2858 
2805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
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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.
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