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The Effect Of Venture Capital On Earnings Management Of IPO

Posted on:2016-07-24Degree:MasterType:Thesis
Country:ChinaCandidate:G T YangFull Text:PDF
GTID:2309330470973149Subject:Accounting
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Since the new century, the role of venture capital in the global economic development is more and more people agree that a study of venture capital, more and more scholars. In 2009, China launched the Growth Enterprise Market, which is a great impetus to venture capital in China has entered a stage of rapid development. However, with the development of venture capital compared with great enthusiasm, the venture capital industry due to the late start, the development is not mature, the actual investment activities encountered more problems, more exhibits are powerless. This is not suited to China’s economic development, venture capital to adapt to China’s economic development mode transformation, then the venture capital industry must be our own high demands. In order to avoid restrictions listing conditions, listing qualifications achieved as soon as possible, achieve the purpose of issuance of success, in our GEM listed companies there is a pre-IPO earnings management phenomenon. Excessive earnings management may mislead stakeholders to understand the company’s performance, harm the interests of stakeholders, and even affect the healthy and orderly development of China’s capital market. Based on this, from the angle of departure of venture capital, venture capital through the impact study on China’s GEM IPO corporate earnings management and venture further to find out the extent of the relevant factors impact on corporate earnings management.This paper mainly venture investment in China GEM IPO business impact on the main line, the theoretical and empirical integration, normative and empirical research method of combining study. In the systematic review of domestic and international research literature and relevant theories above, selecting 2011--2014 years of GEM 256 companies in the IPO sample,using the Jones model which Fixed minor adjustments to calculate the sample companies IPO earnings management of the previous year. For venture capital backed companies and earnings management no venture-backed companies were descriptive analysis, correlation detection variables, linear regression analysis and robust test. And further analysis of the proportion of venture capital holdings, the number of venture capital firms, investment institutions reputational risk impact on the GEM IPO earnings management.The results show that the GEM companies listed in the Shenzhen Stock Exchange IPO there most of the year before earnings management behavior, and the participation of venture capital can be suppressed GEM IPO earnings management companies to some extent. Further research found that the number of venture capital institutions involved in business investment, the more low-IPO earnings management. Reputational risk investment agencies also impact on earnings management is not deep. Combined research findings, this paper from the perspective of their risk investment institutions and the GEM market development point of view, made several perfect our capital market system and the recommendations of the participants’ behavior. The correlation between the GEM IPO venture capital management practices affect corporate earnings has some social application, for China’s venture capital industry and GEM listed companies harmonious and stable development, GEM listed companies to improve the quality of information disclosure, investors make correct viable investment project provides some possible reference.
Keywords/Search Tags:Venture Capital, IPO, Earnings Management, GEM(Growth Enterprises Market)
PDF Full Text Request
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