantial evidence research of the capital market too at increase quickly. The surplus management behavior problem of the listed company is one of the problems that capital market is recently to suffer to value, in recent years, the surplus management behavior has been domestic and international and economic educational circles with the extensive and investigative and important lesson in accountancy's educational circles.
In China, because of the impact of the Special markets environmental conditions ，and the different money raising method will produce the different influence to the money raising result of the listed company. As a result, even appear parts of listed companies the tendency that manipulate the surplus. But many surpluses management completely is some surplus that a kind of opportunism behavior, is under the front the our country the not just very perfect circumstance in stock market particularly, the listed company inside manages the behavior to have affected the resources excellent to turn to install, injuring the benefits of the investor seriously. This text is main with the Chinese Country Electricity Group Company controls a the national appears on market to generate electricity company country electricity electric power development incorporated company( stock code ：600795) for research object, from the company 1997 in all aspects the Shanghai stock exchange nominal quotation appears on market since then of first time IPO, right offerings, Seasoned Equity Offering, as to it's different money raising method, scale, thorough research in etc. in outlet, combine to join together its financial report as to it's each money raising method the influence that manage launches the analysis to the surplus, and never together the aspect proceeds the contrast, from but announce to public the money raising manage with surplus two it of relation.

Key Words：Listed Companies； Earnings Management；Seasoned Equity Offering

目錄
摘 要 II
ABSTRACT III
第一章  導(dǎo) 論 1
1.1論文的研究背景 1
1.2選題的目的和意義 2
1.3 國(guó)內(nèi)外相關(guān)研究綜述 2
1.3.1國(guó)外的研究現(xiàn)狀 2
1.3.2 國(guó)內(nèi)的研究現(xiàn)狀 3
第二章 上市公司盈余管理的相關(guān)理論 4
2.1 我國(guó)上市公司盈余管理的背景及現(xiàn)狀概述 4
2.1.1 盈余管理的含義 5
2.1.2  盈余管理產(chǎn)生的原因 6
2.1.3  盈余管理的手段 6
2.2 我國(guó)上市公司股權(quán)籌資中的盈余管理分析 7
2.2.1 我國(guó)上市公司股權(quán)籌資現(xiàn)狀研究 7
2.2.2 我國(guó)上市公司股權(quán)籌資中的盈余管理動(dòng)機(jī) 9
第三章  國(guó)電電力發(fā)展股份有限公司及其籌資情況 13
3.1 國(guó)電電力公司概況 13
3.2 國(guó)電電力公司的籌資情況 14
第四章 國(guó)電電力發(fā)展股份有限公司籌資與盈余管理實(shí)證研究 16
4.1盈余管理的應(yīng)計(jì)利潤(rùn)模型 16
4.2 國(guó)電電力籌資與盈余管理實(shí)證研究 17
4.2.1 國(guó)電電力在IPO過程中的盈余管理實(shí)證研究 17
4.2.2 國(guó)電電力在配股過程中的盈余管理程度研究 20
4.2.3 國(guó)電電力在增發(fā)過程中的盈余管理程度研究 22
第五章 研究結(jié)論與建議 25
5.1研究結(jié)論 25
5.2政策建議 26
致謝 28
參考文獻(xiàn) 29
附錄 31