本文選題：風(fēng)險投資 + 創(chuàng)業(yè)板IPO公司　； 參考：《南京師范大學(xué)》2013年碩士論文

【摘要】：2009年10月30日創(chuàng)業(yè)板成功推出,在一定程度上解決了中小企業(yè)融資難的問題,并且為我國的風(fēng)險投資提供了良好的退出渠道,是建立多層次資本體系的必然選擇,對經(jīng)濟的發(fā)展具有深遠的影響。企業(yè)出于各種動機,對會計盈余進行管理和控制,受到較多關(guān)注的是首次公開發(fā)行股票動機,即IPO動機。本文以風(fēng)險投資為切入點,研究風(fēng)險投資參與對創(chuàng)業(yè)板IPO公司盈余管理的影響。研究選取2009-2012年在創(chuàng)業(yè)板上市的企業(yè)為研究對象,采用修正的Jones模型計算了樣本企業(yè)的DA(操縱性應(yīng)計利潤)作為盈余管理的度量值。 本文研究結(jié)果表明,私營的、高持股比例的風(fēng)投機構(gòu),能顯著的抑制風(fēng)險企業(yè)盈余管理的行為。具體如下：(1)我國創(chuàng)業(yè)板上市公司在IPO前一年存在盈余管理行為。(2)風(fēng)險投資機構(gòu)的持股比例越高,創(chuàng)業(yè)板IPO公司盈余管理程度越低。(3)風(fēng)險投資機構(gòu)成立的時間對創(chuàng)業(yè)板IPO公司盈余管理程度不具有解釋效力。(4)國有背景的風(fēng)險投資機構(gòu)持股比例越高,創(chuàng)業(yè)板IPO公司盈余管理程度越高。(5)私營的風(fēng)險投資機構(gòu)持股比例越高,創(chuàng)業(yè)板IPO公司盈余管理程度越低。 上述研究結(jié)論表明,國有的風(fēng)險投資機構(gòu)應(yīng)完善激勵機制和風(fēng)投控制機制,提高項目經(jīng)理人的管理經(jīng)驗,更加有效的抑制被投資企業(yè)的盈余管理水平。
[Abstract]:The successful launch of the gem on October 30, 2009, to a certain extent, has solved the problem of financing difficulties of small and medium-sized enterprises, and provided a good exit channel for venture capital in our country, which is the inevitable choice for the establishment of multi-level capital system. It has a profound influence on the development of economy. In order to manage and control accounting earnings, enterprises pay more attention to the motivation of initial public offering (IPO). This paper takes venture capital as the starting point to study the influence of venture capital participation on earnings management of IPO companies. In this study, the enterprises listed on the gem in 2009-2012 were selected as the research objects, and the modified Jones model was used to calculate the DA-( manipulative accrual profit) of the sample enterprises as the measure of earnings management. The results of this study show that private venture capital firms with high shareholding ratio can significantly inhibit the earnings management of venture firms. The following are as follows: 1) China's gem listed companies had earnings management behavior in the year before IPO) the higher the proportion of shares held by venture capital institutions, The lower the earnings management degree of gem IPO company is, the higher the proportion of VCs holding shares in venture capital institutions with state-owned background is that the time of establishment of venture capital institutions has no explanatory effect on the earnings management degree of gem IPO companies. The higher the degree of earnings management of gem IPO companies is, the higher the proportion of private venture capital institutions holding is, the lower the degree of earnings management of gem IPO companies is. The above conclusions show that the state-owned venture capital institutions should improve the incentive mechanism and venture capital control mechanism, improve the management experience of project managers, and more effectively restrain the earnings management level of the invested enterprises.
【學(xué)位授予單位】：南京師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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本文編號：1950314