风险投资与中国IPO公司盈余管理行为的实证研究——基于深圳和香港创业板的数据

本文以2009—2011年间在我国深交所创业板上市的276家以及2002—2011年在港交所创业板上市的108家IPO公司为样本，对风险投资与盈余管理之间的关系进行研究，旨在揭示我国深圳创业板和香港创业板两个市场上，风险投资是否可以约束IPO过程中的盈余管理行为，两个市场上风投的影响程度是否相同。研究发现，在两个创业板市场上，都显著存在正向盈余管理行为，但是风险投资并没有起到认证监督作用，即没有显著抑制上市公司盈余管理行为，风险投资功效在中国市场不显著。

Empirical Study of the Relationship between Venture Capital and Earnings Management of IPOs Based on Shenzhen and Hong Kong Growth Enterprise Markets

This paper mainly investigates the relationships between Venture Capital and Earnings Man- agement on basis of 276 IPOs from 2009 to 2011in Shenzhen growth enterprise market and 108 IPOs from 2002 to 2011 in Hong Kong growth enterprise market, so as to demonstrate whether the Venture Capital could re- strain the level of Earnings Management both in Shenzhen and Hong Kong market and the effects are different. The study finds that there exists earnings management during IPO process in both two markets, but the Venture Capital doesn＇t restrain the earnings management of IPOs in IPO procedures. The study results indicate that the certification and monitoring roles of Venture Capital isn＇t notable in both markets.