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本文以2008-2014年我国证券市场IPO公司为样本,实证研究了上市公司风险投资的逐名效应对其会计信息质量以及IPO后长期业绩的影响效用。研究发现,在IPO时,风险投资支持的上市公司盈余管理水平比无风投资支持的公司高;在IPO后,风险投资支持的上市公司盈余管理水平显著高于无风投资支持的公司;在IPO时,风险投资控制力、风险投资声誉与风险投资政治关联性与上市公司的盈余管理呈显著正向相关性。
In this paper, we take the IPO companies in China’s securities market from 2008 to 2014 as a sample to empirically study the effect of the nominal effect of venture capital in listed companies on the quality of accounting information and the long-term performance after IPO. The study found that in the IPO, venture capital-backed listed companies earnings management than the non-wind investment-backed companies higher; after the IPO, venture capital-backed listed companies earnings management significantly higher than the no-wind investment-backed companies; in the IPO , There is a significant positive correlation between the control power of venture capital, the reputation of venture capital and the political relevance of venture capital and the earnings management of listed companies.