风险投资对创业板IPO盈余管理影响的实证研究

发布时间：2018-01-24 20:23

本文关键词： 风险投资创业板 IPO 盈余管理　出处：《南京大学》2012年硕士论文　论文类型：学位论文

【摘要】：2009年10月创业板市场的成功推出,标志着我国多层次资本市场的进一步完善。创业板市场在为更多的创业企业,特别是高新技术企业提供融资服务的同时,也为国内风险投资提供了良好的退出渠道,越来越多的风险资本选择通过协助企业完成在创业板市场首次公开募股(IPO)的形式实现风险资本的增值,获取丰厚的投资回报。然而,创业企业为了尽快获得稀缺的上市资格、抬高股票发行价格,往往通过盈余管理的手段对公司财务状况进行粉饰,阻碍了资本市场资源配置作用的发挥和创业板市场的健康发展。针对这种现象,风险投资作为认证中介(Certifying Agent),在创业企业IPO过程中可能起到认证、监督作用,抑制管理层的盈余管理行为,但也可能出于自身利益的考虑对其产生“躁动效应”,加重拟上市公司的盈余管理程度。本文选取2009年10月至2012年2月在我国创业板市场上市的193家创业企业作为样本,选择合理的盈余管理计量模型,并通过描述性统计、Pearson相关性检验和多元逐步回归分析,研究风险投资对创业板IPO盈余管理的影响。研究结果显示,创业板市场的上市公司在IPO过程中存在普遍的盈余管理行为,而与没有风险投资背景的创业企业相比,有风险投资参与的企业在创业板IPO过程中的盈余管理水平较低。当联合风险投资参与单个创业企业的IPO活动时,风险投资原有的认证、监督作用会被“躁动效应”所代替,盈余管理不减反增。
[Abstract]:In October 2009, the successful launch of the gem market marked the further improvement of the multi-level capital market in China. The gem market is becoming more and more entrepreneurial enterprises. In particular, high-tech enterprises provide financing services, but also for domestic venture capital to provide a good exit channel. More and more venture capital choose to realize the increment of venture capital by assisting enterprises to complete initial public offering (IPO) in the gem market and obtain rich investment returns. In order to obtain the scarce qualification of listing and raise the issuing price of stock as soon as possible, the start-up enterprises often use the means of earnings management to whitewash the financial situation of the company. It hinders the development of the capital market resource allocation and the healthy development of the gem market. In view of this phenomenon, venture capital acts as a certification intermediary certifying agent. In the process of start-up enterprise IPO, it may play a role of certification, supervision, restrain the management of earnings management behavior, but also out of self-interest considerations may produce a "restless effect" on it. To increase the degree of earnings management of listed companies. This paper selects 193 enterprises listed on the gem market from October 2009 to February 2012 as the sample, chooses the reasonable earnings management measurement model, and through descriptive statistics. Pearson correlation test and multiple stepwise regression analysis to study the impact of venture capital on IPO earnings management. The listed companies in the gem market have common earnings management behavior in the process of IPO, and compared with the venture capital enterprises without background. The level of earnings management of venture capital participating enterprises in the process of gem IPO is low. When the joint venture capital participates in the IPO activities of a single venture enterprise, the original certification of venture capital is obtained. Supervisory role will be replaced by "restless effect", earnings management will not decrease but increase.
【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;F224

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