上市公司经营业绩与盈余管理【外文翻译】.doc

1、 外文翻译 原文 Post-IPO Operating Performance and Earnings Management Material Source: International Business Research Author: Nurwati A. Ahmad-Zaluki The present study investigates the operating performance and the existence of earnings management for a sample of 254 Malaysian IPO companies over the peri

2、od 1990-2000. Using accrual-based measure of operating performance, this study finds strong evidence of declining performance in the IPO year and up to three years following IPOs relative to the pre-IPO period. This finding is consistent with the results of prior studies documenting the long run und

3、erperformance of IPO companies. The results also confirm that the decline in post-IPO operating performance is due to the existence of earnings manipulation by the IPO manager at the time of going public. Existing international studies of initial public offering (IPO) companies find that operating p

4、erformance had declined in the post-IPO period. The majority of prior studies are based on the accrual measure of accounting profits which are potentially subject to accounting manipulation by managers, for example through working capital adjustments. The most recent study of operating performance o

5、f Malaysian IPO companies was undertaken by Ahmad and Lim using a sample of 162 IPO companies during the period 1996 to 2000. Using the accrual-based operating performance measure, they found that there was a significant decline in the operating performance after the companies went public. They also

6、 found that only company size and pre-IPO profitability have significant influences on the post-IPO operating performance. Due to the fact that the Malaysian economy suffered an economic crisis in 1997 and 1998, with most companies suffering a decline in profitability (Note 1), the present study add

7、resses the earnings management issue and re-examines the robustness of existing Malaysian evidence by using a larger sample (254 companies) and a longer time period (1990-2000). First, it investigates long run operating performance in a developing market whereas most prior research had focused on de

8、veloped markets. Second, it extends prior operating performance literature by investigating the existence of earnings management at the time of the IPO. This will enable the assessment as to whether the post-IPO performance is potentially related to the reversal of pre-IPO accruals. Third, in additi

9、on to the post-IPO vs. pre-IPO comparison made in prior studies to discover whether there is a change in operating performance following IPOs, the timing of changes in performance is also identified by comparing year-to-year performance. Finally, the sample is large and incorporates both private IPO

10、s and privatization IPOs, so it is more likely to be representative of the population of IPOs in the Malaysian market. (Note 2) In addition, a longer time period for the sample is used; therefore the results are not time period or crisis event specific. The results provide evidence of deterioration

11、in operating performance of IPO companies relative to matching companies following IPOs. Further investigation shows that earnings management exists at the time of IPOs. In general, most of these studies find poor operating performance in the post-IPO period. The first study that examines the operat

12、ing performance of IPO companies is undertaken by Jain and Kini (1994). They analyses the change in operating performance of 682 IPO companies in the US for the period 1976 to 1988. They find a significant decline in both operating performance measures for a period of three to five years subsequent

13、to the IPO relative to the one-year pre-IPO level performance, both before and after industry adjustment. They argue that the declining operating performance in the post-IPO period cannot be attributed to a decline in business activity such as lack of growth in sales or cutbacks in post-IPO capital

14、expenditure. This is because they also find that their sample of IPO companies displayed strong growth in sales and capital expenditure following the IPOs. Similar results are also found by Chan et al. (2003) for Chinese IPO companies. Theo et al. (1998), while mainly focusing on earnings management

15、 and long run share price performance in the US, also provide evidence on the time-series distribution of accounting performance. They find that the median return on assets is significantly positive in year 0 but then declines, to be significantly negative, by year four. The observed decline in the

16、operating performance of IPO companies in general may not be too surprising. As pointed out by Jain and K ini (1994), managers may time their issues to follow periods of extraordinarily good performance. Investors may be overly optimistic about their companies future performance based on the perform

17、ance observed at the time of the IPO. Managers take advantage of this overvaluation by issuing equity when their equity is overvalued, thereby reducing their overall cost of equity. As a result of the over optimism hypothesis, Jain and Kini (1994) argue that IPOs are followed by significant declines

18、 in operating performance. The earnings management hypothesis also suggests a potential explanation for poor post-IPO performance. According to this hypothesis, investors may overvalue new issues because of misinterpreted high earnings reported at the time of offerings, and that they fail to realise

19、 that the earnings management symbolises a transitory increase in earnings (Theo et al., 1998). Therefore, investors are likely to be disappointed by the declining post-IPO operating performance and adjust their valuation downwards, which in turn causes the poor stock market performance. Data were c

20、ollected from various sources. Pre-IPO data were hand-collected from the offering prospectuses. The data were then cross-checked with the first published annual reports of the newly-listed companies which show comparative figures for the pre-IPO year and IPO year (immediately before and after listin

21、g). Post-IPO data were collected from different sources including DataStream, the Pacific-Basin Capital Markets database, and the annual reports of the companies obtained from the Bursa Malaysia website at .my and the Public Information Centre of Bursa Malaysia. Various measures of operating perform

22、ance are used to check the robustness of the results, using the accrual-based accounting profit approach: operating income on operating assets and operating income on sales. The operating income variables are all measured before taxes to avoid the effect of tax rate changes imposed by the Malaysian

23、government during the period of analysis. The choice of the denominator is contentious. Barber and Lyon suggest that total assets reflect both operating and non-operating assets, so may understate the true productivity of operating assets. The market value of assets is not used because market value

24、data for IPO companies are not available prior to going public. Companies that have recently issued securities can experience a large increase in the book value of assets, but no immediate increase in operating profit or cash flows. The present study also predicts that managers are most likely to po

25、sitively manipulate earnings at the time of IPOs in order to increase their offering proceeds and maintain a high market price after IPOs. Following Theo et al, (1998), among others, earnings management is measured using discretionary accruals. As argued by Duchamp et al. (2001), accruals not only r

26、eflect the choice of accounting methods but also the effect of recognition timing for revenues and expenses, asset write-downs, and changes in accounting estimates (p.376). Since managers have more discretion over. Short term than over long term accruals (Theo et al., 1998); this paper employs discr

27、etionary current accruals (DCA) to proxy for earnings management, as also used by Roosenboom et al. (2003) and Duchamp et al. This paper is the first detailed, large sample study of the long run operating performance and earnings management of Malaysian IPO companies, and covers the period 1990 to 2

28、000. The main results of this study can be summarized as follows. First, comparison of pre- and post IPO accounting-based operating performance in terms of levels and changes provides some interesting findings. There is moderate evidence supporting the view that the average IPO Company in Malaysia u

29、nderperforms seasoned companies over the three year post-IPO period. However, there is strong evidence of declining performance in the IPO year and up to three years following the IPO. The year-to-year analysis reveals that the decline in performance is greatest in the year immediately following the

30、 IPO. This finding is consistent with the results of prior studies documenting the long run underperformance of IPOs. The results also confirm that the deterioration in the post-IPO operating performance is due to earnings management by IPO managers at the time of going public. 译文 上市公司经营业绩与盈余管理 资料来源

31、 : 国际商务研究 作者： Nurwati A. Ahmad-Zaluki 本次调查研究是以 1990-2000 年马来西亚 245 家 IPO 公司为样本，进行了盈余管理的实证研究。 采用权责发生制为基础的经营业绩衡量 ，发现上市公司相比 对于 首次公开发行年度，近三年经营业绩有明显的下降趋势。这一发现与记载的上市公司业绩不佳 的研究结果一致。研究结果还证实，在 公司 上市后经营业绩下降是由 于 上市公司 首次公开招股 存在着操纵利润的行为。 通过对新上市的公司研究发现 ,经营业绩 将会在上市之后下跌 。 大多数研究表明，在上市之前，公司的业绩可能被会计管理人员操纵过 ,例如通过营运资金的调

32、整。 Ahmad 和 Lim 对马来西亚的 1996 2000 年之间的 162 家上市公司的经营业绩进行了研究 。 他们发现以权责发生制为基础的公司 ,在上市不久之后，公司业绩会发幅度下降 。 他们还发现公司规模的大小，以及上市前盈利能力的大小，对公司上市后的经营业绩有很大的影响。由于马来西亚在 1997 年和 1998年的时候遭受经济危机，大多数上 市公司的营运能力大幅度下降，本次研究选取了 1990 2000 年的 254 家上市公司为样本，希望对马来西亚的上市公司 的收入管理问题有进一步的发现。首先，他研究的是发展中国家的上市公司在市场中的情况，而以前大多数的研究对象是发达国家的上市公

33、司。其次，他在扩展营运调查之前，对上市公司盈余管理的行为进行了肯定。这可能涉及到上市公司上市之前的评估状况。第三，除了将上市公司的上市后在市场上的经营状况作比较外，还会将这些公司上市后几年时间内的经营业绩与上市前的经营业绩进行比较。最后，这次研究的样本容量大，包含了 新上市的公司 ，因此会更加具有代表性。此外，这是一项需要较长时间来进行的研究调查，所以他是没有确切时间来得出结果的。进一步的调查显示，盈余管理的行为在公司上市之前是存在的，它表明，许多公司利用盈余管理行为来夸大公司的盈余能力，使公司的账目更加“漂亮”。 总的来说，这些研究是在上市后经营业绩不佳时期进行的。 Jain 和 Kini首

34、次探讨了上市公司的经营业绩。他们分析了美国 682家上市公司在 1976-1988年经营期间公司业绩的变化。他们发现，在公司上市后的三到五个年度里面，公司的经营业绩的指标会显著下降。 他们认为，在公司上市后经营业绩的下降不能完全归功于商业活动，大部分原因是因为美国对盈余管理以及股价长期的关注和控制，他们还提出了这个观点的证据。 他们还发现，在公司上市后，销售量和资本会增长，发现类似结果的还有 Chen 等人。 他们发现在平均投资回报是在首次公开发行年度，但在随后的几年内会慢慢下降，在第四年会变成负收益。 但是 从公司的经营业绩的角度来看，我们应该不会感到惊讶。 正如 Jain 和 Kini 所

35、说，在这几年的时间内，管理者不会对他们的营运能力产生怀疑。投资者可能会对上市公司上市时的经营业绩持乐观的态度。管理 者利用首次公开发行股票时制定较高的价格，从而来减少股本的成本。 而持有者会有较乐观的态度。 从各种来源收集了数据。上市前的数据是从发行招股章程的手收集。数据当时交叉检查与新上市的公司的比较数字显示为上市前一年和 IPO 年份 第一次发表的年度报告。从不同的来源，包括数据库 、 太平洋盆地资本市场 数据库中和 在 .my 和公共信息中心马来西亚证交所网站上获得的公司的年度报告 上 收集了上市后的数据 . 制定营运能力的指标是用来保证经营业绩 结果的可靠性， 以 权责发生制为基础的

36、而进行 会计利润 计算 的方法： 通 常是确认公司在营运期间的 销售收入和经营收入 。马来西亚政府为了防止税率的变动对税收的影响，通常是通过确认营业收入来进行分析和征收税。但是， 通过这种方法来确认是备受争议的。Barber 和 Lyon 认为，这种方法既反映了经营性资产又非经营性资产，因此不能准确反映出公司真实的营运能力。资产的市场价值在未上市之前是没有确切数据的。公司发行的证券，可以反映在资产的账面价值大幅度增加，但是公司的营业利润或者现金流量却没有变化。 目前的研究显示，会计管理人员最有可能在操纵盈余是在首次公开发行股票的时候，从而提高其产品的收 益以及在上市后能保持较高的市场价格 。

37、继西奥等人（ 1998 年） ，盈余管理裁量性应计数测量使用。预提不仅反映会计方法的选择，但也承认对收入和支出 的确定 ， 资产减值受时间的影响 。由于管理人员有更多的决定权。短期比长期应计费用 更加少 （西奥等， 1998） 。 本文是第一次详细的，长远的 通过对马来西亚上市公司 经营业绩 的情况来分析马来西亚上市公司的盈余管理情况 ，涵盖了 1990 年至 2000 年。这项研究的主要成果可以概括如下。首先， 发现了公司上市前后对公司经营业绩的影响以及对公司营运能力的变化 。 通过一些例子可以证实 ， 马来西亚的上 市公司经营业绩在上市后的三年时间内有较好的成长 。然而， 数据显示在公司上市后的三年时间内，公司的营运能力有可能会下降 。 逐年分析表明 ， 营运能力下降幅度最大的是上市后的第一年 。这一发现与记载的 IPO 长期业绩不佳以前的研究结果一致。研究结果还证实，在上市后经营业绩 下降 是由于首次公开招股收益管理经理在上市的时间。