私募股权资本与创业板企业上市前盈余管理.pdfVIP

私募股权资本与创业板企业上市前盈余管理 张子炜 李曜 徐莉 （上海财经大学金融学院，上海 200433） 摘要：本文考察了私募股权资本对我国创业板企业上市前盈余管理活动的影响，对私 募股权投资者进行了界定和区分，采用多种指标衡量盈余管理程度，用工具变量两阶 段回归等方法控制自选择偏差。研究发现，根据持股时间不同划分的长、短期私募股 权资本对企业上市前盈余管理行为影响的方向和程度 不相同，长期持股的PE 机构 显著降低了企业的盈余管理程度；相反，上市前一年内突击入股的 PE 机构显著增加 了企业的盈余管理程度。这种不同 PE 机构对企业创业板上市前盈余管理行为的差异 化影响，在创业板的一级市场和二级市场上已被投资者给予区分。本文进而提出了政 策建议。 关键词：私募股权资本；长期和短期；盈余管理；创业板 Abstract: We use hand-collected materials to investigate what’s role did the private equity investors play in restraining portfolio companies earnings management before their initial public offering on ChiNext Board. In the paper, equity investors prior to listing are defined and classified into short and long PE investors，and three different indicators are used to measure earnings management, and a two-stage regression with instrumental variable methods is adopted to control self-selection bias. We find that the effects which the private equity capital has on portfolio companies earnings management vary with their different holding time. Long-term PE could significantly reduce earnings management behavior, while the short-term PE who just popped into companies within one year prior to listing significantly increased the earnings management. The investors have responded to the earnings management behaviors rationally according to the different roles of PE investors, both in the primary and secondary markets. Finally, we propose some suggestions to the supervision institutions. Keywords: Private Equity, Long term and short term, Earnings Management, ChiNext board 作者简介：张子炜，上海财经大学金融学院博士研究生。李曜，上海财经大学金融学 院公司金融系主任，教授，博士生导师。徐莉，女，上海财经大学金融学院硕士研究 生。 中图分类号：F830.9 文献标识码：A 引言 自2009 年 10 月30 日首批创业板企业上市以来，截至2011 年3 月31 日，已有 196 家公司在创业板首次公开发行 IPO），实际募集资金1519.26 亿元，分别占同期 A 股市场IPO 企业总数及募集资金总量的38.43%和22.34%。创业板IPO 市场已经成为 中国A 股一级市场相当重要的组成部分。 作为新生事物，创业板很多独特的现象引起了学者、实务界和监管部门的广泛关 注。其中一个热点问题就是创业板