本文選題：創(chuàng)業(yè)板 + 融資動機　； 參考：《南京航空航天大學》2013年碩士論文

【摘要】：2009年10月30日，中國創(chuàng)業(yè)板市場面世，，我國形成了主板市場、中小板市場、創(chuàng)業(yè)板市場及海外市場組成的多層次資本市場體系；同時，創(chuàng)業(yè)板市場的推出為中小企業(yè)提供了新的直接融資平臺。無論從數量還是創(chuàng)造的價值來說，中小企業(yè)在我國國民經濟中扮演了極為重要的角色，但是中小企業(yè)在發(fā)展過程中極易遭遇融資瓶頸，深陷融資困境。為獲得創(chuàng)業(yè)板融資機會，取得上市資格，中小企業(yè)在創(chuàng)業(yè)板上市過程中是否也會采取盈余管理行為？而盈余管理行為的發(fā)生與IPO抑價之間又存在怎樣的關系？本文從上述疑問出發(fā)，以2009-2011年創(chuàng)業(yè)板上市公司為研究對象，開展了相關研究。 首先，本文介紹了研究的背景、意義并回顧了國內外相關領域的研究現狀。進一步地，本文規(guī)范研究了創(chuàng)業(yè)板IPO公司盈余管理的理論基礎，著重對其盈余管理動機進行了剖析。實證研究中，本文以截止2012年12月31日281家創(chuàng)業(yè)板上市公司為研究對象，分別運用范霍恩模型、瓊斯-CFO模型以及IPO抑價多元回歸模型對創(chuàng)業(yè)板上市公司的資金需求動機、IPO過程中盈余管理行為的存在性以IPO過程中盈余管理水平與IPO抑價之間的相關關系進行了實證檢驗。研究發(fā)現：我國創(chuàng)業(yè)板上市公司IPO當年及前兩年的實際增長率顯著高于可持續(xù)增長率，存在較明顯的融資需求動機；在IPO過程中，我國創(chuàng)業(yè)板上市公司的盈余管理行為顯著，且盈余管理的水平與IPO抑價之間存在正相關關系。最后，為規(guī)范創(chuàng)業(yè)板上市公司IPO過程，本文從拓展籌資渠道、滿足中小企業(yè)融資需求，健全公司治理結構、形成內部制約機制，減少外部盈余管理誘因、創(chuàng)造良好投資氛圍三個方面提出了規(guī)范創(chuàng)業(yè)板上市公司IPO過程的政策建議。
[Abstract]:On October 30, 2009, China's gem market came into being. China has formed a multi-level capital market system composed of main board market, small and medium-sized market, growth enterprise market and overseas market. The launch of the gem market provides a new direct financing platform for SMEs. In terms of quantity and value, SMEs play a very important role in the national economy of our country. However, SMEs are prone to encounter financing bottlenecks in the process of development and are trapped in financing difficulties. In order to obtain the financing opportunity of the gem and obtain the listing qualification, will the small and medium-sized enterprises also adopt the earnings management behavior in the process of listing on the gem? What is the relationship between earnings management behavior and IPO underpricing? Based on the above questions, this paper studies the gem listed companies in 2009-2011. Firstly, this paper introduces the background and significance of the research, and reviews the current research situation in related fields at home and abroad. Furthermore, this paper normalizes the theoretical basis of earnings management in gem IPO, and analyzes the motivation of earnings management. In the empirical study, 281 companies listed on the gem as of December 31, 2012 are taken as the research objects, and the van Horne model is used respectively. The Jones-CFO model and the multiple regression model of IPO underpricing are used to test the existence of earnings management behavior in the process of listed companies' capital demand and the correlation between earnings management level and IPO underpricing in IPO process. It is found that the real growth rate of IPO in China's gem is significantly higher than that of sustainable growth rate in that year and the first two years, and there is obvious motivation for financing demand, and in the process of IPO, the earnings management behavior of gem listed companies in China is significant. And there is a positive correlation between earnings management level and IPO underpricing. Finally, in order to standardize the IPO process of gem listed companies, this paper expands the financing channels, meets the financing needs of small and medium-sized enterprises, improves the corporate governance structure, forms the internal restriction mechanism, and reduces the external earnings management incentives. In order to create a good investment atmosphere, this paper puts forward some policy suggestions on standardizing the IPO process of gem listed companies.
【學位授予單位】：南京航空航天大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51

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