本文關(guān)鍵詞： 風(fēng)險(xiǎn)投資 創(chuàng)業(yè)板 IPO 盈余管理　出處：《南京大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：2009年10月創(chuàng)業(yè)板市場(chǎng)的成功推出,標(biāo)志著我國(guó)多層次資本市場(chǎng)的進(jìn)一步完善。創(chuàng)業(yè)板市場(chǎng)在為更多的創(chuàng)業(yè)企業(yè),特別是高新技術(shù)企業(yè)提供融資服務(wù)的同時(shí),也為國(guó)內(nèi)風(fēng)險(xiǎn)投資提供了良好的退出渠道,越來越多的風(fēng)險(xiǎn)資本選擇通過協(xié)助企業(yè)完成在創(chuàng)業(yè)板市場(chǎng)首次公開募股(IPO)的形式實(shí)現(xiàn)風(fēng)險(xiǎn)資本的增值,獲取豐厚的投資回報(bào)。然而,創(chuàng)業(yè)企業(yè)為了盡快獲得稀缺的上市資格、抬高股票發(fā)行價(jià)格,往往通過盈余管理的手段對(duì)公司財(cái)務(wù)狀況進(jìn)行粉飾,阻礙了資本市場(chǎng)資源配置作用的發(fā)揮和創(chuàng)業(yè)板市場(chǎng)的健康發(fā)展。針對(duì)這種現(xiàn)象,風(fēng)險(xiǎn)投資作為認(rèn)證中介(Certifying Agent),在創(chuàng)業(yè)企業(yè)IPO過程中可能起到認(rèn)證、監(jiān)督作用,抑制管理層的盈余管理行為,但也可能出于自身利益的考慮對(duì)其產(chǎn)生“躁動(dòng)效應(yīng)”,加重?cái)M上市公司的盈余管理程度。 本文選取2009年10月至2012年2月在我國(guó)創(chuàng)業(yè)板市場(chǎng)上市的193家創(chuàng)業(yè)企業(yè)作為樣本,選擇合理的盈余管理計(jì)量模型,并通過描述性統(tǒng)計(jì)、Pearson相關(guān)性檢驗(yàn)和多元逐步回歸分析,研究風(fēng)險(xiǎn)投資對(duì)創(chuàng)業(yè)板IPO盈余管理的影響。研究結(jié)果顯示,創(chuàng)業(yè)板市場(chǎng)的上市公司在IPO過程中存在普遍的盈余管理行為,而與沒有風(fēng)險(xiǎn)投資背景的創(chuàng)業(yè)企業(yè)相比,有風(fēng)險(xiǎn)投資參與的企業(yè)在創(chuàng)業(yè)板IPO過程中的盈余管理水平較低。當(dāng)聯(lián)合風(fēng)險(xiǎn)投資參與單個(gè)創(chuàng)業(yè)企業(yè)的IPO活動(dòng)時(shí),風(fēng)險(xiǎn)投資原有的認(rèn)證、監(jiān)督作用會(huì)被“躁動(dòng)效應(yīng)”所代替,盈余管理不減反增。
[Abstract]:In October 2009, the successful launch of the gem market marked the further improvement of the multi-level capital market in China. The gem market is becoming more and more entrepreneurial enterprises. In particular, high-tech enterprises provide financing services, but also for domestic venture capital to provide a good exit channel. More and more venture capital choose to realize the increment of venture capital by assisting enterprises to complete initial public offering (IPO) in the gem market and obtain rich investment returns. In order to obtain the scarce qualification of listing and raise the issuing price of stock as soon as possible, the start-up enterprises often use the means of earnings management to whitewash the financial situation of the company. It hinders the development of the capital market resource allocation and the healthy development of the gem market. In view of this phenomenon, venture capital acts as a certification intermediary certifying agent. In the process of start-up enterprise IPO, it may play a role of certification, supervision, restrain the management of earnings management behavior, but also out of self-interest considerations may produce a "restless effect" on it. To increase the degree of earnings management of listed companies. This paper selects 193 enterprises listed on the gem market from October 2009 to February 2012 as the sample, chooses the reasonable earnings management measurement model, and through descriptive statistics. Pearson correlation test and multiple stepwise regression analysis to study the impact of venture capital on IPO earnings management. The listed companies in the gem market have common earnings management behavior in the process of IPO, and compared with the venture capital enterprises without background. The level of earnings management of venture capital participating enterprises in the process of gem IPO is low. When the joint venture capital participates in the IPO activities of a single venture enterprise, the original certification of venture capital is obtained. Supervisory role will be replaced by "restless effect", earnings management will not decrease but increase.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

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本文編號(hào)：1460945