风险投资参与对创业板IPO公司盈余管理的影响研究

发布时间：2018-05-29 09:10

本文选题：风险投资 + 创业板IPO公司　；参考：《南京师范大学》2013年硕士论文

【摘要】：2009年10月30日创业板成功推出,在一定程度上解决了中小企业融资难的问题,并且为我国的风险投资提供了良好的退出渠道,是建立多层次资本体系的必然选择,对经济的发展具有深远的影响。企业出于各种动机,对会计盈余进行管理和控制,受到较多关注的是首次公开发行股票动机,即IPO动机。本文以风险投资为切入点,研究风险投资参与对创业板IPO公司盈余管理的影响。研究选取2009-2012年在创业板上市的企业为研究对象,采用修正的Jones模型计算了样本企业的DA(操纵性应计利润)作为盈余管理的度量值。本文研究结果表明,私营的、高持股比例的风投机构,能显著的抑制风险企业盈余管理的行为。具体如下：(1)我国创业板上市公司在IPO前一年存在盈余管理行为。(2)风险投资机构的持股比例越高,创业板IPO公司盈余管理程度越低。(3)风险投资机构成立的时间对创业板IPO公司盈余管理程度不具有解释效力。(4)国有背景的风险投资机构持股比例越高,创业板IPO公司盈余管理程度越高。(5)私营的风险投资机构持股比例越高,创业板IPO公司盈余管理程度越低。上述研究结论表明,国有的风险投资机构应完善激励机制和风投控制机制,提高项目经理人的管理经验,更加有效的抑制被投资企业的盈余管理水平。
[Abstract]:The successful launch of the gem on October 30, 2009, to a certain extent, has solved the problem of financing difficulties of small and medium-sized enterprises, and provided a good exit channel for venture capital in our country, which is the inevitable choice for the establishment of multi-level capital system. It has a profound influence on the development of economy. In order to manage and control accounting earnings, enterprises pay more attention to the motivation of initial public offering (IPO). This paper takes venture capital as the starting point to study the influence of venture capital participation on earnings management of IPO companies. In this study, the enterprises listed on the gem in 2009-2012 were selected as the research objects, and the modified Jones model was used to calculate the DA-( manipulative accrual profit) of the sample enterprises as the measure of earnings management. The results of this study show that private venture capital firms with high shareholding ratio can significantly inhibit the earnings management of venture firms. The following are as follows: 1) China's gem listed companies had earnings management behavior in the year before IPO) the higher the proportion of shares held by venture capital institutions, The lower the earnings management degree of gem IPO company is, the higher the proportion of VCs holding shares in venture capital institutions with state-owned background is that the time of establishment of venture capital institutions has no explanatory effect on the earnings management degree of gem IPO companies. The higher the degree of earnings management of gem IPO companies is, the higher the proportion of private venture capital institutions holding is, the lower the degree of earnings management of gem IPO companies is. The above conclusions show that the state-owned venture capital institutions should improve the incentive mechanism and venture capital control mechanism, improve the management experience of project managers, and more effectively restrain the earnings management level of the invested enterprises.
【学位授予单位】：南京师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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