风险投资对创业板IPO盈余管理的影响研究

发布时间：2018-03-19 03:29

本文选题：风险投资　切入点：创业板　出处：《南京理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：自2009年10月创业板问世,中小企业特别是高新技术企业有了一个新的融资渠道,同时国内风险投资机构也可通过创业板退出。创业企业在风险投资的协助下顺利上市,风险投资也能借此通过减持或退出实现资本增值。为了尽快上市,提高股票发行价格,有相当一部分企业借助盈余管理的方式粉饰公司财务报表,而风险投资作为独特的参与方,在这一过程中扮演着何种角色,是促进还是抑制盈余管理行为呢?本文将进行深入探讨。本文基于企业和风险投资机构在不同阶段具有不同盈余管理动机的观点,将IPO过程分为IPO前一年、IPO当年和IPO后一年。选取2010年1月至2014年12月在创业板上市的369家公司为样本,运用改进后的修正Jones模型计算得到可操控性应计利润,以此对盈余管理程度进行计量。本文着重关注有无风险投资背景和风险投资持股比例高低对IPO前后不同阶段盈余管理的影响,通过多元回归模型的构建,验证风险投资的参与在IPO过程中是否能够降低企业盈余管理,以及在有风险投资背景的公司中,风险投资机构持股比例较高的公司在IPO不同阶段盈余管理程度是否会降低。结果显示,风险投资的参与在IPO前一年降低了创业板公司盈余管理程度;风险投资的参与在IPO当年助长了创业板公司盈余管理行为;风险投资的参与在IPO后一年有轻微促进盈余管理的作用。而在有风险投资参股的创业板公司中,第一大风险投资较高的持股比例往往会在IPO前一年进一步降低盈余管理;出于减持或退出的考虑,第一大风险投资持股比例高的公司在IPO当年和IPO后一年盈余管理程度较高。
[Abstract]:Since the birth of the gem in October 2009, small and medium-sized enterprises, especially high-tech enterprises, have had a new financing channel, and domestic venture capital institutions can also withdraw through the gem. In order to go public as soon as possible and raise the issuing price of stocks, quite a number of enterprises use earnings management to whitewash the company's financial statements. As a unique participant, what role does venture capital play in this process, is it to promote or suppress earnings management behavior? Based on the view that enterprises and venture capital institutions have different motivation of earnings management in different stages, The IPO process is divided into the year before IPO and the year after IPO. From January 2010 to December 2014, 369 companies listed on the gem are selected as samples, and the actionable accrual profits are calculated by using the modified Jones model. This paper focuses on the influence of the background of venture capital and the proportion of shares of venture capital on earnings management in different stages before and after IPO. Verify that venture capital participation can reduce earnings management in the IPO process, as well as in companies with a background in venture capital, The results show that the participation of venture capital reduces the earnings management of gem in the year before IPO. The participation of venture capital contributed to the earnings management behavior of gem companies in the year of IPO, and the participation of venture capital played a slight role in promoting earnings management in the year after IPO. The proportion of the first venture capital holding higher often further reduces earnings management in the year before IPO, and the first venture capital has a higher degree of earnings management in the year of IPO and one year after IPO because of the consideration of reducing or withdrawing.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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