联系我们

论文查询结果	返回搜索

论文编号：	9422
作者编号：	2120152478
上传时间：	2017/6/22 8:24:29
中文题目：	风险投资对IPO盈余管理的影响—基于创业板的实证研究
英文题目：	An Empirical Study on the Impact of Venture Capital on IPO Earnings Management: Based on the Data from Listed Companies on GEM
指导老师：	黄福广
中文关键字：	风险投资；创业板；IPO；盈余管理
英文关键字：	Venture; investment; GEM; IPO; earnings management
中文摘要：	风险投资是资本市场的重要参与者，盈余管理是企业IPO过程中对自身利润进行操纵和管理的非常可能发生的一种行为。本文研究风险投资是否会对被投资企业IPO过程中的盈余管理程度产生影响，是会促进作用，还是会抑制作用的问题。本文通过实证研究方法对风险投资在被投资企业IPO前一年、当年和后一年三年时期的盈余管理程度进行了实证研究。最后选取了2009-2015年492家公司为研究样本，首先运用修正的Jones模型对因变量盈余管理程度进行了测度，计算的指标为可操纵性应计利润。在考虑了公司规模、负债程度、成长性、保荐机构和审计机构等控制变量后，本文采用风险投资的参与、持股比例、风险投资家数、风险投资国有背景、风险投资外资背景、风险投资地理距离、风险投资声誉作为自变量进行研究。在经过多次回归分析和稳健性检验之后，本文最终得到了以下结论： 风险投资参与、持股比例、家数对被投资企业上市前的盈余管理无较明显的抑制或促进作用，对上市当年有明显的抑制作用，风险投资参与、持股比例对被投资企业上市后一年盈余管理无较明显的抑制或促进作用，而风险投资家数对其有明显的抑制作用。风险投资国有背景、外资背景对被投资企业上市前分别抑制、促进被投资企业的盈余管理，上市后无较大影响。风险投资地理距离、声誉对被投资企业上市前后的盈余管理没有影响。上述研究发现：在风险投资的众多衡量标准与特征中，风险投资是否参与、持股比例、家数、背景对被投资企业的盈余管理水平影响较大，而风险投资的地理距离、声誉等特征对被投资企业的盈余管理水平无明显影响。
英文摘要：	Venture capital is an important participant in the capital market. Earnings management is a kind of behavior that is likely to occur in the process of enterprise IPO's manipulation and management of its own profits. This paper studies whether venture capital will have an impact on the degree of earnings management in the IPO process, whether it will promote the role or whether it will curb the problem. This paper makes an empirical study on the degree of earnings management of venture capital in one year before IPO, three years in the year and the next year. Finally, 492 companies were selected as the research samples from 2009 to 2015. First, the modified Jones model was used to measure the degree of subjective earnings management. The calculated indicators were manipulative accruals. After considering the control variables such as the size of the company, the degree of debt, the growth, the sponsor and the audit institution, this paper adopts the participation of venture capital, the proportion of the venture capital, the number of venture capital, the background of venture capital, the background of venture capital, Geographical distance, venture capital reputation as an independent variable to study. After several regression analysis and robustness test, this paper finally got the following conclusions: Venture capital participation, shareholding ratio, the number of households on the pre-IPO earnings management did not significantly inhibit or promote the role of the listing of the year There is a significant inhibitory effect, venture capital participation, shareholding ratio of listed companies after the year of earnings management no significant inhibition or promotion of the role, while the number of venture capital has a significant inhibitory effect. Venture capital state background, foreign investment background of the listed companies were listed before the inhibition, to promote the earnings management of invested enterprises, no significant impact after the listing. Venture capital Geographical distance, reputation has no effect on earnings management before and after listing.The above research found that: in the venture capital of the many measurement standards and characteristics, whether the venture capital participation, stake, the number of families, the background of the investment management of the earnings management level of a greater impact, and the geographical distance of venture capital, reputation and other characteristics There is no significant impact on the earnings management level of the invested enterprises.
查看全文：	预览  下载(下载需要进行登录)