Research On The Impact Of Earnings Management On IPO Effect

China's GEM market belongs to the new market,which provides a financing platform for the new and high growth enterprises,which has effectively optimized the financing structure of small and medium enterprises.Although the GEM emphasizes innovation and growth,its rigid listing index still remains the motive of earnings management in the IPO of GEM.The study of earnings management has always been a hot issue in the domestic capital market.It is an important means to whitewash the financial data,and is considered to be an important cause of the IPO effect.At present,most of our research on earnings management is focused on accrued earnings management,and the existing research results have found that real earnings management and accrued earnings management exist in IPO enterprises at the same time,but at the same time,the balance between the accrued earnings management mode and the real earnings management mode and the different effects of venture investment on the surplus are also considered.There are few literatures about the relationship between management style and IPO effect.Based on this,the main contents of this study include the following: the first part is the introduction,which expounds the background,significance and research ideas of this study in detail,and expounds the innovation point of this article;the second part is the concept definition and literature review,and this part mainly introduces the concept of risk investment,earnings management and the concept of IPO effect.The research of the existing literature in the aspects of venture capital,earnings management and IPO effect is more detailed.The third part is the theoretical analysis and research hypothesis.This part is based on the theoretical basis of principal-agent and the theoretical derivation made in literature review,and it has been applied to risk investment,earnings management and IPO effect.The relationship between the two is deeply discussed and the research hypothesis is put forward.The fourth part is the research design,the data collection source is introduced,the measurement methods of the related variables,including the independent variables,the dependent variables and the control variables,are explained in detail and the empirical model is constructed.The fifth part is the empirical analysis and the main variables of the research model.Descriptive statistics,multiple collinearity test,correlation analysis and multiple regression analysis were carried out.The existence of the IPO effect in the GEM market,the existence of the real earnings management and the accrued earnings management in the IPO enterprises are tested respectively.The relationship between the two types of earnings management and the adjustment of the two types of impact on the relationship between the two types of earnings management and the two types of influence relations are tested by multiple regression.The sixth part is the conclusion and the Countermeasures.The empirical analysis shows that: first,there is obvious IPO effect in the Chinese gem market;two,there are accrued earnings management and real earnings management behavior in the IPO companies on the GEM;the three is the positive effect of accrued earnings management on the IPO effect,and the real earnings management mode has a negative effect on the IPO effect.The four is to introduce risk investment as an adjustment variable.It is found that the relationship between the earnings management mode and the effect of IPO effect is positive regulation,and the relationship between the real earnings management mode and the IPO effect is negative regulation,but in the two kind of regulation,the venture investment shows the role of name by name.Based on the research conclusions,this paper puts forward the relevant suggestions from three angles of venture investment,small and medium enterprises and regulatory agencies.Finally,based on the research process,this paper expounds the lack of research and makes a research prospect.