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论文编号：	10206
作者编号：	2120162752
上传时间：	2018/6/11 17:34:01
中文题目：	对赌协议对盈余管理行为的影响研究 ——基于新三板挂牌企业的经验数据
英文题目：	Study on the Influence of Valuation Adjustment Mechanism on Earnings Management——Based on the Empirical Data of the Listed Companies in the NEEQ Market
指导老师：	黄福广
中文关键字：	对赌协议；盈余管理；风险投资
英文关键字：	Valuation Adjustment Mechanism(VAM); Earnings Management; Venture Capital(VC)
中文摘要：	自2013年蒙牛集团成为我国首家参与对赌企业以来，对赌协议在我国投融资实践中得到了广泛的使用。然而对赌的结果喜忧参半，对赌失败导致了司法问题的出现，同时也引发了监管层面的思考。对赌协议受到投资方的追捧，融资方却是亦喜亦畏，司法方的态度较为中立，而监管方却态度消极。对赌各方究竟该采取怎样的态度，是一个值得探讨的话题。 与实践的盛行不同，有关对赌协议的学术研究并不多。已有的研究也多是从经济学或法学视角展开，并且使用的方法是理论分析或案例研究，运用统计分析和计量方法对其进行研究的文献几乎没有。本文通过对新三板挂牌企业的对赌数据的收集整理和统计分析，同时运用实证研究的方法对对赌行为与企业的盈余管理水平之间的关系进行深入探讨，以期能在丰富对赌协议的定量研究成果方面作出一定贡献。 本文运用实证研究的方法。首先对相关概念进行梳理，回顾对赌协议的理论基础和盈余管理的相关研究。基于理论分析，并结合对样本企业的对赌行为数据的统计结果，本文提出盈余管理与对赌之间关系的四个假设。使用全样本数据进行实证分析表明，签订对赌协议会加重新三板挂牌企业在盈余管理水平，即在一定程度上刺激了企业进行盈余管理。为了更加深入研究对赌对盈余管理行为的具体影响，本文筛选出全样本中签订过对赌协议的挂牌企业作为子样本进行专门研究。详细分析对赌标的，补偿方式，协议持续的时间这几个对赌的关键因素，并检验这些因素对盈余管理水平高低的影响。检验结果表明，对赌的对赌标的包含业绩指标会加重盈余管理水平，但该结果在统计上并不显著。而对赌的补偿方式包含现金补偿，则被证明会加重挂牌企业的盈余管理水平。另外，回归结果也证明了，签订协议的持续时间越长，企业的盈余管理水平越低。最后，基于此次实证研究结论，本文为对赌相关各方分别给出了相应的建议。
英文摘要：	Since Mengniu Group became the first company to participate in Valuation Adjustment Mechanism(VAM) in China in 2013, VAM has been widely used in the practice of investment and financing in China. However, the result of VAM is mixed. The failure of VAM led to the emergence of judicial problems as well as the thinking of the regulatory level. While the VAM is favored by investors, the financiers like it and are afraid of it as well. The attitude of the judiciary is neutral, but the regulators have a negative attitude. It is a worthwhile topic to discuss what attitude should be taken by each party involved. Different from the prevalence in practice, there are few academic researches on VAM. The existing researches are mostly from the perspective of economics or law, and the methods used are theoretical analysis or case study. There is almost no literature on VAM by using statistical analysis and measurement methods. Through the collection and analysis of the data of the listed companies in the NEEQ market, the discussed of the relationship between the VAM and the level of the earnings management by the method of empirical research, this paper is expected to make some contribution to enriching the quantitative research results of VAM. This paper uses the method of empirical research. First of all, this paper reviews the relevant concepts, the theoretical basis of VAM and the related research of earnings management. Based on the theoretical analysis and the statistical results of the data of VAM of the sample companies, this paper proposes four hypotheses on the relationship between earnings management an VAM. The empirical analysis of the full sample data shows that the signing of VAM will add to the earnings management level of the listed companies in the NEEQ market, that is, to a certain extent, it stimulates the earnings management of the companies. In order to study the specific impact of VAM on earnings management in depth, this paper selects the listed companies that have signed the VAM from the whole sample as a sub sample. This paper analyzes the key factors of VAM, including the underlying, the way of compensation and the duration of the agreement; and examines the influence of these factors on the level of earnings management. The test results show that the underlying of VAM including performance index will increase the level of earnings management, but the result is not statistically significant. The compensation of VAM including cash compensation, is proved to aggravate the earnings management level of listed companies. In addition, the regression results also prove that the longer the agreement is signed, the lower the earnings management level is. Finally, based on the conclusions of this empirical study, this paper gives corresponding suggestions for each party involved of VAM.
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