Earnings Management dalam Penawaran Saham Perdana di Bursa Efek Jakarta
Earnings Management dalam Penawaran Saham Perdana di Bursa Efek Jakarta
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盈余管理 dalam Penawaran Saham Perdana di Bursa Efek 雅加达
DOI：
10.33312/ijar.57
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发表时间：
2001
期刊：
影响因子：
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通讯作者：
Tatang Ari Gumanti
中科院分区：
文献类型：
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作者：
Tatang Ari Gumanti
本文考察了首次公开发行（IPO）的发行人是否在发行前一段时间内选择了增加收益的操纵性应计项目作为会计处理方法。考虑到两个潜在的原因，发行人有很好的动机来增加报告的收益。首先，由于在发行前缺乏市场价格信息，新股发行市场的参与者，即，承销商，发行人和潜在投资者，合理定价发行。第二，这一条件，再加上被广泛接受的论点，即盈余业绩一直是大多数投资者在资本市场上的股票估值的目标，可能会提供机会和动机，发行人影响公司的报告盈余。对1995年至1997年期间在雅加达证券交易所上市的39家首次公开募股公司进行了测试。用于检验盈余管理的方法遵循Friedlan（1994）开发的方法，该方法已在美国的IPO中进行了测试。Friedlan使用总应计利润作为全权应计利润的代理，并修改了模型，以考虑到IPO环境的数据限制和具体特征。研究结果表明，上市公司在上市前两年存在应计项目管理。不能拒绝可自由支配应计利润中位数以及应计利润总额、营业利润和经营现金流变化中位数大于零的假设。有趣的是，应计管理在发行前一年并不存在。换言之，上市前一年盈余管理的证据并不充分。
This paper examines whether issuers of initial public offerings (IPO) select accounting methods by making income-increasing discretionary accruals in the periods prior to the offering. Issuers are well motivated to increase the reported earnings given two potential reasons. First, the absence of market price information prior to the offering has made it difficult for parties involved in the new issue market, i.e., underwriter, issuers, and potential investors, to price the offering rationally. Second, this condition, coupled with the widely accepted argument that earnings performance has been the target of stock valuation for most investors in the capital market, may provide opportunity and motivation for the issuers the affect the firm’s reported earnings. Tests were conducted on 39 IPO firms that went public for the periods 1995-1997 at the Jakarta Stock Exchange. The method used to examine earnings management follows the one developed by Friedlan (1994) as has been tested in the US’ IPOs. Friedlan uses total accruals as proxy for discretionary accruals and modifies the model adjusted to account for the data limitation and specific characteristics of an IPO setting. The results show that accruals management is found in the period of two years prior to the offering. The hypotheses that the median discretionary accruals and median change of total accruals, operating earnings, and cash flow from operations are greater than zero can not be rejected. Interestingly, accruals management does not really exist in the period of one year prior to the offering. In other words, there is a weak evidence for earnings management one year prior to public offer.