现阶段，我国的证券市场基本是由政府管制，影响了我国金融市场的发展。证券企业为了得到健康发展，只能获得IPO的发行许可。从盈余管理出发，结合资本市场动机，两种假设：IPO企业同时实施两种盈余管理方法会提高其股票发行价和与真实盈余管理对企业未来的损害较大，并选取在2007到2012期间沪深两市的699家IPO上市企业样本，通过引入不同变量、创建回归模型、对回归结果分析得出两种盈余管理方式，均有利于企业提高IPO的发行价和真实盈余管理的应用会对IPO公司的长期业绩产生不利的影响。可见，两种盈余方式对于促进IPO企业健康、稳定发展具有重要的历史作用和现实意义。%At the present stage, China's stock markets are basically regulated by the government, impeding the growth of the financial market. To develop in a healthy manner, security enterprises must obtain the IPO issue permission. The study proposes two assumptions:First, if IPO enterprises manage earnings in both ways, the stock issue price will rise. Second, real earnings management causes greater damage to the future of enterprises. Taking 699 companies listed on the Stock Markets of Shanghai and Shenzhen from 2007 to 2012 as the example, the study introduces different variables, creates a regression model and analyzes the regression result. It concludes that both earnings management methods are conductive to raising the issue price of the IPO and the use of real earnings management exerts adverse influence to the long-term performance of IPO companies. It is clear that both earnings management methods have a significant historical role and practical meaning to the healthy and stable development of IPO enterprises.
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