风险投资声誉、逐名动机与公司盈余管理

Venture capital's reputation,grandstanding and earnings management

基于上市公司IPO不同阶段、研究风险投资逐名动机对公司盈余管理的影响以及风险投资声誉对风险投资影响公司盈余管理的作用方式。实证结果表明:风险投资存在逐名动机,风险投资支持公司在IPO筹备期、IPO当期、解禁退出前的盈余管理程度显著高于无风险投资支持公司;风险投资声誉对于风险投资影响公司盈余管理的作用方式并非抑制作用,风险投资声誉越高反而加强风险投资对公司盈余管理的影响,在IPO筹备期和解禁退出前尤为显著。

based on the IPO different stages of Venture capital backed listed company,the paper investigated the dynamic impact of VC's grandstanding on the earnings management and VC's reputation effect on the way which the venture capital influence the earnings management of company.The empirical results showes that the VC has grandstanding,the earning management of VC backed company in PREIPO,IPO,and PRESALE is higher than non VC backed company,which means that VC tends to stimulate the earning management.The higher venture capital shareholding,the higher the degree of earnings management company;Vc reputation stimules VC influence on the earnings management instead of surpressing,especially in the IPO and Presale period.