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本文考察了IPO过程中的盈余管理行为以及申请首次公开发行企业的盈余管理是否影响发审委的决策.我们以2006-2009年成功上市的企业为样本,发现发行企业在上市前和上市当年存在异常高的收益率,但上市后收益率出现大幅下滑.进一步分析发现,该收益率变化模式是管理者利用应计项目在上市前操纵盈利的结果,而不是来自经营现金流.以我国首次公开发行制度为背景,我们采用2006-2009年申请IPO的企业为样本,发现以保护投资者为目标的发审委在审核过程中考虑到盈余管理因素,盈余管理程度越高的企业越难获得通过.“,”This paper analysis earnings management during the IPO process,and whether it is taken into account by the Stock Issuance Examination and Verification Committee(SIEVC).Using data of IPO companies of A-share during 2006 to 2009,we find that IPO firms have high positive issue-year earnings,but significantly declined earnings after the year of issuance.Moreover,the evidences suggest that the high earnings during the IPO year come mainly from accruals,not the cash flows from operations.Based on the policy of Initial Public Offerings in China and the sample of IPO applicants during 2006 to 2009,we find that the SIEVC is aiming to protect investors by taking account of the earnings management of IPO firms.Consequently,the more the firms engaged in earnings management,the more difficult they get approved of the IPO applications.