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配股资格线由中国证监会制定,它是利用净资产收益率(Rate of Return on Common Stockholders’Equity,简称ROE)数据对上市公司股权融资进行管制。本文用一个上市公司为达到配股资格线而操纵利润的实例,以及上市公司ROE分布随配股资格线变迁而相应变化的实证,揭示了上市公司为应对配股资格管制而采取的“上有政策,下有对策”之利润操纵现象及其成因。
The rights issue line is formulated by China Securities Regulatory Commission. It controls the equity financing of listed companies by using the Rate of Return on Common Stockholders’ Equity (ROE) data. This paper uses a listed company to meet the placement rights line and control the practice of profit example, as well as the distribution of listed companies ROE distribution rights with the changes in the corresponding changes in the empirical evidence reveals listed companies to deal with rights issue control There are countermeasures "the phenomenon of profit manipulation and its causes.