创投持股对中小板上市公司IPO盈余管理的影响
发布时间：2018-12-28 08:17
【摘要】：本研究选取2006-2010年在深圳中小板上市的企业为研究对象,采用经过行业调整的修正的Jones模型计算了样本企业的DA(操纵性应计利润)作为盈余管理的表征值。由于行业模型对样本量的要求,本研究仅选用了制造业类(C类)和信息技术类(G类)作为研究对象。 通过对样本企业盈余管理进行T检验后发现,操纵性应计利润与零值存在显著差异,即企业为了成功IPO,存在盈余管理行为。通过多元回归结果分析发现,创投持股与被解释变量DA(盈余管理程度)在1%的置信水平上显著负相关,表明具有创投持股的样本企业,其上市前一年的盈余管理相对较低,创投机构能够发挥监督作用；创投入股时间和盈余管理程度在10%的置信水平上负相关,表明创投入股时间越长,盈余管理越低；创投持股比例和盈余管理程度在5%的置信水平上负相关,表明创投持股比例越高,盈余管理越低；创投机构派出的董监事比例和盈余管理程度在5%的置信水平上负相关,表明创投机构派出的董监事比例越高,盈余管理越低。创投机构的成立时间和管理资产规模不具有解释效力。最后,本研究还提出了应该大力发展创投行业,并加强对创投持股、入股时间和指派董监事比例的信息披露等政策建议。
[Abstract]:In this study, the enterprises listed in Shenzhen small and medium-sized board from 2006 to 2010 were selected as the research objects. The modified Jones model adjusted by industry was used to calculate the DA (manipulative accrual profit) of the sample enterprises as the token value of earnings management. Because of the demand of the industry model for the sample size, only the manufacturing (C) and information technology (G) are selected as the research objects in this study. Through T-test on earnings management of sample enterprises, it is found that there is significant difference between operating accrual profit and zero value, that is, earnings management behavior exists in order to succeed IPO,. Through the analysis of multiple regression results, it is found that there is a significant negative correlation between VC shareholding and explained variable DA (earnings management degree) at the confidence level of 1%, which indicates that the earnings management of the sample enterprises with VCs is relatively low one year before listing. Venture capital institutions can play a supervisory role; There is a negative correlation between the time of venture investment and the degree of earnings management at the confidence level of 10%, which indicates that the longer the time of venture investment is, the lower the earnings management is; The proportion of venture capital holding is negatively correlated with the degree of earnings management at the confidence level of 5%, which indicates that the higher the proportion of venture capital holding is, the lower the earnings management is; There is a negative correlation between the proportion of directors sent by venture capital organizations and the level of earnings management, which indicates that the higher the proportion of directors sent by venture capital institutions, the lower the earnings management. The establishment time of venture capital institution and the scale of assets under management have no explanatory effect. Finally, this study also puts forward some policy suggestions on how to develop the venture capital industry and how to disclose the information about the holding of venture capital, the time of investment and the proportion of directors appointed.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.3
本文编号：2393717
[Abstract]:In this study, the enterprises listed in Shenzhen small and medium-sized board from 2006 to 2010 were selected as the research objects. The modified Jones model adjusted by industry was used to calculate the DA (manipulative accrual profit) of the sample enterprises as the token value of earnings management. Because of the demand of the industry model for the sample size, only the manufacturing (C) and information technology (G) are selected as the research objects in this study. Through T-test on earnings management of sample enterprises, it is found that there is significant difference between operating accrual profit and zero value, that is, earnings management behavior exists in order to succeed IPO,. Through the analysis of multiple regression results, it is found that there is a significant negative correlation between VC shareholding and explained variable DA (earnings management degree) at the confidence level of 1%, which indicates that the earnings management of the sample enterprises with VCs is relatively low one year before listing. Venture capital institutions can play a supervisory role; There is a negative correlation between the time of venture investment and the degree of earnings management at the confidence level of 10%, which indicates that the longer the time of venture investment is, the lower the earnings management is; The proportion of venture capital holding is negatively correlated with the degree of earnings management at the confidence level of 5%, which indicates that the higher the proportion of venture capital holding is, the lower the earnings management is; There is a negative correlation between the proportion of directors sent by venture capital organizations and the level of earnings management, which indicates that the higher the proportion of directors sent by venture capital institutions, the lower the earnings management. The establishment time of venture capital institution and the scale of assets under management have no explanatory effect. Finally, this study also puts forward some policy suggestions on how to develop the venture capital industry and how to disclose the information about the holding of venture capital, the time of investment and the proportion of directors appointed.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.3
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