CAJ | 학술논문

本文以1994年至2009年间在中国内地A股、美国、新加坡和中国香港特别行政区四地上市的我国公司为样本，以可操控应计项作为盈余管理程度的衡量指标，考察了创业投资（“创投”）对其参与企业盈余管理行为的影响，发现相比无创投参与的公司，有创投参与的公司其上市当年的盈余管理程度更高；相比非国有创投支持的公司，国有创投支持的公司其上市当年的盈余管理程度更低。在控制了创投公司的选择性偏差带来的影响之后，我们的研究结论仍然成立。研究表明，创投机构受自身利益驱动的机会主义行为对公司的会计信息质量产生了负面影响，同时这种影响也因创投的身份而有所不同。
본문이1994년지2009년간재중국내지A고、미국、신가파화중국향항특별행정구사지상시적아국공사위양본，이가조공응계항작위영여관리정도적형량지표，고찰료창업투자（“창투”）대기삼여기업영여관리행위적영향，발현상비무창투삼여적공사，유창투삼여적공사기상시당년적영여관리정도경고；상비비국유창투지지적공사，국유창투지지적공사기상시당년적영여관리정도경저。재공제료창투공사적선택성편차대래적영향지후，아문적연구결론잉연성립。연구표명，창투궤구수자신이익구동적궤회주의행위대공사적회계신식질양산생료부면영향，동시저충영향야인창투적신빈이유소불동。
Using a sample of Chinese firms listed in Chinese mainland ,U?S? ,Singapore and Hong Kong SAR between 1994 and 2009 ,this paper investigates the effect of VC on firms’ earnings management measured by discretionary accruals? Empirical evidence shows that during IPO year the magnitude of earnings management for VC backed firms is signifi‐cantly higher than non‐VC backed firms? In addition ,firms invested by government‐affiliated VCs exhibit greater earnings management compared to firms invested by other VCs? These results remain robust after controlling for potential VC selection bias? Our findings suggest that VCs’ opportunistic self‐interest seeking behavior do have negative effects on accounting quality of Chinese listed firms ,and such effects vary by VCs’ background.