风险投资与IPO盈余管理程度的实证研究——基于我国创业板上市公司的经验证据  

Empirical research on venture capital investment and IPO earnings management-evidence from listed companies on the ChiNext stock market

作　　者：步丹璐[1] 马弢[1] 

机构地区：[1]西南财经大学

出　　处：《中国注册会计师》2013年第4期44-51,3,共8页The Chinese Certified Public Accountant

基　　金：国家自然科学基金青年项目"高管团队薪酬差距;激励结构和公司价值"(项目审批号71002111);教育部人文社会科学研究项目"公司风险偏好和管理层激励合同的设计"(项目审批号09XJC630012);四川省哲学社会科学"十二五"规划项目"薪酬差距;市场化进程和员工离职";西南财经大学"中央高校基本科研业务费专项资金""高管薪酬粘性程度;冒险精神和企业过度投资"(项目审批号JBK120114)的阶段性成果

摘　　要：本文以2009年10月30日至2011年12月31日间在创业板上市的281家上市公司作为研究样本,以修正的Jones模型度量盈余管理的程度,检验风险投资对我国创业板上市公司IPO前的盈余管理程度的影响。本文的研究结果表明,与西方成熟的风险投资机构相比,我国的风险投资机构依然偏重投资于传统的制造业行业,以期在短时间获得高额投资回报,而对新科技和新商业模式的行业投资则相对偏少。同时相比无风险投资支持的公司,有风险投资支持的公司的盈余管理程度更低,并且风险投资机构持股比例越高,盈余管理程度越低。Using 281 companies listed on the ChiNext stock market during October 30, 2009 to December 31, 2011 as sample, this article adopts the revised Jones model to measure the earnings management, and to test the impact by venture capital investment on the pre-IPO earnings management of listed companies on the ChiNext stock market. It finds that different from the mature venture capital investment entities in western countries, entities in China prefers the traditional manufacturing industr y to new technology and new business model industries, expecting to obtain high rewards in short time. Meanwhile, the level of management of earnings in companies with venture capital investment is less than those without such investment. Moreover, the higher proportion of shares taken by venture capital investment, the less earnings management is done.

关 键 词：创业板 风险投资 盈余管理 

分 类 号：F832.48[经济管理—金融学] F275F224