安永全面解析2005全球IPO

安永会计师事务所前不久发布了<2005年全球IPO活动回顾及2006年展望>报告,这是安永针对全球市场中计划进行IPO公司的需求而发布的第三份全球IPO报告.报告回顾了2005年的全球IPO活动和走势,从多个角度和层面展望了2006年的发展,讨论了一些准备IPO的公司需要注意的问题.     

股权结构的内生性：从我国基于控股股东的内部资本市场得到的证据

上市公司IPO时的股权结构是如何形成的?与先前文献只从业绩考察股权结构内生性不同的是,本文从基于控股股东的内部资本市场及其背后的利益动机出发,认为控股股东与上市公司IPO前的业务关联性、组织形式和产权性质等特征形成的内部资本市场,是上市公司IPO股权结构形成的主要影响因素。本文对1999—2004年IPO公司的研究有力地支持了上述假设。并且,股票发行制度改革前(国有企业、地方政府控制)相对于改革后(非国有企业、中央政府控制),其股权结构的形成更容易受政府干预和政策变化的影响,但很少受IPO前公司业绩的影响。这说明股票发行制度的改革确实有助于减少政府不合理干预,真正实现企业根据自身情况自主选择股权结构。     

企业IPO过程中相关财务问题及对策

IPO是企业上市获得更多流通资金,实现初期投资利益最大化的有利途径,随着企业IPO放开,越来越多的企业参与IPO,希望借助IPO获得更多的生存机会。但是我国多数民营企业尤其是中小企业在财务核算、审计方面等存在缺陷,IPO审查风险偏大。本文主要针对我国大多数企业IPO过程中的问题,提出优化IPO的对策。     

法律保护、行政治理与地区融资

本文分析了我国各地区法律保护水平、上市公司发生丑闻频率对该地区获得IPO融资机会的影响。研究结果表明,地区法律保护水平越高,越容易获得IPO融资机会,而上市公司发生丑闻越多,会减少上市公司所在地的企业获得IPO的机会。本文的证据表明,在新股发行制度中,证监会的行政治理手段仍然发挥着弥补司法力量不足的替代性作用,但这种影响正在减弱。     

IPO造假原因以及启示

<正>回顾中国的IPO历程,自2006年新会计准则出台以后,我国的会计准则得到了较大程度的规范和完善,这也加大了企业财务造假的难度,但上有政策下有对策,随着政策法规地不断完善,企业IPO造假的方法手段也越发的多样起来。2006年12月31日至2013年12月31日,在中国证监会的官网上可以看到一共有6家企业在IPO过程中造假,其中一共开出了5笔罚单。这6家企业分别是天丰节能、新大地、万福生科、天能科     

首次公开发行股票的审计收费研究

审计收费的问题一直是审计研究领域备受关注的问题。本文收集了1999至2006年的首次公开发行股票(IPO)样本,通过建立符合我国国情的IPO审计收费模型,来检验我国IPO审计收费的决定因素。从回归结果可以看出,我国的IPO审计收费仍然受到客户资产规模、审计师规模的影响,这进一步证明了传统审计收费模型的适用性。此外,本文通过对IPO特有因素的分析,得到一些不同于年报审计收费的结论,即上市公司在IPO期间发生重大购买、出售、置换资产的情况通常会导致IPO审计收费的增加;事务所在同时为客户提供IPO审计与验资服务的情况下,IPO审计收费定价更高。     

超募融资、管理层权力与私有收益——基于IPO市场的经验证据

超募融资是关系到资本市场资源配置效率的重要问题,一直受到社会公众和监管部门的深切关注。以我国IPO超募融资为背景,结合管理层权力理论,本文探讨了IPO超募对高管私有收益的影响。以2006-2011年上市公司为样本,本文研究发现:(1)整体上,超募融资的上市公司其高管获得更高的货币性和非货币性私有收益;(2)区分产权性质,这一现象在国有企业和非国有企业中均显著存在;(3)结合管理层权力分析,管理层权力的增大有助于高管获取高额的货币性和非货币性私有收益,但这一关系主要存在于非国有企业;(4)市场对超募公司为高管发放超额货币性私有收益的行为,给予了负面的反应,而对于发放超额非货币性私有收益的行为没有显著反应。本文的发现拓展了超募融资、管理层权力经济后果的相关研究,并为超募融资效率的监管提供了一定的启示。     

IPO新规及其影响探析

2006年9月19,《证券发行与承销管理办法》正式实施,这部7000余字的法规重点规范了首次公开发行股票的询价、定价以及股票配售等环节,完善了现行的询价制度,被业界称为IPO新规。本文首先介绍IPO新规的主要内容,其次分析IPO新规实施一年多来对证券发行市场的影响,最后对IPO新规提出相应的改进建议。     

基于深市上市公司IPO盈余管理实证研究

在分析IPO盈余管理动机的基础上,研究了IPO公司进行盈余管理的手段及其影响。以2008年在深圳证券交易所上市的71家公司为对象,通过研究其2006-2010五年的经济数据,运用改进后的Jones模型,得出两个结论：上市公司的业绩在IPO前后存在明显的差异,并且上市前两年的业绩高于IPO当年及IPO后两年;上市公司通过调整应计利润进行盈余的操纵。最后针对分析结果提出相应对策,以期对加强证券市场监管,完善公司治理结构,帮助投资者进行投资决策做出贡献。     

社会责任信息披露质量与融资约束——基于产权异质性的角度

2006年以来,监管部门陆续制定和出台了一系列与企业社会责任信息披露有关的政策和法规,要求上市公司披露企业社会责任报告。本文站在产权异质性的视角,全面分析了在不同的产权性质下,社会责任信息披露质量对融资约束的影响差异,进一步推动了社会责任信息披露与公司融资方面的研究,丰富了社会责任信息披露质量的研究。     

Property rights and access to equity capital in China

This study uses recent improvements to China's physical and intellectual property protections to test information asymmetry, signaling, and litigation risk theories of initial public offering (IPO) underpricing. We find robust evidence that stronger physical and intellectual property protections are associated with lower initial returns, especially among smaller IPOs and non-equity carve-outs. This result is consistent with the notion that property rights reduce information asymmetry among IPO participants; however, some of China's reforms, including the 2014 establishment of specialized intellectual property courts in Beijing, Shanghai, and Guangzhou, appear to have increased litigation risk. Additional tests indicate that property rights positively impact the likelihood that an IPO firm is backed by venture capital. Overall, these results are consistent with the idea that strong property rights help alleviate the adverse selection problem that results from information asymmetry among firms and equity investors.     

基于主成分分析的IPO发行成本影响因素研究

在对IPO发行成本及其构成进行界定的基础上,对IPO发行成本影响因素展开分析,并采用主成分分析方法从原始变量中提取5个主成分因子,实证检验各主成分因子对中国证券市场IPO直接发行成本、间接发行成本和发行总成本的影响。研究结果表明,IPO发行成本受到规模、上市前股权结构和企业财务风险的影响;发行定价机制的变动显著影响直接发行成本,与间接发行成本和总成本的关系则不明显。     

The Impact on IPO Performance of More Stringent Listing Rules with a Pre-listing Earnings Requirement: Evidence from Hong Kong

Abstract:  This study considers the impact of a change to listing rules covering IPO performance in the Hong Kong stock market. The change, introduced in 1994, imposed a three-year prelisting earning requirement on new issues. The objective of this research is to screen out a subset of poor IPO performers. We find there is no significant difference in performance between IPOs before and after the regulatory change. We further divide our sample of IPOs registered before the regulatory change into two sub-samples: those that did and those that did not fulfil the earnings requirement. The result shows that there is no significant difference in performance between the two IPO sub-samples. This implies that the existence of pre-listing earnings does not guarantee good long-term IPO performance and the pre-listing earnings of new issues is not an effective screen for 'bad' IPO performers. This study further analyses the rationale for rule change in the context of recent developments in the Hong Kong stock market and concludes that the rule change is part of the reform programme aimed at introducing a second board market for small companies and at attracting more China-related listings to the main board.     

The impact of audit quality on real and accrual earnings management around IPOs

We examine the relation between audit quality and the earnings management activities of IPO firms. The impact of high quality auditors on real earnings management has been researched in a number of settings e.g. SEOs. However, to date, there has been no work on the effect of high quality auditors on real activities-based manipulation around IPOs. We examine UK IPOs between 1998 and 2008 and find evidence that high quality auditors constrain the use of real activities manipulation that occurs via the management of discretionary expenses. We also find evidence, consistent with prior research, that high quality auditors constrain the manipulation of discretionary accruals. Crucially, we find IPO firms audited by high quality auditors undertake sales-based manipulation in order to manage earnings upward at the end of the IPO year. The presence of high quality auditors is not, therefore, sufficient to constrain all forms of earnings management.     

IPO underpricing,signaling, and property returns

This paper investigates whether IPO signals reveal proprietary information about the prospects of an issuing firm’s underlying industry. By analyzing a sample of European property company (EPC) IPOs from 1997 to 2007, we take advantage of a heterogeneous set of industry performance measures, i.e., yields and total returns of direct property investments in various European property markets that can be clearly assigned to each individual IPO. The results reveal that the main signal of interest, underpricing, is in fact positively related to average property yields for a 12-month post-IPO period; a result that supports our assumption. Other signals, as proposed in previous research, do not appear to contain any information about the prospects of the IPO firm’s target property investment market. We also show that total returns seem to be a biased measure for direct property performance. Further tests for the signaling model’s preconditioned presence of information asymmetry among EPCs reveal that underpricing levels are a function of company-specific ex ante uncertainty proxies. In contrast, property-specific ex ante uncertainty proxies do not explain underpricing levels.     

板块差异、上市效应与盈余质量研究——来自创业板和中小板的证据

本文以中小板与创业板近两年首发上市的公司为样本,研究公司首发上市与盈余质量之间的关系。研究发现,公司上市前一年盈余操纵的程度显著下降,但创业板公司盈余操纵程度大于中小板公司。虽然盈余操纵行为推高了发行价,但投资者的认购热情未受到影响,首日投资回报取决于投资者情绪,与盈利能力及成长性无关。首发上市时的盈余操纵程度随着第一大股东持股比例的增加而降低,但董事长兼总经理的现象导致盈余质量下降,而机构投资者和会计师事务所也未能显著提高盈余质量。创业板公司盈余质量整体上低于中小板公司,但规模大、成立时间长的公司盈余质量相对较高。     

The short-term timing of initial public offerings

This paper examines the effect of stock market conditions on the waiting time of initial public offering (IPO) candidates, from the date firms file a registration statement with the Securities and Exchange Commission (SEC) to the effective IPO date. I find that issuers are going public faster when time-varying stock market valuations are high, and when time-varying market returns and time-varying market volatility are low. The volatility effect is not driven by regulatory delays consecutive to changes in the terms of the offers during the IPO process. Taken together, these results indicate that firms use a short-term market timing strategy when deciding the right time to go public and are consistent with a real option interpretation of IPO timing.     

Takeover Defenses of IPO Firms

Many firms deploy takeover defenses when they go public. IPO managers tend to deploy defenses when their compensation is high, shareholdings are small, and oversight from nonmanagerial shareholders is weak. The presence of a defense is negatively related to subsequent acquisition likelihood, yet has no impact on takeover premiums for firms that are acquired. These results do not support arguments that takeover defenses facilitate the eventual sale of IPO firms at high takeover premiums. Rather, they suggest that managers shift the cost of takeover protection onto nonmanagerial shareholders. Thus, agency problems are important even for firms at the IPO stage.     

A Comparative Analysis of Real and Accrual Earnings Management around Initial Public Offerings under Different Regulatory Environments

While earnings management around IPOs has been researched in a number of settings, there has been a relative absence of work that analyses the impact of the regulatory environment on such activities. We find that the regulatory environment does impact the real and accrual earnings management activities of IPO firms. Our results show that IPO firms listing on the lightly regulated UK Alternative Investment Market (AIM) have higher (lower) levels of accrual‐based and sales‐based (discretionary expenses‐based) earnings management around the IPO than firms listing on the more heavily regulated Main market in the UK.     

推进知识产权质押融资在实体经济中的应用研究——基于河南省知识产权质押融资发展现状与国内外经验比较分析

当今社会科技和经济高速发展,知识产权已经成为企业发展的核心竞争力之一。在产权市场上,涉及产权的挂牌交易、意向融资项目逐渐增多。金融机构也纷纷试水开展产权质押受信业务。随着知识产权市场的发展,知识产权融资正逐步成为实体经济发展中的常见现象。特别是知识产权融资机制是科学技术货币资本化的具体表现形式。在开放条件的市场经济体制下,探索和构建有效的知识产权、股权质押融资机制,对完善我国的融资模式,解决中小企业尤其是中小科技企业的融资困难具有重大的现实意义。