CAJ | 학술논문

本文以2009—2011年间在我国深交所创业板上市的276家以及2002—2011年在港交所创业板上市的108家IPO公司为样本，对风险投资与盈余管理之间的关系进行研究，旨在揭示我国深圳创业板和香港创业板两个市场上，风险投资是否可以约束IPO过程中的盈余管理行为，两个市场上风投的影响程度是否相同。研究发现，在两个创业板市场上，都显著存在正向盈余管理行为，但是风险投资并没有起到认证监督作用，即没有显著抑制上市公司盈余管理行为，风险投资功效在中国市场不显著。
본문이2009—2011년간재아국심교소창업판상시적276가이급2002—2011년재항교소창업판상시적108가IPO공사위양본，대풍험투자여영여관리지간적관계진행연구，지재게시아국심수창업판화향항창업판량개시장상，풍험투자시부가이약속IPO과정중적영여관리행위，량개시장상풍투적영향정도시부상동。연구발현，재량개창업판시장상，도현저존재정향영여관리행위，단시풍험투자병몰유기도인증감독작용，즉몰유현저억제상시공사영여관리행위，풍험투자공효재중국시장불현저。
This paper mainly investigates the relationships between Venture Capital and Earnings Man- agement on basis of 276 IPOs from 2009 to 2011in Shenzhen growth enterprise market and 108 IPOs from 2002 to 2011 in Hong Kong growth enterprise market, so as to demonstrate whether the Venture Capital could re- strain the level of Earnings Management both in Shenzhen and Hong Kong market and the effects are different. The study finds that there exists earnings management during IPO process in both two markets, but the Venture Capital doesn＇t restrain the earnings management of IPOs in IPO procedures. The study results indicate that the certification and monitoring roles of Venture Capital isn＇t notable in both markets.