Research On "Similar IPO Effect" Of The New Third Board Listing Based On The Perspective Of Earnings Management

In recent years,with the rapid development of social economy in our country,the "New Third Board" market,which attracted and attracting a large number of innovative,entrepreneurial,growing medium-sized and small enterprises,is becoming more and more mature.Its growth not only solves the problem of "financing difficulties" of small and medium-sized enterprises,but also plays a positive role in promoting corporate governance,the perfection of capital market and the development of macro-economy.This paper took the enterprises listed in the New Third Board market from 2015 to2016 as the research object,mainly studied the changes in business performance and earnings management before and after listing.Using descriptive statistics,paired sample T test,multiple regression,and other empirical methods empirically test examined whether there is an "IPO Effect" similar to the main board and small and medium-sized board market in the process of listing in the New Third Board market,and further verify the correlation between earnings management and changes in business performance.Firstly,in order to lay a theoretical foundation,the paper outlined the functions,listing process and market status of the new three-board market,and analyzes the "new" of the New Third Board.Secondly,the concept of "Similar IPO Effect" in the new three-board market was proposed,and the author verified whether the " Similar IPO Effect" really exists on China's new three-board market by descriptive statistics,existence test and significance test,from profitability,solvency and growth capability.Then,through the analysis of the cause of earnings management,and the degree of earnings management before and after the listing of the new three-board enterprises was calculated,found that there is indeed negative earnings management behavior in previous year before the listing of enterprises,and it was proved that the degree of earnings management before listing is obviously positively correlated with the degree of change in operating performance after listing.Finally,based on the empirical results,the suggestions and possible implications for stakeholders were put forward.