中文摘要：

2014年1月IP0宣布重启，首批新股上市后业绩却频频“变脸”，公司IPO盈余管理程度遭到多方质疑。本文选取在当年首批上市并出现业绩大幅滑坡的公司贵人鸟为例。研究其IP0盈余管理手段。本文首先对贵人鸟财务数据进行分析并与同行业对比，发现贵人鸟有盈余管理的迹象；通过JoneSModel研究构建异常经营活动现金流、异常生产成本和异常可操控性费用三个模型，发现责人鸟在2012年及2013年使用会计手段对应计利润进行调整，并采取提前确认收入、大幅扩张开店、调低费用与成本等方式从事盈余管理活动。

英文摘要：

The performance of the first listed companies since the re- start of new IPOs in January 2014 seems volatile and their accounting information faces questions from different sides. This article takes GUIRENNIAO（CHINA）CO.LTD, the first listed company in 2014 that suffered performance decline, as an example to analyze how it conduct earnings management before IPO. This paper firstly determines that earnings management signs exist in GUIRENNIAO through analysis of its financial statements and comparing it with those of its industry peers. When the sports industry is faced with the overall decline in performance, the performance of GUIRENNIAO has been increas- ing before IPO. Some enterprise like LINING even got negative net profit, but the net profit of GUIRENNIAO continues to grow. This paper then uses the modified Jones Model to detect its accrual earnings management. This paper also builds three models which are abnormal levels of cash flows from operations, abnormal production costs and abnormal discretionary expenses to detect real earnings management. After that the paper finds that GUIRENNIAO does carry out accruals earnings management in 2012 ＆ 2013 and carries out real earnings management through abnormal discretionary expenses. Finally, this paper gives insight into how GUIRENNIAO conduct accrual and real earnings management. The paper finds that GUIRENNIAO probably conspire with big distributors and gives them loose credit policy so that GUIRENNIAO can affirm revenue. This is how GUIRENNIAO achieved higher sales revenue than that of the industry. To cover up the abnormal sales growth, GUIRENNIAO have opened large amounts of new stores. However, the efficiency of these new stores is low and they suffered big loss. Apart from that, there may exist misprice of related transaction. To sum up, this paper finds that Chinese listed company conduct accrual earnings management and real earnings management to increase offering price and regulators should notice how they con- duct earnings management.