創業投資企業與盈餘管理之關聯性：以首次公開發行公司為樣本

Venture Capital and Earnings Management around Initial Public Offerings

廖怡荏(Yi-Jen Liao)

指導教授 ： 吳瑞萱

元智大學/管理學院/商學碩士班(會計學程)/碩士(2011年)

摘要

本研究主要目的是探討美國首次公開發行的公司在選擇採用裁決性應計項目與實質盈餘管理時的考量因素，是否會受到創投公司在背後支持的影響，並進一步探討裁決性應計項目與實質盈餘管理對首次公開發行公司未來績效的影響。研究結果證明首次公開發行公司在發行前一年及當年度有顯著的盈餘管理行為。進一步的分析結果發現，有創投企業在背後支持的首次公開發行企業確實比非首次公開發行公司有較好的未來績效。然而，當有創投支持的首次公開發行公司透過營運現金流量操縱盈餘時，會對公司長期績效產生負面影響。本研究在最後想探討盈餘管理行為是否會影響IPO公司的財務健康度。結果發現IPO公司僅在存有異常生產成本及財務限制時會對財務健康度產生顯著的傷害。

關鍵字

創業投資企業 ； 實質盈餘管理 ； 首次公開發行

並列摘要

This study investigates whether venture capital affects the tendency of engaging earnings management by firms with initial public offerings. Moreover, we examine the post-IPO operating performance for firms engaging in accrual earnings management and real earnings management. Our empirical results show that firms tend to engage in earnings management before and in the IPO year. We also find that IPO firms backed up by venture capital have better subsequent performance than firms without venture capital. Finally, we verify that IPO firms backed up by venture capital have negative influence on long-term operating performance when they engage in real earnings management regarding operating cash flows. This study investigates the effect of earnings management on the financial health of IPO firms. The result that only when IPO firms jointly have abnormal production costs and are financial constrained, there exists significant harm to IPO firms’ financial health.

並列關鍵字

Venture capital ； Real Earnings Management ； IPO

參考文獻

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