本文選題：風(fēng)險投資　切入點：創(chuàng)業(yè)板　出處：《南京理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：自2009年10月創(chuàng)業(yè)板問世,中小企業(yè)特別是高新技術(shù)企業(yè)有了一個新的融資渠道,同時國內(nèi)風(fēng)險投資機構(gòu)也可通過創(chuàng)業(yè)板退出。創(chuàng)業(yè)企業(yè)在風(fēng)險投資的協(xié)助下順利上市,風(fēng)險投資也能借此通過減持或退出實現(xiàn)資本增值。為了盡快上市,提高股票發(fā)行價格,有相當(dāng)一部分企業(yè)借助盈余管理的方式粉飾公司財務(wù)報表,而風(fēng)險投資作為獨特的參與方,在這一過程中扮演著何種角色,是促進還是抑制盈余管理行為呢?本文將進行深入探討。本文基于企業(yè)和風(fēng)險投資機構(gòu)在不同階段具有不同盈余管理動機的觀點,將IPO過程分為IPO前一年、IPO當(dāng)年和IPO后一年。選取2010年1月至2014年12月在創(chuàng)業(yè)板上市的369家公司為樣本,運用改進后的修正Jones模型計算得到可操控性應(yīng)計利潤,以此對盈余管理程度進行計量。本文著重關(guān)注有無風(fēng)險投資背景和風(fēng)險投資持股比例高低對IPO前后不同階段盈余管理的影響,通過多元回歸模型的構(gòu)建,驗證風(fēng)險投資的參與在IPO過程中是否能夠降低企業(yè)盈余管理,以及在有風(fēng)險投資背景的公司中,風(fēng)險投資機構(gòu)持股比例較高的公司在IPO不同階段盈余管理程度是否會降低。結(jié)果顯示,風(fēng)險投資的參與在IPO前一年降低了創(chuàng)業(yè)板公司盈余管理程度;風(fēng)險投資的參與在IPO當(dāng)年助長了創(chuàng)業(yè)板公司盈余管理行為;風(fēng)險投資的參與在IPO后一年有輕微促進盈余管理的作用。而在有風(fēng)險投資參股的創(chuàng)業(yè)板公司中,第一大風(fēng)險投資較高的持股比例往往會在IPO前一年進一步降低盈余管理;出于減持或退出的考慮,第一大風(fēng)險投資持股比例高的公司在IPO當(dāng)年和IPO后一年盈余管理程度較高。
[Abstract]:Since the birth of the gem in October 2009, small and medium-sized enterprises, especially high-tech enterprises, have had a new financing channel, and domestic venture capital institutions can also withdraw through the gem. In order to go public as soon as possible and raise the issuing price of stocks, quite a number of enterprises use earnings management to whitewash the company's financial statements. As a unique participant, what role does venture capital play in this process, is it to promote or suppress earnings management behavior? Based on the view that enterprises and venture capital institutions have different motivation of earnings management in different stages, The IPO process is divided into the year before IPO and the year after IPO. From January 2010 to December 2014, 369 companies listed on the gem are selected as samples, and the actionable accrual profits are calculated by using the modified Jones model. This paper focuses on the influence of the background of venture capital and the proportion of shares of venture capital on earnings management in different stages before and after IPO. Verify that venture capital participation can reduce earnings management in the IPO process, as well as in companies with a background in venture capital, The results show that the participation of venture capital reduces the earnings management of gem in the year before IPO. The participation of venture capital contributed to the earnings management behavior of gem companies in the year of IPO, and the participation of venture capital played a slight role in promoting earnings management in the year after IPO. The proportion of the first venture capital holding higher often further reduces earnings management in the year before IPO, and the first venture capital has a higher degree of earnings management in the year of IPO and one year after IPO because of the consideration of reducing or withdrawing.
【學(xué)位授予單位】：南京理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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本文編號：1632653