风险投资对我国中小企业板上市公司盈余管理的影响

发布时间：2018-01-01 14:05

本文关键词：风险投资对我国中小企业板上市公司盈余管理的影响　出处：《西南交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：现有文献有关风险投资与盈余管理关系研究主要集中于IPO阶段,以风险投资能够立即退出为假设前提。而我国现存强制锁定政策表明风险投资不能立即退出市场,相关数据也表明风险投资在五年内的退出比例仅有44%,基于此本文从一个新的角度尝试研究风险投资与上市公司盈余管理的关系研究,并进一步研究风险投资特点对盈余管理的影响。本文以2006-2011年中小企业板上市公司为研究样本,从相关理论出发利用修正的Jones模型计量上市后中小企业的盈余管理情况,研究表明上市后公司普遍存在盈余管理行为。随后对比分析所有样本、锁定期样本、解禁后样本,结果表明锁定期样本中有风险投资参与的公司其盈余管理显著大于无风险投资参与的公司,而在解禁后结果并不显著。在此基础之上针对锁定期,继续研究风险投资特征(持股比例、国有背景、联合投资)对盈余管理的影响。在控制相关变量后,多元回归分析结果表明风险投资持股比例与盈余管理存在显著的正相关关系；国有背景的风险投资相比之下更有利于监督上市公司的盈余管理行为；但结果并不表明联合投资有利于监督盈余管理行为。本文为风险投资的研究提供新的视角,同时研究结果为监督部门对风险投资及二级市场的监督管理提供了一定的启示意义。如以多个指标来进行综合考核,以增加上市公司进行盈余管理的成本；本文结论显示风险投资更多地表现出道德风险,监督部门在监督上市公司行为时要特别关注盈余管理更为明显的锁定期。
[Abstract]:The existing literature on risk investment and earnings management mainly focus on the IPO stage, to venture capital can immediately exit the assumption. And our existing mandatory locking policy shows that risk investment can not immediately withdraw from the market, the relevant data also show that the risk of investment in five years to exit the ratio is only 44%, this article from a study of the relationship between a new perspective of research on earnings management of listed companies based on risk investment and risk investment, and further study the characteristics of the impact of earnings management.
This paper based on the 2006-2011 SME board listed companies as research samples, from the theory of earnings management by using the modified Jones model to measure the listing of small and medium-sized enterprises, research shows that after the listing of the company widespread earnings management. Then a comparative analysis of all the samples, the lock up period of the sample, the sample results show that after the lifting of the ban, there is the risk of investment in the lock the company earnings management is significantly greater than the risk free investment in the company in the sample period, and after the lifting of the ban, the results are not significant.
On the basis of the lock up period, continue to study the characteristics of venture capital (shareholding, state-owned background, joint investment) on the impact of earnings management. In the control variables, multiple regression analysis showed that there was a significant positive correlation between venture capital shareholding ratio and earnings management; compared to the state-owned venture investment under the background of more conducive to earnings management the supervision of listed companies; but the result does not indicate that the joint investment is beneficial to monitor the behavior of earnings management.
This paper provides a new perspective for the study of venture capital, and the research results provide some implications for supervision departments of supervision and management of venture capital and the two secondary market. Such as a number of indicators to conduct a comprehensive assessment, in order to increase the cost of earnings management of listed companies; the conclusion showed that the risk of investment showed more moral the risk supervision departments should pay special attention to earnings management is more obvious in the lock up period of supervision of listed companies behavior.

【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51;F276.3

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