私募股权投资与盈余管理

Private Equity Investment and Earnings Management

本文研究私募股权投资对被投资企业盈余管理的影响。研究发现,私募股权投资对企业IPO后2年的盈余管理有显著正向影响,而对企业IPO前2年和IPO当年的盈余管理无显著影响;私募股权投资进入企业后,企业IP0前的盈余管理上升,而当私募股权投资退出企业后,企业的盈余管理下降;私募股权投资背景、是否派驻董事和声誉对盈余管理没有显著影响,但私募股权投资持股比例越大,企业的盈余管理越高。

This paper presents a research on the impact of private equity investment on earnings management of invested enterprises.It is found that the impact of private equity investment on earnings management is significantly positive for two years after the enterprise’s IPO,but not significant for two years before the IPO or in the year of IPO;the earnings management is improved after the entry of private equity before the IPO,and is weakened after the exit of private equity;the background of private equity investment,whether there is a resident director and the reputation have no impact on the earnings management,but it could improve the earnings management with a higher rotio of shanreholding.