發(fā)布時間：2018-12-28 08:17

【摘要】：本研究選取2006-2010年在深圳中小板上市的企業(yè)為研究對象,采用經(jīng)過行業(yè)調(diào)整的修正的Jones模型計算了樣本企業(yè)的DA(操縱性應(yīng)計利潤)作為盈余管理的表征值。由于行業(yè)模型對樣本量的要求,本研究僅選用了制造業(yè)類(C類)和信息技術(shù)類(G類)作為研究對象。 通過對樣本企業(yè)盈余管理進行T檢驗后發(fā)現(xiàn),操縱性應(yīng)計利潤與零值存在顯著差異,即企業(yè)為了成功IPO,存在盈余管理行為。通過多元回歸結(jié)果分析發(fā)現(xiàn),創(chuàng)投持股與被解釋變量DA(盈余管理程度)在1%的置信水平上顯著負相關(guān),表明具有創(chuàng)投持股的樣本企業(yè),其上市前一年的盈余管理相對較低,創(chuàng)投機構(gòu)能夠發(fā)揮監(jiān)督作用；創(chuàng)投入股時間和盈余管理程度在10%的置信水平上負相關(guān),表明創(chuàng)投入股時間越長,盈余管理越低；創(chuàng)投持股比例和盈余管理程度在5%的置信水平上負相關(guān),表明創(chuàng)投持股比例越高,盈余管理越低；創(chuàng)投機構(gòu)派出的董監(jiān)事比例和盈余管理程度在5%的置信水平上負相關(guān),表明創(chuàng)投機構(gòu)派出的董監(jiān)事比例越高,盈余管理越低。創(chuàng)投機構(gòu)的成立時間和管理資產(chǎn)規(guī)模不具有解釋效力。最后,本研究還提出了應(yīng)該大力發(fā)展創(chuàng)投行業(yè),并加強對創(chuàng)投持股、入股時間和指派董監(jiān)事比例的信息披露等政策建議。
[Abstract]:In this study, the enterprises listed in Shenzhen small and medium-sized board from 2006 to 2010 were selected as the research objects. The modified Jones model adjusted by industry was used to calculate the DA (manipulative accrual profit) of the sample enterprises as the token value of earnings management. Because of the demand of the industry model for the sample size, only the manufacturing (C) and information technology (G) are selected as the research objects in this study. Through T-test on earnings management of sample enterprises, it is found that there is significant difference between operating accrual profit and zero value, that is, earnings management behavior exists in order to succeed IPO,. Through the analysis of multiple regression results, it is found that there is a significant negative correlation between VC shareholding and explained variable DA (earnings management degree) at the confidence level of 1%, which indicates that the earnings management of the sample enterprises with VCs is relatively low one year before listing. Venture capital institutions can play a supervisory role; There is a negative correlation between the time of venture investment and the degree of earnings management at the confidence level of 10%, which indicates that the longer the time of venture investment is, the lower the earnings management is; The proportion of venture capital holding is negatively correlated with the degree of earnings management at the confidence level of 5%, which indicates that the higher the proportion of venture capital holding is, the lower the earnings management is; There is a negative correlation between the proportion of directors sent by venture capital organizations and the level of earnings management, which indicates that the higher the proportion of directors sent by venture capital institutions, the lower the earnings management. The establishment time of venture capital institution and the scale of assets under management have no explanatory effect. Finally, this study also puts forward some policy suggestions on how to develop the venture capital industry and how to disclose the information about the holding of venture capital, the time of investment and the proportion of directors appointed.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F276.3

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