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  本文關(guān)鍵詞：風險投資對我國中小企業(yè)板上市公司盈余管理的影響　出處：《西南交通大學》2014年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 風險投資 盈余管理 鎖定期 國有背景 持股比例

【摘要】：現(xiàn)有文獻有關(guān)風險投資與盈余管理關(guān)系研究主要集中于IPO階段,以風險投資能夠立即退出為假設(shè)前提。而我國現(xiàn)存強制鎖定政策表明風險投資不能立即退出市場,相關(guān)數(shù)據(jù)也表明風險投資在五年內(nèi)的退出比例僅有44%,基于此本文從一個新的角度嘗試研究風險投資與上市公司盈余管理的關(guān)系研究,并進一步研究風險投資特點對盈余管理的影響。 本文以2006-2011年中小企業(yè)板上市公司為研究樣本,從相關(guān)理論出發(fā)利用修正的Jones模型計量上市后中小企業(yè)的盈余管理情況,研究表明上市后公司普遍存在盈余管理行為。隨后對比分析所有樣本、鎖定期樣本、解禁后樣本,結(jié)果表明鎖定期樣本中有風險投資參與的公司其盈余管理顯著大于無風險投資參與的公司,而在解禁后結(jié)果并不顯著。 在此基礎(chǔ)之上針對鎖定期,繼續(xù)研究風險投資特征(持股比例、國有背景、聯(lián)合投資)對盈余管理的影響。在控制相關(guān)變量后,多元回歸分析結(jié)果表明風險投資持股比例與盈余管理存在顯著的正相關(guān)關(guān)系；國有背景的風險投資相比之下更有利于監(jiān)督上市公司的盈余管理行為；但結(jié)果并不表明聯(lián)合投資有利于監(jiān)督盈余管理行為。 本文為風險投資的研究提供新的視角,同時研究結(jié)果為監(jiān)督部門對風險投資及二級市場的監(jiān)督管理提供了一定的啟示意義。如以多個指標來進行綜合考核,以增加上市公司進行盈余管理的成本；本文結(jié)論顯示風險投資更多地表現(xiàn)出道德風險,監(jiān)督部門在監(jiān)督上市公司行為時要特別關(guān)注盈余管理更為明顯的鎖定期。
[Abstract]:The existing literature on risk investment and earnings management mainly focus on the IPO stage, to venture capital can immediately exit the assumption. And our existing mandatory locking policy shows that risk investment can not immediately withdraw from the market, the relevant data also show that the risk of investment in five years to exit the ratio is only 44%, this article from a study of the relationship between a new perspective of research on earnings management of listed companies based on risk investment and risk investment, and further study the characteristics of the impact of earnings management.
This paper based on the 2006-2011 SME board listed companies as research samples, from the theory of earnings management by using the modified Jones model to measure the listing of small and medium-sized enterprises, research shows that after the listing of the company widespread earnings management. Then a comparative analysis of all the samples, the lock up period of the sample, the sample results show that after the lifting of the ban, there is the risk of investment in the lock the company earnings management is significantly greater than the risk free investment in the company in the sample period, and after the lifting of the ban, the results are not significant.
On the basis of the lock up period, continue to study the characteristics of venture capital (shareholding, state-owned background, joint investment) on the impact of earnings management. In the control variables, multiple regression analysis showed that there was a significant positive correlation between venture capital shareholding ratio and earnings management; compared to the state-owned venture investment under the background of more conducive to earnings management the supervision of listed companies; but the result does not indicate that the joint investment is beneficial to monitor the behavior of earnings management.
This paper provides a new perspective for the study of venture capital, and the research results provide some implications for supervision departments of supervision and management of venture capital and the two secondary market. Such as a number of indicators to conduct a comprehensive assessment, in order to increase the cost of earnings management of listed companies; the conclusion showed that the risk of investment showed more moral the risk supervision departments should pay special attention to earnings management is more obvious in the lock up period of supervision of listed companies behavior.

【學位授予單位】：西南交通大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275;F832.51;F276.3

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本文編號：1364809