Venture Capital,IPO Earning Management And Firm Performance

IPO earnings management has always been a research one of the hot topics of the capital markets.The domestic and foreign scholars study of earnings management behavior of listed companies before and foundthat enterprise in order to achieve the public financing and improve the purpose of offering price, earnings management.Surplus management methods including accrued earnings management and real earnings management, however, the previous scholars both at home and abroad only to earnings management in the angle of accrual earnings management study and analysis, few scholars to the real earnings management behavior of enterprise were discussed.As the national capital market, accounting standards and legal system constantly improve, more and more domestic and foreign scholars study found that, not only the implementation of accrual earnings management of listed companies, but they may also implement real earnings management(some scholars called it real activity of earnings management) to achieve earnings threshold, to achieve certain goals.Existing studies have found that real earnings management and the mechanism of action of accrual earnings management and its impact on corporate value and performance there is a certain difference.Specifically, due to the legal risks of the real earnings management, audit risk is accrued in terms of earnings management to lower, but the real earnings management with the enterprise value and enterprise performance will produce a greater impact.In this paper, the gem IPO companies as research samples, the risk investment activities are more significant in the gem companies introduce risk investment variables, namely the IPO before got the risk investment mechanism of venture capital, risk investment support enterprise tends to adopt more when the IPO accrued earnings management mode or real earnings management mode to manipulate earnings in order to achieve public purpose, so as to get the biggest benefit when the venture capital exit. And inspect the implementation of the two different ways of earnings management of the company's performance after the IPO is how to influence, explore risk investment support, the implementation of the influence of the different ways of earnings management on firm performance. IPO earnings management question has always been a research one of the hot topics of the capital markets. The domestic and foreign scholars study of earnings management behavior of listed companies before and found that enterprise in order to achieve the public financing and improve the purpose of offering price, earnings management. Surplus management methods including accrued earnings management and real earnings management, however, the previous scholars both at home and abroad only to earnings management in the angle of accrual earnings management study and analysis, few scholars to the real earnings management behavior of enterprise were discussed. As the national capital market, accounting standards and legal system constantly improve, more and more domestic and foreign scholars study found that, not only the implementation of accrual earnings management of listed companies, but they may also implement real earnings management(some scholars called it real activity of earnings management) to achieve earnings threshold, to achieve certain goals. Existing studies have found that real earnings management and the mechanism of action of accrual earnings management and its impact on corporate value and performance there is a certain difference. Specifically, due to the legal risks of the real earnings management, audit risk is accrued in terms of earnings management to lower, but the real earnings management with the enterprise value and enterprise performance will produce a greater impact. In this paper, the gem IPO companies as research samples, the risk investment activities are more significant in the gem companies introduce risk investment variables, namely the IPO before got the risk investment mechanism of venture capital, risk investment support enterprise tends to adopt more when the IPO accrued earnings management mode or real earnings management mode to manipulate earnings in order to achieve public purpose, so as to get the biggest benefit when the venture capital exit. And inspect the implementation of the two different ways of earnings management of the company's performance after the IPO is how to influence, explore risk investment support, the implementation of the influence of the different ways of earnings management on firm performance.This article adopts the method of combining theoretical analysis and empirical study, the venture capital support, the gem IPO company in the process of listed corresponding meter surplus management mode and the choice of the ways of real earnings management as well as the different ways of earnings management of listed companies after the performance impact study. The paper has been divided into five parts, the first part is introduction, expounds the research background, research significance of the article, research ideas, research methods and thesis structure and expected innovation points; The second chapter mainly on the subject in the field of literature, literature review, The third part is the academic analysis with the study hypothesis, based on the corresponding theory is put forward in this paper, three assumptions; The fourth chapter for the empirical analysis part of this article, mainly to this article's sample data source, variable design, design model, description of statistics, analysis on correlation and regression; The last chapter of this article summarizes, conclusions and Suggestions were put forward, and points out the shortcomings of this paper and the prospect for future research.Study found that:(1) the background of the IPO companies venture capital in the process of listing more likely to choose real earnings management way by earnings manipulation to achieve listing standards;(2) listed before the implementation of accrual earnings management way for IPO after listed, the company's performance can lead to short-term negative impact, and the implementation of real earnings management way will be performance after the IPO companies have long-term negative effects;(3) risk investment support, the implementation of accrual earnings management for the company's performance has significant positive correlation, and the implementation of real earnings management on firm performance has significant negative correlation, but accrual earnings management means not significant to the company's performance as the significance of real earnings management on firm performance.