上市公司经营业绩与盈余管理外文翻译.doc

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 period 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 underperformance 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 performance 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 of 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 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 addresses 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 investiga