风险投资在公司盈余管理行为中的角色
首发时间:2019-09-02
摘要:本文着力探究风险投资机构对中国创业板上市公司在首次公开募股(IPO)时期的盈余管理行为产生何种影响。研究选择2009-2014年的创业板上市公司为样本,采用修正Jones模型、Roychowdhury模型等方法计算公司的盈余管理程度,并通过引入风险资本变量了解其对公司盈余管理的影响。研究结论为:在IPO时期,盈余管理行为广泛存在于创业板上市公司中;而通过进一步划分盈余管理形式,我们观察到受风险投资影响,被投资公司的表现往往是应计盈余管理水平较高、真实盈余管理水平较低。产生此种现象的本质原因是风险投资机构十分看重自己的声誉,在对被投资公司进行监管时会在获取投资回报和提高声誉之前进行权衡,以最大程度保障自己的利益。
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The Role of Venture Capital in Earnings Management Behavior
Abstract:In order to study the impact of the involvement of venture capital on the earnings management behavior of the IPO period of Chinese startups, we took companies listed on the GEM from 2009 to 2014 as a sample and used regression methods such as the modified Jones model and the Roychowdhury one. The results show that China\'s GEM companies generally have earnings management behaviors, which, can be divided into accrual-based earnings management (ABEM) and real earnings management (REM), during the IPO period. When venture capital involves, companies tend to show higher level of ABEM and lower level of REM before IPO. Besides, there is a positive correlation between the reputation of venture capital and the inhibition of the pre-IPO earnings management behavior. The answer for this phenomenon is that venture capitals make trade-offs between improving their reputation and obtaining investment income.
Keywords: Venture capital Earnings management GEM IPO
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