3875 
6150文章基于实物期权理论与信息不对称理论，试图厘清创业板上市公司在IPO之前的成长性管理对后续并购活动的影响机制。研究发现，创业板上市公司在IPO之前会进行显著的成长性管理，而之后成长性下滑。为了托住成长性，公司进行了大量的并购，具体表现为IPO成长性管理和IPO之后的并购次数和并购金额显著正相关，且这种关系在临近限售解禁日时更加显著。进一步研究发现，对于实施IPO成长性管理的公司，IPO之后的并购活动有助于托住成长性。文章检验了不同板块上市公司的新股发行定价机制的差异，考察了基于会计行为的成长性管理和基于经营活动的成长性管理之间的联动机制，丰富了有关IPO成长性操纵与公司并购的相关文献。
IPO成长性管理与公司并购 ——基于创业板上市公司的证据
摘要
参考文献
1 陈胜蓝,马慧. 卖空压力与公司并购−来自卖空管制放松的准自然实验证据[J]. 管理世界,2017,(7):142−156. DOI:10.3969/j.issn.1002-5502.2017.07.012
6 陆正飞,魏涛. 配股后业绩下降:盈余管理后果与真实业绩滑坡[J]. 会计研究,2006,(8):52−59. DOI:10.3969/j.issn.1003-2886.2006.08.008
8 夏宁,董艳. 高管薪酬、员工薪酬与公司的成长性−基于中国中小上市公司的经验数据[J]. 会计研究,2014,(9):89−95. DOI:10.3969/j.issn.1003-2886.2014.09.012
10 张玉明,陈前前. 会计文化与中小上市公司成长的实证研究−基于创业板的经验数据[J]. 会计研究,2015,(3):20−25. DOI:10.3969/j.issn.1003-2886.2015.03.003
11 周仁俊,高开娟. 大股东控制权对股权激励效果的影响[J]. 会计研究,2012,(5):50−58. DOI:10.3969/j.issn.1003-2886.2012.05.008
12 Bartov E,Mohanram P,Seethamraju C. Valuation of internet stocks: An IPO perspective[J]. Journal of Accounting Research,2002,40(2): 321−346. DOI:10.1111/1475-679X.00050
13 Brau J C,Fawcett S E. Initial public offerings:An analysis of theory and practice[J]. The Journal of Finance,2006,61(1): 399−436. DOI:10.1111/j.1540-6261.2006.00840.x
14 Celikyurt U,Sevilir M,Shivdasani A. Going public to acquire? The acquisition motive in IPOs[J]. Journal of Financial Economics,2010,96(3): 345−363. DOI:10.1016/j.jfineco.2010.03.003
15 Chen K C W,Yuan H Q. Earnings management and capital resource allocation:Evidence from China’s accounting-based regulation of rights issues[J]. The Accounting Review,2004,79(3): 645−665. DOI:10.2308/accr.2004.79.3.645
16 Cheng S J,Indjejikian R J. The market for corporate control and CEO compensation:Complements or substitutes?[J]. Contemporary Accounting Research,2009,26(3): 701−728. DOI:10.1506/car.26.3.3
17 Deutsch Y,Keil T,Laamanen T. Decision making in acquisitions:The effect of outside directors’ compensation on acquisition patterns[J]. Journal of Management,2007,33(1): 30−56. DOI:10.1177/0149206306296576
18 Fan Q T. Earnings Management and ownership retention for initial public offering firms:Theory and evidence[J]. The Accounting Review,2007,82(1): 27−64. DOI:10.2308/accr.2007.82.1.27
19 Fedyk T,Singer Z,Soliman M. The sharpest tool in the shed:IPO financial statement management of STEM vs. non-STEM firms[J]. Review of Accounting Studies,2017,22(4): 1541−1581. DOI:10.1007/s11142-017-9412-4
20 Hou Q C,Jin Q L,Yang R,et al. Performance commitments of controlling shareholders and earnings management[J]. Contemporary Accounting Research,2015,32(3): 1099−1127. DOI:10.1111/1911-3846.12111
22 King D R,Slotegraaf R J,Kesner I. Performance implications of firm resource interactions in the acquisition of R&D-intensive firms[J]. Organization Science,2008,19(2): 327−340. DOI:10.1287/orsc.1070.0313
23 Ohlson J A. Earnings,book values,and dividends in equity valuation[J]. Contemporary Accounting Research,1995,11(2): 661−687. DOI:10.1111/j.1911-3846.1995.tb00461.x
24 Petersen M A. Estimating standard errors in finance panel data sets:Comparing approaches[J]. The Review of Financial Studies,2009,22(1): 435−480. DOI:10.1093/rfs/hhn053
25 Piotroski J D,Roulstone D T. Do insider trades reflect both contrarian beliefs and superior knowledge about future cash flow realizations?[J]. Journal of Accounting and Economics,2005,39(1): 55−81. DOI:10.1016/j.jacceco.2004.01.003
26 Rossi S,Volpin P F. Cross-country determinants of mergers and acquisitions[J]. Journal of Financial Economics,2004,74(2): 277−304. DOI:10.1016/j.jfineco.2003.10.001
27 Teoh S H,Welch I,Wong T J. Earnings management and the underperformance of seasoned equity offerings[J]. Journal of Financial Economics,1998,50(1): 63−99. DOI:10.1016/S0304-405X(98)00032-4
29 Varaiya N P,Ferris K R. Overpaying in corporate takeovers:The winner’s curse[J]. Financial Analysts Journal,1987,43(3): 64−70. DOI:10.2469/faj.v43.n3.64
30 Zhang G C. Accounting information,capital investment decisions,and equity valuation:Theory and empirical implications[J]. Journal of Accounting Research,2000,38(2): 271−295. DOI:10.2307/2672934
引用本文
张丽敏, 靳庆鲁, 张佩佩. IPO成长性管理与公司并购——基于创业板上市公司的证据[J]. 财经研究, 2020, 46(6): 125-139.
导出参考文献，格式为：
上一篇：证券分析师家乡网络资本的信息效应
