风险投资与ipo盈余管理行为的实证研究——基于创业板数据word格式论文.docxVIP

优秀毕业论文 精品参考文献资料 风险投资与 IPO 盈余管理行为的实证研究 ——基于创业板数据 摘要 近年来，我国的资本市场不断成熟和完善，随着创业板的推出，大量中小企业得以 通过在创业板上市筹集资金以促进企业发展。然而，在企业上市过程中，企业管理层出 于各种动机，会对企业的会计盈余进行管理和修饰，这种盈余管理行为严重影响了资本 市场的资金和资源配置，还损害了投资者的利益。这种盈余管理行为，特别是首次公开 上市的盈余管理行为受到广泛的关注。本文以风险投资作为切入点，研究风险投资参与 对创业板 IPO 企业的盈余管理的影响。 本文选取 2009-2014 年间在先后在创业板上市的 383 家企业作为研究样本，先将 创业板市场上市企业分为有风险资本支持组和无风险资本支持组，对两组研究样本的上 市前一年和上市当年的财务指标进行描述性分析，比较两组数据的差异。然??采用修正 Jones 模型计算出企业样本可操作性应计利润，作为衡量盈余管理的衡量指标。通过建 立多元回归模型来验证本文提出的假设，通过一系列实证，得出以下结论：一是创业板 上市企业 IPO 过程普遍存在盈余管理行为。二是有风投背景的创业板企业的盈余管理程 度和无风投背景的创业板企业盈余管理程度没有显著差别，风险投资与盈余管理程度相 关性很小。本文利用创业板上市企业的样本数据对风险投资参与对创业板 IPO 企业的盈 余管理的影响进行探讨，以期能够丰富相关理论，并为规范盈余管理行为和风险投资未 来的发展提供对策建议。 关键词：风险投资，创业板，盈余管理，IPO  II Abstract AN EMPIRICAL STUDY ON VENTURE CAPITAL AND IPO ERANINGS MANAGEMENT BEHAVIOR——BASED ON THE DATE OF THE GEM ABSTRACT In recent years, Chinas markets mature, with the launch of the gem, a large number of small and medium-sized enterprises to raise funds by listing on the gem in order to promote enterprise development. However, for a variety of motives of enterprises, companies in the management of Listed Companies in the process, will manage and modification of the companys accounting earnings, earnings management behavior of the serious effect of capital market and the allocation of resources, but also damaged the interests of investors. The earnings management behaviors, especially the earnings management behavior of IPO attention. Taking risk investment as a starting point, to study the effect of earnings management on venture capital to participate in the gem of the IPO company. This paper selects 2009-2014 years in successively in 383 companies listed on the gem as research sample, first will do poineering work board the market listing Corporation into venture capital support Holding group and non venture capital support group, on two groups of study sample one year before the listing and listed financial indicators that year were described and analyzed, the differences between two groups of