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1、AbstractANEMPIRICALSTUDYONVENTURECAPITALANDIPOERANINGSMANAGEMENTBEHAVIOR——BASEDONTHEDATEOFTHEGEMABSTRACTInrecentyears,China'smarketsmature,withthelaunchofthegem,alargenumberofsmallandmedium-sizedenterprisestoraisefundsbylistingonthegeminordertopromoteenterprisede
2、velopment.However,foravarietyofmotivesofenterprises,companiesinthemanagementofListedCompaniesintheprocess,willmanageandmodificationofthecompany'saccountingearnings,earningsmanagementbehavioroftheseriouseffectofcapitalmarketandtheallocationofresources,butalsodamag
3、edtheinterestsofinvestors.Theearningsmanagementbehaviors,especiallytheearningsmanagementbehaviorofIPOattention.Takingriskinvestmentasastartingpoint,tostudytheeffectofearningsmanagementonventurecapitaltoparticipateinthegemoftheIPOcompany.Thispaperselects2009-2014y
4、earsinsuccessivelyin383companieslistedonthegemasresearchsample,firstwilldopoineeringworkboardthemarketlistingCorporationintoventurecapitalsupportHoldinggroupandnonventurecapitalsupportgroup,ontwogroupsofstudysampleoneyearbeforethelistingandlistedfinancialindicato
5、rsthatyearweredescribedandanalyzed,thedifferencesbetweentwogroupsofdata.ThencalculatetheenterprisesampleoperabilityaccrualsusingthemodifiedJonesmodel,astheindicatorstomeasureearningsmanagement.Byestablishingmultipleregressionmodeltotesttheproposedhypotheses,throu
6、ghaseriesofempirical,drawthefollowingconclusions:1,listingCorporationIPOprocessgemprevalentearningsmanagementbehavior.2,thereistheriskofinvestmentfirmsinvolvedintheprocessofIPOtheextentofearningsmanagementislowerthantheriskfreeinvestmentparticipationdegreeofearni
7、ngsmanagementisnegativelyrelatedtoinvestment,riskandearningsmanagementbehavior.3,dopoineeringworkboardthecompanyoneyearbeforethelistingandlistedtheoperationperformancedifferences.4,theGEMmarket,venturecapitalplaysacertificationsupervisionfunction,toacertainextent
8、restraintheearningsmanagementbehavior,butnosignificanteffectofcertificationsupervision.ThispaperdiscussestheeffectofusingsampledataofGEMListingCorporationtoven
