风险投资对IPO盈余管理的影响研究

发布时间：2018-04-22 06:32

本文选题：风险投资 + 首次公开发行股票(IPO)　；参考：《西北大学》2014年硕士论文

【摘要】：风险投资机构可以通过帮助被投资企业上市获得资本的增值,同时也可以提升公司的价值。但是,企业为了能够顺利获得上市资格,会采用资产重组、推迟或提前收入费用的确认时间等等方法包装公司的财务。风险投资机构是企业的外部投资者,作为第三方,其会对被投资企业产生一定的影响。一方面可能在IPO过程中对被投资企业的经营管理起到监督的作用；但是另一方面,其也可能在企业IPO过程中出于自身的利益考虑,促进其盈余管理。那么,风险投资的存在对IPO过程中的盈余管理行为,到底是起到助长作用还是抑制作用?本文将针对这一问题进行研究。本文选取2009年10月-2013年3月在我国创业板上市的302家公司作为样本,选取合理的盈余管理模型计算样本企业的操纵性应计利润,通过描述性统计、相关性检验和多元回归分析方法,研究了风险投资对创业板IPO盈余管理的影响。结果显示,创业板的上市公司在IPO过程中普遍存在盈余管理,而且与没有风险投资背景的企业相比,其盈余管理程度会更低。另外,通过研究IPO过程中风险投资机构的参股程度发现,风险投资的持股比例、风险投资占董事会的比例越大,盈余管理的程度越低,这些结果都说明风险投资在企业IPO过程中对盈余管理能够起到监督作用,有效约束盈余管理的行为。但是,当联合风险投资参与到IPO过程中时,风险投资的认证监督作用反而被减弱了,联合风险投资的家数越多,IPO的盈余管理程度越大,这说明联合风险投资不能够发挥风险投资机构的监督效应,相反是助长了企业的盈余管理程度,这主要是由于多家风险投资机构的参与,会存在“搭便车”的现象。
[Abstract]:Venture capitalists can gain capital appreciation by helping invested companies to list, and can also enhance the value of the company. However, in order to obtain the listing qualification successfully, the enterprises will use the methods of assets reorganization, delay or advance revenue and expense confirmation time to package the financial affairs of the company. Venture capital institution is the external investor of the enterprise, as a third party, it will have certain influence on the invested enterprise. On the one hand, it may supervise the operation and management of the invested enterprises in the process of IPO; on the other hand, it may also promote the earnings management of the invested enterprises in the process of IPO for the sake of their own interests. So, the existence of venture capital in the process of IPO earnings management behavior, after all, play a role in promoting or restraining effect? This paper will study this problem. In this paper, 302 companies listed on the gem from October 2009 to March 2013 are selected as samples, and reasonable earnings management models are selected to calculate the operating accrual profits of the sample enterprises. The effects of venture capital on IPO earnings management in gem were studied by correlation test and multiple regression analysis. The results show that earnings management exists generally in the IPO process of listed companies in gem, and the earnings management degree is lower than that of enterprises without venture capital background. In addition, by studying the degree of equity participation of venture capital institutions in the process of IPO, it is found that the greater the proportion of venture capital to the board of directors, the lower the degree of earnings management. These results show that venture capital can supervise earnings management and restrain earnings management effectively in the process of IPO. However, when the joint venture capital participates in the process of IPO, the certification and supervision function of the venture capital is weakened, and the more the number of joint venture capital is, the greater the earnings management degree of the joint venture capital is. This shows that the joint venture capital can not exert the supervision effect of venture capital institutions, on the contrary, it encourages the earnings management degree of enterprises, which is mainly due to the participation of many venture capital institutions, there will be a "free ride" phenomenon.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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