摘要
以2011年12月31日前上市的创业板公司为研究样本,以2010—2014年为事件研究窗口,考察风险投资减持对上市公司盈余管理的影响。研究发现:风险投资减持前上市公司有进行盈余管理的倾向,与未发生风险投资减持的公司相比,发生风险投资减持的上市公司在减持前一年盈余管理程度显著更高;且减持前一年风险投资持股比例越高,上市公司盈余管理程度也就越高。研究结论表明风险投资减持行为存在机会主义,减持之前会通过操纵盈余创造有利退出条件,以此最大化减持收益。
Taking the companies listed on the GEM before December 31,2011 as samples,and the time from2010 to 2014 as the event window,this paper examines the impact of Venture Capitals＇ （VCs＇ ）equity selling on earnings management of listed companies.Research shows that companies tend to manage earnings before VCs＇ behavior of equity selling.When compared with the companies without VCs＇ equity selling,companies with VCs＇ equity selling have a greater degree of earnings management before the selling in the previous year.The higher the proportion of VCs＇ holdings before selling is,the greater the degree of earnings management will be.The conclusion suggests that there is opportunism in the VCs＇ behavior of equity selling.VCs try to force the management to create favorable exit conditions before selling,and finally maximize selling returns.
作者
黄琼宇
于贝贝
陈杨
HUANG Qiongyu;YU Beibei;CHEN Yang(Economic and Statistic College, Guangzhou University, Guangzhou , Guangdong 510000, China;Economic and Statistic College, Guangzhou University, Guangzhou , Guangdong 510000, China;LTFCo. , Ltd., Shantou, Guangdong 515000, China)
出处
《上海商学院学报》
2018年第2期34-43,94,共11页
Business Economic Review
基金
国家自然科学基金青年项目"家族企业关联股东结构的形成
演变及经济后果"(71402037)
教育部人文社科青年项目"正式制度与非正式制度对家族权力配置的影响及经济后果"(14YJC790048)
关键词
风险投资
减持
盈余管理
venture capital
equity selling
earnings management
