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随着股权分置改革的深入,限售股解禁成为资本市场关注的一大热点问题。限售股减持的高额获利,使得上市公司存在强烈的盈余管理动机。本文研究了2009年至2011年10月沪深各类限售股解禁前后企业的盈余管理行为。研究发现,解禁前及解禁期,出于解禁动因,企业有显著的正向盈余管理,并且盈余管理程度与解禁规模成正比。原来就存在盈余管理的企业,其为了解禁而进行盈余管理的可能性更大。不同限售类型和不同市场类型的限售股,其盈余管理的时间序列特征并不相同,但并没有对解禁目的的盈余管理造成显著影响。
With the deepening of the non-tradable share reform, the lifting of the restriction on the sale of restricted shares has become a hot issue in the capital market. Limiting the sale of shares of high profits, making the listed company there is a strong motivation for earnings management. This article studies the earnings management behavior of all kinds of restricted shares in Shanghai and Shenzhen from 2009 to October 2011 before and after the lifting of the ban. The study found that before the lifting of the ban and lifting of the ban period, out of the reasons for the lifting of the embargo, the company has a significant positive earnings management, and earnings management scale is proportional to the size of the ban. The original existence of earnings management business, its earnings management in order to be banned more likely. The time series features of restricted stocks with different sales types and different market types are not the same, but not significantly affected the earnings management of the ban.