为解决企业发展的融资难的问题，我国建立了由主板、中小板、创业板、新 三板和区域股权市场构成的多层次资本市场体系。其中创业板市场的开辟一方面 解决了一些高新技术企业的融资问题，另一方面也诱使一些尚未满足条件的中小 企业采取盈余管理手段操纵业绩以实现IPO上市。然而这些通过采取盈余管理手 段实现上市的创业板公司，其上市后的业绩总会出现明显的下滑趋势。这也不仅 浪费了上市资源，还给创业板市场的投资者带来了大量损失。 本文选取了创业板成立之日起至2015年期间上市并仍在创业板市场的全部 490家样本公司，选取其IPO前后5年财务数据，采用盈利能力、营运能力、偿 债能力和发展能力指标，对其IPO前后业绩波动情况进行分析，发现创业板公司 在IPO后业绩普遍呈现下滑趋势。然后将上述IPO前后5年的财务数据，通过 修正的Jones模型和Roy Chowdhury模型分别对其应计盈余管理和真实盈余管理 进行实证分析，发现创业板公司在IPO过程中普遍存在盈余管理行为，在此基础 上分组对比分析了盈余管理对IPO公司业绩变动的影响，得出创业板公司IPO 前的正向盈余管理行为对其上市后的业绩表现有负面影响。在案例分析过程中， 本文选取创业板公司的真实案例，通过对其IPO前后重要财务指标的分析，发现 其在IPO过程中存在扩大信用期增加收入的真实盈余管理行为和变更研发支出 会计政策的应计盈余管理行为，然后将其IPO前后的业绩变动情况与同行业数据 进行对比分析，验证了案例公司在IPO过程中存在应计盈余管理和真实盈余管理 行为，且其盈余管理行为对其IPO后的业绩变动产生了负面影响。通过理论、实 证和案例分析，得出本文结论，即：创业板公司在IPO过程中存在明显的盈余管 理行为，其盈余管理行为对上市后的业绩表现具有负面影响。 关键词: 创业板，IPO，盈余管理，业绩变动 II ABSTRACT In order to solve the problem of financing difficulties that plagued the development of enterprises, China has established a multi-level capital market system composed of Main board, Small Medium Enterprise board (SME), Growth Enterprise Market (GEM), National Equities Exchange and Quotations (NEEQ) and Regional Equity Market. On one hand, the opening of the GEM solved the financing problems of some high-tech enterprises, on the other it also enticed some small and medium enterprises that have not yet met the conditions to use earnings management means to manipulate performance for realizing the IPO listing. However, the performance of these GEM companies which have achieved earnings management by means of earnings management will have a noticeable downward trend. This not only wastes the resources of listing, but also brings a lot of losses to investors in the growth enterprise market. This dissertation selects 490 sample companies listed on the GEM market from the date of its establishment to 2015 which still in the GEM market, selects their financial data for five years before and after the IPO, uses profitability, operational ability, solvency and development ability indicators to analyze the fluctuation of their performance before and after the IPO, and finds that the performance of GEM companies generally shows a downward trend after the IPO. Then the financial data of the five years before and after the IPO are analyzed empirically by using the Revised Jones model and Roy Chowdhury model. It is found that earnings management behavior is prevalent in the process of GEM IPO. On this basis, the impact of earnings management on the performance changes of IPO companies is analyzed by grouping and comparing, and the conclusion is drawn that positive earnings management behavior before IPO has a negative impact on its performance after listing. In the process of case analysis, this dissertation chooses the real case of GEM company, through the analysis of its important financial indicators before and after IPO, finds that there are real earnings management behaviors in the process of IPO, such as expanding credit period, increasing income, and changing the accrued earnings management behavior of R&D expenditure accounting policy. Then, the performance changes before and after IPO are compared with the data of the same industry. It verifies that accrued earnings management and real earnings management exist in the process of IPO, and their earnings management behavior before IPO has a negative impact on the performance changes after IPO. Through theoretical, empirical III and case studies, this dissertation draws the conclusion that GEM has obvious earnings management behavior in the process of IPO, and its earnings management behavior has a negative impact on the performance after listing. KEY WORDS: GEM, IPO, Earnings management, Performance change IV 目 录 摘要 .............................................................................................................................. I ABSTRACT .................................................................................................................. II 第1章 绪论 ..................................................................................................................1 1.1 选题背景与研究意义 ......................................................................................1 1.1.1 选题背景 ................................................................................................1 1.1.2 研究意义 ................................................................................................2 1.2 我国创业板市场概况 ......................................................................................2 1.2.1 创业板概念 ............................................................................................3 1.2.2 创业板特征 ............................................................................................4 1.2.3 创业板发展 ............................................................................................5 1.3 研究内容与方法 ..............................................................................................8 第2章 文献综述及理论分析 ......................................................................................9 2.1 盈余管理综述 ..................................................................................................9 2.1.1 盈余管理的概念 ....................................................................................9 2.1.2 盈余管理的分类 ..................................................................................10 2.1.3 盈余管理的动机 .................................................................................. 11 2.2 IPO前后业绩变化理论综述 .........................................................................12 2.2.1 国外理论综述 ......................................................................................13 2.2.2 国内理论综述 ......................................................................................13 2.3 盈余管理原因分析 ........................................................................................14 2.3.1 盈余管理的客观原因 ..........................................................................14 2.3.2 盈余管理的主观原因 ..........................................................................15 第3章 创业板IPO前后业绩变化分析 ...................................................................17 3.1 盈利能力分析 ................................................................................................17 3.2 偿债能力分析 ................................................................................................18 3.3 营运能力分析 ................................................................................................19 3.4 发展能力分析 ................................................................................................20 3.5 本章小结 ........................................................................................................21 第4章 创业板IPO盈余管理的实证研究 ...............................................................23 4.1 研究假设 ........................................................................................................23 4.2 样本选取与数据来源 ....................................................................................23 4.3计量模型选择 .................................................................................................24 4.3.1 总体