發(fā)布時(shí)間：2018-01-21 11:18

  本文關(guān)鍵詞： 風(fēng)險(xiǎn)投資 盈余管理 首次公開發(fā)行　出處：《南京大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國(guó)資本市場(chǎng)和風(fēng)險(xiǎn)投資的不斷發(fā)展和成熟,風(fēng)險(xiǎn)投資的經(jīng)營(yíng)目標(biāo)和經(jīng)營(yíng)行為對(duì)我國(guó)首次公開發(fā)行公司的經(jīng)營(yíng)管理和決策將產(chǎn)生重要影響。IPO作為風(fēng)險(xiǎn)投資首選的退出機(jī)制,風(fēng)險(xiǎn)資本勢(shì)必對(duì)被投資公司IPO產(chǎn)生影響,盈余管理作為公司IPO過(guò)程中的重要事項(xiàng),也將成為風(fēng)險(xiǎn)資本的重點(diǎn)關(guān)注對(duì)象。一方面風(fēng)險(xiǎn)投資為維護(hù)自己的高聲譽(yù),會(huì)對(duì)被投資公司的盈余管理行為進(jìn)行監(jiān)督,另一方面為實(shí)現(xiàn)風(fēng)險(xiǎn)投資的高回報(bào),風(fēng)險(xiǎn)資本又存在對(duì)其盈余管理行為不加限制的可能。因此,考察風(fēng)險(xiǎn)投資和上市公司IPO過(guò)程中盈余管理行為之間的關(guān)系,不僅為投資者進(jìn)行投資決策提供了參考,同時(shí)為完善公司治理結(jié)構(gòu)、進(jìn)一步規(guī)范資本市場(chǎng)及會(huì)計(jì)準(zhǔn)則的制定等提供重要依據(jù)。 本文以風(fēng)險(xiǎn)投資和上市公司IPO過(guò)程中盈余管理間的關(guān)系為研究對(duì)象,首先界定了風(fēng)險(xiǎn)投資和盈余管理的涵義,回顧了兩者間關(guān)系的理論-認(rèn)證/監(jiān)督理論和逐名/逆向選擇理論,繼而介紹盈余管理的三種確認(rèn)方法-頻數(shù)分步法、總體應(yīng)計(jì)模型和特定應(yīng)計(jì)模型,并重點(diǎn)介紹了總體應(yīng)計(jì)模型的六種形式；然后以我國(guó)中小板2004-2008年IPO的制造業(yè)類199家上市公司為樣本,按是否有VC持股分成兩組,分別采用頻數(shù)分布法、盈利趨勢(shì)分析法和應(yīng)計(jì)利潤(rùn)分析法,考察我國(guó)中小板上市公司是否存在盈余管理行為及VC持股對(duì)其盈余管理程度的影響。在此基礎(chǔ)上,以操縱性應(yīng)計(jì)利潤(rùn)為被解釋變量,以VC持股為自變量,以公司規(guī)模、成長(zhǎng)性、資產(chǎn)負(fù)債率、經(jīng)營(yíng)業(yè)績(jī)及外部審計(jì)機(jī)構(gòu)和主承銷商聲譽(yù)為控制變量,建立多元線性回歸方程,進(jìn)一步考察VC持股對(duì)盈余管理程度的影響,得出我國(guó)中小板上市公司存在盈余管理行為及VC持股在IPO當(dāng)年及之前年度可有效降低盈余管理程度的結(jié)論。最后,結(jié)合我國(guó)資本市場(chǎng)及上市公司的特點(diǎn),提出相應(yīng)的政策建議：政府應(yīng)加強(qiáng)對(duì)風(fēng)險(xiǎn)資本投資的支持和引導(dǎo)、加大對(duì)規(guī)模較大和營(yíng)業(yè)收入增長(zhǎng)速度較快的擬上市公司的關(guān)注力度、重視外部中介機(jī)構(gòu)的監(jiān)督作用,提高執(zhí)業(yè)水平、進(jìn)一步完善會(huì)計(jì)準(zhǔn)則,減少盈余管理空間。
[Abstract]:With the development and maturity of the capital market and venture capital in China. Venture capital management objectives and behaviors will have an important impact on the management and decision-making of our initial public offering companies. IPO is the preferred exit mechanism for venture capital. Venture capital is bound to have an impact on the IPO of the invested company. Earnings management is an important issue in the process of corporate IPO. On the one hand, in order to maintain their high reputation, venture capital will supervise the earnings management behavior of the invested company, on the other hand, to achieve the high return on venture capital. Venture capital has the possibility of not restricting its earnings management behavior. Therefore, the relationship between venture capital and earnings management behavior in the IPO process of listed companies is investigated. It not only provides a reference for investors to make investment decisions, but also provides an important basis for perfecting the corporate governance structure and further standardizing the capital market and the formulation of accounting standards. In this paper, the relationship between venture capital and earnings management in the IPO process of listed companies as the research object, the first defines the meaning of venture capital and earnings management. This paper reviews the relationship between the two theories-authentication / supervision theory and name / reverse selection theory, and then introduces three validation methods of earnings management: frequency step method, total accrual model and specific accrual model. The six forms of the total accrual model are introduced emphatically. Then, taking 199 manufacturing companies of IPO from 2004 to 2008 as samples, we divide them into two groups according to whether there are VC shareholdings, and adopt the frequency distribution method. Based on earnings trend analysis and accrual profit analysis, this paper investigates whether earnings management behavior exists in Chinese small and medium-sized listed companies and the effect of VC holding on earnings management degree. Taking accrual profit of manipulation as explained variable, VC holding as independent variable, company size, growth, asset-liability ratio, operating performance and reputation of external auditor and lead underwriter as controlling variables. The multivariate linear regression equation is established to investigate the effect of VC shareholding on earnings management. It is concluded that earnings management behavior and VC shareholding in the current year and the previous year of IPO can effectively reduce the degree of earnings management. Finally, combined with the characteristics of China's capital market and listed companies. Put forward the corresponding policy recommendations: the government should strengthen the support and guidance of venture capital investment, and increase the attention to the large scale and fast growth of operating income of the proposed listed companies. We should pay attention to the supervisory role of external intermediary institutions, improve the practice level, further improve accounting standards, and reduce the space for earnings management.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F275

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