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2010年十二五规划明确将扶持风险投资产业发展提上经济体制改革的议事日程,今年是十三五规划的开局之年,风险投资的发展蒸蒸日上。2009年创业板的建立,为许多仍处于初创期或发展期的创新型、高新科技型企业带来福音,同时也为风险投资提供了更为直接的退出方式——IPO。盈余管理是指管理层或董事会在遵守会计准则的前提下,对企业对外报告的会计收益信息进行调整,从而达到企业利益最大化的目的,因此盈余管理会影响企业财务数据的真实性。国外研究风险投资对公司IPO盈余管理影响的成果大多显示,风险投资作为外部监督者,会在企业IPO过程中发挥认证和监督作用,能够有效削弱企业的盈余管理。相反也有学者提出了风险投资“逐名”假说,指出风投为了达到上市条件或是抬高发行股价,可能会进行盈余管理操作,仓促推动企业上市。由于我国风险投资的发展时间不长,相关研究也没有形成较完善的体系。因此针对风险投资对公司IPO盈余管理的影响,有必要根据我国的实际情况进行实证研究,从而发现与国外的研究是否具有相似性。本文就主要针对公司IPO前这一环节,研究我国创业板中风险投资对上市公司盈余管理的影响。
The Twelfth Five-Year Plan of 2010 explicitly sets forth the agenda for supporting the development of the venture capital industry in the reform of the economic structure. This year marks the first year of the 13th Five-Year Plan, and the development of venture capitalism is booming. The establishment of the GEM in 2009 has brought good news to many innovative, hi-tech enterprises that are still in their infancy or development stage and also provided a more direct exit mode for venture capital - the IPO. Earnings management refers to the management or the board of directors complying with accounting standards on the premise of the external reporting of corporate earnings information to adjust, so as to achieve the purpose of maximizing the interests of enterprises, earnings management will affect the authenticity of corporate financial data. Most of the overseas research on the impact of venture capital on the company’s earnings management shows that as an external supervisor, venture capital plays a role of certification and supervision in the IPO process and can effectively weaken the earnings management of enterprises. On the contrary, some scholars put forward the venture capital “name by name ” hypothesis, pointing out that venture capital in order to meet the listing conditions or raise the issue price, may carry out earnings management operations, rush to promote the enterprise market. As the development of venture capital in our country lasted for a short period of time, the relevant research did not form a perfect system. Therefore, according to the impact of venture capital on the management of the company’s IPO earnings, it is necessary to carry out empirical research according to the actual situation in our country so as to find out whether there is similarity with the research abroad. This article focuses on this part of the company before the IPO to study the venture capital in China’s GEM earnings management of listed companies.