私募股权资本与创业板企业上市前盈余管理

The Affect on Earnings Management of Companies Before Their Listing by Private Equities

本文考察了私募股权资本对我国创业板企业上市前盈余管理活动的影响,对私募股权投资者进行了界定和区分,采用多种指标衡量盈余管理程度,用工具变量两阶段回归等方法控制自选择偏差。研究发现,根据持股时间不同划分的长、短期私募股权资本对企业上市前盈余管理行为影响的方向和程度均不相同,长期持股的PE机构显著降低了企业的盈余管理程度;相反,上市前一年内突击入股的PE机构显著增加了企业的盈余管理程度。这种不同PE机构对企业创业板上市前盈余管理行为的差异化影响,在创业板的一级市场和二级市场上已被投资者给予区分。本文进而提出了政策建议。

This paper examines private equities＇ affect on the earnings management of companies before they listed on ChinNext board. We define and distinguish the private equity （PE） investors, use multiple factors to measure the earnings management, and use instrumental variables two-stage regression methods to control self-selection bias. Based on their holding periods, long-term and short-term PEs have different affect on the directions and degrees of earnings management of companies before the listing. Long-term PEs significantly reduce the degree of earnings management, while short-term PEs which start holding within year before listing improve the earnings management. This kind of difference has been distinguished by in investors on both the first and secondary market of ChiNext. We also make some policy recommendations.