风险投资异质性、公司治理机制与企业IPO前盈余管理

发布时间：2018-07-06 18:18

本文选题：风险投资 + 公司治理机制　；参考：《财经论丛》2017年12期

【摘要】：本文以2008~2014年在深圳中小板上市的202家有风险投资参与的IPO公司为研究样本,考察风险投资参与公司治理及其背景异质性对被投资企业IPO前盈余管理的影响。实证检验表明,风险投资机构持股比例及向企业派出董事比例对风险企业IPO前盈余管理无显著影响,但是向风险企业派出专业董事比例与IPO前盈余管理显著负相关。进一步区分不同背景风险投资的研究发现,政府背景风险投资向企业派出董事、专业董事及其持股比例有助于减轻企业IPO前盈余管理程度,但是上述研究结果并未出现在独立背景风险投资和企业背景风险投资中。尽管风险投资普遍成为一种外部治理机制,但是其治理能力和效果却受到不同制度环境的制约与影响,这为进一步完善风险投资环境提供了经验证据。
[Abstract]:In this paper, 202 IPO companies involved in risk investment in the small and medium board of Shenzhen in Shenzhen are used as the research samples to investigate the impact of venture investment on corporate governance and its background heterogeneity on the earnings management of the invested enterprises before IPO. The empirical test shows that the proportion of venture capital institutions and the proportion of directors to enterprises are the risk enterprises. There is no significant impact on the earnings management before IPO, but the proportion of professional directors sent to risk enterprises is negatively related to the earnings management before IPO. Further studies of different background risk investment have found that the government's background risk investment is sent to the enterprise by the government, and the professional directors and their shareholding ratios help to reduce the earnings management of the enterprise before IPO, but The results of the study are not in the independent background risk investment and the enterprise background risk investment. Although the venture capital is generally a kind of external governance mechanism, its governance ability and effect are restricted and influenced by different institutional environment, which provides empirical evidence for further improving the risk investment environment.
【作者单位】：安徽工业大学商学院;
【基金】：国家自然科学基金资助项目(71372204;71572002)
【分类号】：F271;F275;F832.51

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