摘要
以2008-2014年483家中小板IPO公司为样本,基于资本来源的不同将风险投资分为政府背景、企业背景以及独立背景风险投资,考察风险投资异质性对IPO前盈余管理程度的影响。研究发现,相比较有风险投资支持的企业,无风险投资支持的企业IPO前盈余管理程度更大,该结果支持了风险投资在IPO过程中的监督认证假说;进一步加入风险投资异质性的研究发现,政府背景的风险投资支持的企业IPO前盈余管理程度较低,独立背景风险投资支持的企业IPO前盈余管理程度较高,而企业背景风险投资对IPO前盈余管理没有显著影响。
It is indicated in the investigation, by taking as sample 483 small and medium board IPO companies from 2008 to 2014 and dividing venture capital into that with government background, enterprise background and independent background based on the different source of funds, on the influence of venture capital heterogeneity on IPO prior to earning management that the degree of IPO prior to earning management for those enterprises with none of the venture capital is greater compared to those with venture capital. And this result gives support to the supervision and authentication hypothesis of venture capital in the course of 1PO, and it is found in the further research on the venture capital heterogeneity that the degree is lower to that of IPO prior to earning management in venture capital supported enterprises with government background and is higher to that with independent background, and is less influenced obviously to that with enterprise back- ground.
作者
徐虹
朱雅萍
XU Hong ZHU Ya-ping(School of Business, AHUT, Maanshan 243002,Anhui, Chin)
出处
《安徽工业大学学报（社会科学版）》
2016年第6期33-38,共6页
Journal of Anhui University of Technology：Social Sciences
基金
国家自然科学基金:货币政策影响企业并购行为及效率的传导机制研究(71372204)
基于缺陷修复视角的企业内部控制风险免疫能力强化机制研究(71572002)
关键词
风险投资
异质性
IPO前盈余管理
中小企业板
venture capital
heterogeneity
initial public offerings prior to earning management
small and medium board enterprises
