摘要
基于创业板上市公司数据,对风险投资机构参与及其特征对我国上市公司IPO前的盈余管理影响进行实证检验,结果显示:风险投资机构参与对上市公司IPO前的盈余管理起到了积极的认证和监督作用。在我国,政府性资本占主要地位的风险投资机构更多地发挥了正面认证和监督作用。风险投资机构的声誉和数量对上市公司IPO前的盈余管理发挥了较大作用,风险投资机构的声誉越高、数量越多,上市公司IPO前一年的盈余管理程度越低。风险投资机构总持股比例与盈余管理程度无显著关系。
Based on the data of GEM listed companies, this paper makes an empirical study on the effect of participation of venture capital institutions and its characteristics on earnings management before IPO. The study finds that the participation of venture capital institutions can positively certify and supervise earnings management before IPO. In China, venture capital dominated by government capital plays a more positive role in certification and supervision. Likewise, the reputation and quantity of venture capital institutions play a greater role on earnings management before IPO. Higher reputation and more venture capital institutions lead to lower earnings management before IPO. There is no significant relationship between the institutional ownership and earnings management.
出处
《南京审计学院学报》
2014年第5期86-93,共8页
journal of nanjing audit university
基金
国家自然科学基金项目(71372096)
天津市哲学社会科学研究规划项目(TJGL11-089)
关键词
风险投资机构
首次公开发行
IPO前盈余管理
会计信息
资本市场
资产报酬率
创业板市场
venture capital institutions
IPO
earnings management before IPO
accounting information
capital market
return on assets
growth enterprise market
