风险投资与中小板IPO盈余管理的关系研究

发布时间：2018-01-21 11:18

本文关键词： 风险投资盈余管理首次公开发行　出处：《南京大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着我国资本市场和风险投资的不断发展和成熟,风险投资的经营目标和经营行为对我国首次公开发行公司的经营管理和决策将产生重要影响。IPO作为风险投资首选的退出机制,风险资本势必对被投资公司IPO产生影响,盈余管理作为公司IPO过程中的重要事项,也将成为风险资本的重点关注对象。一方面风险投资为维护自己的高声誉,会对被投资公司的盈余管理行为进行监督,另一方面为实现风险投资的高回报,风险资本又存在对其盈余管理行为不加限制的可能。因此,考察风险投资和上市公司IPO过程中盈余管理行为之间的关系,不仅为投资者进行投资决策提供了参考,同时为完善公司治理结构、进一步规范资本市场及会计准则的制定等提供重要依据。本文以风险投资和上市公司IPO过程中盈余管理间的关系为研究对象,首先界定了风险投资和盈余管理的涵义,回顾了两者间关系的理论-认证/监督理论和逐名/逆向选择理论,继而介绍盈余管理的三种确认方法-频数分步法、总体应计模型和特定应计模型,并重点介绍了总体应计模型的六种形式；然后以我国中小板2004-2008年IPO的制造业类199家上市公司为样本,按是否有VC持股分成两组,分别采用频数分布法、盈利趋势分析法和应计利润分析法,考察我国中小板上市公司是否存在盈余管理行为及VC持股对其盈余管理程度的影响。在此基础上,以操纵性应计利润为被解释变量,以VC持股为自变量,以公司规模、成长性、资产负债率、经营业绩及外部审计机构和主承销商声誉为控制变量,建立多元线性回归方程,进一步考察VC持股对盈余管理程度的影响,得出我国中小板上市公司存在盈余管理行为及VC持股在IPO当年及之前年度可有效降低盈余管理程度的结论。最后,结合我国资本市场及上市公司的特点,提出相应的政策建议：政府应加强对风险资本投资的支持和引导、加大对规模较大和营业收入增长速度较快的拟上市公司的关注力度、重视外部中介机构的监督作用,提高执业水平、进一步完善会计准则,减少盈余管理空间。
[Abstract]:With the development and maturity of the capital market and venture capital in China. Venture capital management objectives and behaviors will have an important impact on the management and decision-making of our initial public offering companies. IPO is the preferred exit mechanism for venture capital. Venture capital is bound to have an impact on the IPO of the invested company. Earnings management is an important issue in the process of corporate IPO. On the one hand, in order to maintain their high reputation, venture capital will supervise the earnings management behavior of the invested company, on the other hand, to achieve the high return on venture capital. Venture capital has the possibility of not restricting its earnings management behavior. Therefore, the relationship between venture capital and earnings management behavior in the IPO process of listed companies is investigated. It not only provides a reference for investors to make investment decisions, but also provides an important basis for perfecting the corporate governance structure and further standardizing the capital market and the formulation of accounting standards. In this paper, the relationship between venture capital and earnings management in the IPO process of listed companies as the research object, the first defines the meaning of venture capital and earnings management. This paper reviews the relationship between the two theories-authentication / supervision theory and name / reverse selection theory, and then introduces three validation methods of earnings management: frequency step method, total accrual model and specific accrual model. The six forms of the total accrual model are introduced emphatically. Then, taking 199 manufacturing companies of IPO from 2004 to 2008 as samples, we divide them into two groups according to whether there are VC shareholdings, and adopt the frequency distribution method. Based on earnings trend analysis and accrual profit analysis, this paper investigates whether earnings management behavior exists in Chinese small and medium-sized listed companies and the effect of VC holding on earnings management degree. Taking accrual profit of manipulation as explained variable, VC holding as independent variable, company size, growth, asset-liability ratio, operating performance and reputation of external auditor and lead underwriter as controlling variables. The multivariate linear regression equation is established to investigate the effect of VC shareholding on earnings management. It is concluded that earnings management behavior and VC shareholding in the current year and the previous year of IPO can effectively reduce the degree of earnings management. Finally, combined with the characteristics of China's capital market and listed companies. Put forward the corresponding policy recommendations: the government should strengthen the support and guidance of venture capital investment, and increase the attention to the large scale and fast growth of operating income of the proposed listed companies. We should pay attention to the supervisory role of external intermediary institutions, improve the practice level, further improve accounting standards, and reduce the space for earnings management.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275

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