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论文编号：	5355
作者编号：	2120112424
上传时间：	2013/6/6 20:24:05
中文题目：	创投持股对创业板上市公司IPO盈余管理的影响
英文题目：	The Study on the Relationship between Venture Capital and IPO Earning Management of Listed Companies on GEM Board
指导老师：	陈国欣
中文关键字：	创业投资，首次公开募股（IPO），盈余管理 ，创业板
英文关键字：	venture capital( VC)，initial public offering（IPO），earnings management ，GEM
中文摘要：	通过研究盈余管理和创投持股的影响关系，可以为当局提供理论依据，以便其科学地制定制约盈余管理行为的政策，有效加强证券市场监管，也有助于创投行业的进一步发展完善。本文研究创投持股对创业板上市公司IPO过程中盈余管理的影响，采用修正的Jones模型计算样本企业的DA(操纵性应计利润)作为盈余管理的表征值。本文首先以2011年的数据为基础，将创业板与深圳主板A股进行对比分析，发现在1%置信水平上，我国创业板上市公司的盈余管理程度高于深市主板 A 股。之后，本研究选取2010-2012年在深圳创业板上市的企业为研究对象。样本的T检验显示，操纵性应计利润显著异于零值，即企业IPO过程中存在盈余管理行为。通过多元回归结果分析发现，创投持股变量和盈余管理程度在5%的置信水平上显著正相关，证明创投参股的企业，其上市前一年的盈余管理程度相对较高，创投机构整体上对参股企业的盈余管理发挥助长作用；创投持股时间和盈余管理程度在1%的置信水平上负相关，表明创投持股时间越长，企业的盈余管理程度越低；创投持股比例与盈余管理在5%的置信水平上显著正相关，证明创投持股比例越高，企业的盈余管理越高。创投机构在参投企业中的董监事比例和管理资产规模不具有解释效力。文章的最后，本文提出了应该加快发展创投行业，并加强创投参股企业等信息的披露等政策建议。
英文摘要：	The study on the relationship of the earnings management and venture capital holdings is meaningful. It can provide a theoretical basis for the authorities to formulate the policy of restricting the earnings management behavior scientifically, as well as to strengthen the securities market regulation effectively. And it can also contribute to promote the further development of the venture capital industry. This paper studies on the relationship between venture capital and IPO earning management of GEM companies, using the modified Jones model to calculate the sample enterprises’ DA(discretionary accrual) as the characterization of the earnings management. Based on the statistics of 2011, this paper makes comparative analysis between GEM companies and A-share companies listed in Shenzhen Stock Exchange. The analysis shows that at the l% confidence level，companies in Shenzhen Stock Exchange perform worse in earnings management. Then ,this paper carries on the study with the statistics from some listed GEM companies that went public in Shenzhen from 2010 to 2012.The T-test for earning management of sample companies reveals that there is remarkable difference between earnings management and zero value. This means that companies has managed their earnings the year before the enterprises’ IPO. Multiple regression analysis discoveries that venture capital holdings variables and DA has notable positive correlation at the 5% confidence level，which indicates that VC mechanism has advantages that enterprises with VC shareholders perform better in earnings management the year before IPO. VC investment time has negatively correlation with earnings management at 1% confidence level, which means that the longer the period is, the worse the company does in earnings management. The analysis also discoveries that VC holdings has notable positive correlation at the 5% confidence level，which confirms the higher Proportion VC shareholdings accounted for，the better VC shareholders perform in earnings management. Director and Supervisor proportion of VC and the size of assets under management have little explanatory power. In the end of this paper, there are some suggests that we should promote the development of VC, as well as improve the information disclosure mechanism of VC.
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