| 摘要(英) |
The objective of this study is to examine whether the rights offerings firms with low (high) profits from main operations may underperform (outperform) the matched firms. Because the regulations have tremendous influence on the earnings management behaviors, we conjecture that changes on rights offerings regulations will affect firms’ earnings management devices. In this study, we will examine whether the Chinese regulators’ ability to scrutinize firms continue to improve over time, especially after the change of rights offering regulation in 2001. Finally, we investigate the operating performance between firms obtaining rights offerings and firms applying for but failing to receive the approval.
The empirical results indicate that firms which used earnings management devices to boost their earnings to achieve the requirements of regulation before the rights offerings. We also find that in the post-offering period, firms with low profits from main operations underperform the matched firms. This study finds that the operating performance of the successful firms after the issuing year is significantly higher than that of failed firms during 1998 and 1999-2000. However, the firms obtaining rights offerings have underperformed the failed firms during the period of 2001-2004. The evidence suggests that the supervision ability of regulators appears to deteriorate in the sub-sample period of 2001-2004. |
| 參考文獻 |
Chinese
王建剛、周兵，「我國上市公司盈餘管理動機與手段研究述評」，魯東大學學報(哲學社會科學版)，2008年第25期。
藍文永，「對我國上市公司盈餘管理的原因分析」，廣西師範學院學報(哲學社會科學版)，2006年第27期。
謝潤邦、朱燦、戴盛， 「我國上市公司盈餘管理實證研究」，財經理論與實踐，2008年第28期。
English
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