风险投资联合投资对上市公司盈余管理和市场表现的影响

发布时间：2018-01-16 11:29

本文关键词：风险投资联合投资对上市公司盈余管理和市场表现的影响　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：风险投资在中国的经济发展中处于越来越重要的位置，创业板355家上市公司中，近60%的公司有风险投资背景，近40%的公司有联合风投背景。大多数学者认为风险投资的监督作用能够抑制管理层的盈余管理行为，提升上市后的市场表现，但是对于联合风投来说，联合风投关系网内的资源共享与整合能够对公司提供更多的帮助，但同时也导致股权更为分散，声誉效应降低，降低了监督积极性，并且联合风投内部的摩擦导致协作成本上升，影响到联合风投对上市公司的监督和规范。那么，这种负面效应是否真实存在，如果存在，能不能通过有效的联合方式来降低这种负面效应呢？这正是本文试图探讨的问题。文章首先以2009-2012年创业板355家上市公司为研究对象，实证研究了风险投资个数与盈余管理之间的关系，以132家联合风投背景的公司为研究对象，实证研究联合风投内部特征对IPO公司盈余管理的影响，试图探讨能够发挥最佳监督作用的联合投资方式。然后，引入市场表现变量，实证研究了在控制盈余管理变量后，风险投资个数对上市后市场表现的影响。实证结果表明创业板上市公司存在盈余管理行为，相比无风险投资背景的公司，，有风投背景公司的盈余管理程度较高，上市后中短期市场表现较差。联合风投个数越多，上市公司盈余管理程度越高，发行抑价率越高，但是对上市后中短期的市场表现影响比较小，且具有不确定性。尽管如此，可以通过选择适当的联合投资方式降低联合投资的负面效应。
[Abstract]:Venture capital is playing a more and more important role in the economic development of China. Of the 355 listed companies on the gem, nearly 60% have venture capital background. Nearly 40% of the companies have joint venture capital background. Most scholars believe that the supervisory role of venture capital can restrain management earnings management behavior and improve market performance after listing, but for joint venture capital. The resource sharing and integration in the joint venture capital relationship network can provide more help to the company, but it also leads to more decentralized equity, lower reputation effect and lower supervision enthusiasm. And the internal friction of joint venture capital leads to the increase of cooperation cost, which affects the supervision and regulation of joint venture capital to listed companies. Then, whether this kind of negative effect really exists, if exists. Can this negative effect be reduced by effective combination? This is precisely the question that this article attempts to discuss. Firstly, this paper takes 355 listed companies in the gem 2009-2012 as the research object, and empirically studies the relationship between the number of venture capital and earnings management. Taking 132 companies with a background of joint venture capital as the research object, this paper empirically studies the influence of the internal characteristics of joint venture capital on earnings management of IPO companies. This paper tries to explore the joint investment mode which can play the best supervisory role. Then, the paper introduces the market performance variables, and empirically studies the control of earnings management variables. Empirical results show that there is earnings management behavior of listed companies on the gem, compared with companies with no background of venture investment, the companies with venture capital background have a higher degree of earnings management. The more the number of joint venture capital, the higher the earnings management degree of listed companies, the higher the issue underpricing rate, but the smaller the impact on the market performance after listing in the short and medium term. However, the negative effect of joint investment can be reduced by choosing appropriate joint investment mode.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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