对赌协议在风险投资交易中广泛应用,其利弊一直饱受争议。文章基于2013年至2020年的新三板挂牌数据,考察了风险投资对赌协议对创业企业挂牌时盈余管理的影响。研究发现,风险投资对赌协议会显著增加创业企业在挂牌前一年和挂牌当年的应计盈余管理水平。这一作用主要通过弱化风险投资的监督与服务,以及向创业企业家施加挂牌压力来实现。进一步研究发现,以股权回购作为补偿方式的对赌协议对盈余管理行为影响最大,当风险投资声誉较低、挂牌企业处于非政策支持行业时,对赌协议对盈余管理的正向影响更为显著。此外,挂牌后有对赌协议的公司出现了业绩下滑。文章的研究有助于理解风险投资对赌协议的性质和经济后果,揭示了风险投资影响企业信息披露行为的契约机制,为企业盈余管理的影响因素研究提供了新证据。
风险投资对赌协议对盈余管理的影响研究——基于新三板挂牌的经验证据
摘要
参考文献
23 Aharony J, Lee C W J, Wong T J. Financial packaging of IPO firms in China[J]. Journal of Accounting Research,2000,38(1): 103−126. DOI:10.2307/2672924
24 Casamatta C. Financing and advising: Optimal financial contracts with venture capitalists[J]. The Journal of Finance,2003,58(5): 2059−2085. DOI:10.1111/1540-6261.00597
25 Cestone G. Venture capital meets contract theory: Risky claims or formal control?[J]. Review of Finance,2014,18(3): 1097−1137. DOI:10.1093/rof/rft021
26 Chahine S, Arthurs J D, Filatotchev I, et al. The effects of venture capital syndicate diversity on earnings management and performance of IPOs in the US and UK: An institutional perspective[J]. Journal of Corporate Finance,2012,18(1): 179−192. DOI:10.1016/j.jcorpfin.2011.11.007
27 Darrough M, Rangan S. Do insiders manipulate earnings when they sell their shares in an initial public offering?[J]. Journal of Accounting Research,2005,43(1): 1−33. DOI:10.1111/j.1475-679x.2004.00161.x
28 Dechow P M, Sloan R G, Sweeney A P. Detecting earnings management[J]. The Accounting Review,1995,70(2): 193−225.
29 Ewens M, Gorbenko A, Korteweg A. Venture capital contracts[J]. Journal of Financial Economics,2022,143(1): 131−158. DOI:10.1016/j.jfineco.2021.06.042
30 Gilson R J. Engineering a venture capital market: Lessons from the American experience[J]. Stanford Law Review,2003,55(4): 1067−1103.
31 Gompers P A. Grandstanding in the venture capital industry[J]. Journal of Financial Economics,1996,42(1): 133−156. DOI:10.1016/0304-405X(96)00874-4
32 Hall R E, Woodward S E. The burden of the nondiversifiable risk of entrepreneurship[J]. American Economic Review,2010,100(3): 1163−1194. DOI:10.1257/aer.100.3.1163
33 Hellmann T, Puri M. The interaction between product market and financing strategy: The role of venture capital[J]. The Review of Financial Studies,2000,13(4): 959−984. DOI:10.1093/rfs/13.4.959
34 Hochberg Y V, Ljungqvist A, Lu Y. Whom you know matters: Venture capital networks and investment performance[J]. The Journal of Finance,2007,62(1): 251−301. DOI:10.1111/j.1540-6261.2007.01207.x
35 Kaplan S N, Strömberg P. Financial contracting theory meets the real world: An empirical analysis of venture capital contracts[J]. The Review of Economic Studies,2003,70(2): 281−315. DOI:10.1111/1467-937X.00245
36 Kothari S P, Leone A J, Wasley C E. Performance matched discretionary accrual measures[J]. Journal of Accounting and Economics,2005,39(1): 163−197. DOI:10.1016/j.jacceco.2004.11.002
37 Lee P M, Wahal S. Grandstanding, certification and the underpricing of venture capital backed IPOs[J]. Journal of Financial Economics,2004,73(2): 375−407. DOI:10.1016/j.jfineco.2003.09.003
38 McVay S E. Earnings management using classification shifting: An examination of core earnings and special items[J]. The Accounting Review,2006,81(3): 501−531. DOI:10.2308/accr.2006.81.3.501
39 Morsfield S G, Tan C E L. Do venture capitalists influence the decision to manage earnings in initial public offerings?[J]. The Accounting Review,2006,81(5): 1119−1150. DOI:10.2308/accr.2006.81.5.1119
40 Roychowdhury S. Earnings management through real activities manipulation[J]. Journal of Accounting and Economics,2006,42(3): 335−370. DOI:10.1016/j.jacceco.2006.01.002
41 Solow R M. Technical change and the aggregate production function[J]. The Review of Economics and Statistics,1957,39(3): 312−320. DOI:10.2307/1926047
42 Watts R L, Zimmerman J L. Positive accounting theory[M]. Englewood Cliffs: Prentice-Hall, 1986.
43 Wongsunwai W. The effect of external monitoring on accrual-based and real earnings management: Evidence from venture-backed initial public offerings[J]. Contemporary Accounting Research,2013,30(1): 296−324. DOI:10.1111/j.1911-3846.2011.01155.x
引用本文
何顶, 葛琰. 风险投资对赌协议对盈余管理的影响研究——基于新三板挂牌的经验证据[J]. 财经研究, 2023, 49(10): 109-123.
导出参考文献,格式为:
上一篇:土地出让、资源错配与全要素生产率
下一篇:环境成本上升导致了外资撤离吗?