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利用经PSM匹配后的A股公司定向增发样本,研究发现:(1)公司定向增发当年存在正向盈余管理行为;(2)当向机构增发时,增发后一年(增发股解锁年)存在正向盈余管理,而当向大股东增发时,增发后第三年(增发股解锁年)存在正向盈余管理;(3)无证据显示公司在定增前进行了盈余操控。增发组与对照组在增发股解锁年的账面业绩不存在显著差异,公司盈余管理行为可能是为了掩饰实际业绩的下滑。
The results show that: (1) there is a positive earnings management behavior in the year of private placement; (2) when issuance to the institution, there is a year after the issuance of new shares Positive earnings management, and when issued to major shareholders, there is positive earnings management in the third year after the issuance of additional shares (unlocking of additional shares); and (3) there is no evidence that the company conducted earnings control before the fixed-capitalization. There is no significant difference in the book performance of the issuance and control groups in the year of unlocking the issuance of additional shares. The earnings management behavior of the company may be to cover up the decline in actual performance.