2009 年 10 月，我国创业板市场正式推出，为很多高成长性的中小企业提供 了良好的融资平台，同时，也推动了我国风险投资行业的发展，越来越多的风险 投资机构通过协助这些企业实现首次公开募股（IPO）而获得投资回报和资本增 值。与主板上市公司相比，选择创业板上市的公司多数为成立时间较短、管理经 验较少的中小型企业，普遍存在融资难问题，而要想在创业板上市，首先需要提 供三年一期的财务数据，为了尽快达到上市门槛，获得宝贵的上市机会，创业板 IPO 公司在上市前有动机对财务报告中的盈余信息进行美化，与此同时，以往学 者的研究显示，我国创业板上市公司中多数都有风险资本介入，与普通投资者不 同的是，当风险投资作为外部机构进入被投资公司成为内部信息人时，通常会成 为公司治理结构的一部分，对企业的经营管理有可能起到积极的的认证监督作 用，也有可能起到消极的躁动作用，那么，风险投资机构的参与是否会提高创业 板 IPO 公司的会计信息质量，对创业板 IPO 公司应计盈余管理究竟有怎样的影 响是值得关注的问题。 本文以 2012-2017 年在创业板上市的公司为研究样本，整合了相关数据，以 修正的 Jones 模型计算的可操纵性应计利润代表 IPO 应计盈余管理，通过 SPSS23 进行实证分析，以 IPO 应计盈余管理作为被解释变量，以 IPO 公司是否有风险 投资加入、风险投资机构持股比例与持股时间的交乘、风险投资机构声誉及是否 为联合风险投资分别作为四个解释变量，同时选取了其他五个控制变量，探索风 险投资对创业板 IPO 公司应计盈余管理的影响。 通过实证研究得出以下结论，第一，风险投资机构的参与可降低 IPO 应计 盈余管理程度；第二，风险投资机构的持股比例及时间与 IPO 应计盈余管理程 度负相关；第三，风险投资机构声誉与 IPO 应计盈余管理程度负相关；第四， 联合风险投资较单一风险投资可进一步降低 IPO 应计盈余管理程度。最后，根 据实证研究结果及市场现状，提出如下建议，完善创业板市场制度；促进风险投 资体系建设；提升企业的道德自律性。 关键词，风险投资；首次公开募股（IPO）；应计盈余管理iii ABSTRACT In October 2009, China's Growth Enterprise Market was officially launched, providing a good financing platform for many high-growth SMEs.At the same time, it has also promoted the development of China's venture capital industry. More and more venture capital institutions have obtained investment returns by helping these companies achieve initial public offerings (IPO)pared with listed companies on the Main Board, most of the companies that choose to list on the GEM are small and medium-sized enterprises with short set-up time and few management experience. Generally, there are financing problems. To be listed on the GEM, the listed companies must first provide. In the three-year financial data, in order to reach the listing threshold as soon as possible and obtain valuable listing opportunities, the GEM listed companies have the motive to beautify the earnings information in the financial report before the IPO. At the same time, previous scholars’ research shows that Most of China's GEM listed companies have venture capital intervention. Unlike ordinary investors, when venture capital is used as an external organization to enter the invested company as an internal information person, it will usually become part of the corporate governance structure and participate to some extent. The management of the enterprise will have an impact on the preparatory work of the company in the early stage of listing. Then, will the participation of venture capital institutions improve the accounting information quality of the IPO of the GEM, and how it affects the management of the earnings of the IPO of the GEMIssues worthy of attention and research. This paper takes the company listed on GEM in 2012-2017 as a research sample, and integrates relevant data. The manipulated accrual profit calculated by the modified Jones model represents the IPO accrued earnings management. The empirical analysis by SPSS23 is to IPO. As a variable to be explained, whether the IPO enterprise has venture capital investment, the shareholding ratio of the venture capital institution and the shareholding time, the reputation of the venture capital institution and whether it is a joint venture investment are taken as four explanatory variables. Five other control variables were explored to explore the impact of venture capital on the accrued earnings management of the GEM IPO. Through empirical research, the following conclusions can be drawn: First, the involvement of venture capital institutions can reduce the degree of IPO accrued earnings management; secondly, the proportion and timing of venture capitaliv institutions shareholdings and time are negatively correlated with the IPO accrued earnings management level; again, venture capital institutions Reputation is negatively related to the degree of IPO accrued earnings management; in the end, joint venture capital investment can reduce the IPO accrued earnings management degree more than single venture capital. Finally, based on the results of empirical research and the current market situation, the following suggestions are proposed: improving the GEM market system; promoting the construction of a venture capital system; and improving the moral self-discipline of enterprises. Keywords: venture capital, initial public offering (IPO), accrued earnings managementv 目 录 独创性声明.....................................................................................................................i 关于论文使用授权的说明.............................................................................................i 中 文 摘要..................................................................................................................ii ABSTRACT.................................................................................................................. iii 1.绪论.............................................................................................................................1 1.1 选题背景 ..............................................................................................................1 1.2 研究目的与意义 ..................................................................................................2 1.2.1 研究目的........................................................................................................2 1.2.2 研究意义........................................................................................................2 1.3 国内外研究现状 ..................................................................................................3 1.3.1 国内研究现状................................................................................................3 1.3.2 国外研究现状................................................................................................5 1.3.3 研究现状小结................................................................................................7 1.4 研究内容与方法 ..................................................................................................7 1.5 创新点 ..................................................................................................................9 2.理论分析与相关概念...............................................................................................10 2.1 理论基础 ............................................................................................................10 2.1.1 委托代理理论..............................................................................................10 2.1.2 信息不对称理论..........................................................................................10 2.2 相关概念 ............................................................................................................11 2.2.1 风险投资......................................................................................................11 2.2.2 应计盈余管理..............................................................................................11 2.2.3 创业板和 IPO ..............................................................................................13 2.3 风险投资与 IPO 应计盈余管理的内在联系 ....................................................14 3.实证研究设计..........................................