【摘要】 党的十八大提出的股票发行向注册制转变的成功前提是金融中介机构在公司IPO中替代证监会对上市公司盈余管理扮演"守门员"的关键监督角色。尽管如此,以往研究却很少关注在IPO中对上市公司盈余管理有相当影响能力的金融机构——风险资本和保荐机构对上市公司IPO中盈余管理的影响。通过实证方法首次研究了风险资本与保荐机构声誉对我国公司IPO前后盈余管理的影响,并发现:(1)保荐机构和风险资本声誉都能显著抑制公司上市前的盈余管理;对IPO后的盈余管理没有显著影响。在风险资本投资的上市公司样本中,上述结论非常显著;并且两类机构声誉存在替代效应。(2)在2009年6月保荐制度改革前,两类金融机构声誉对公司上市前的盈余管理没有显著影响;2009年6月保荐制度改革后,两类金融机构声誉对公司上市前的盈余管理有显著抑制作用。更多还原

【Abstract】 The direction of China securities issuance system reform is to change approval system to substantive examination registration system,released in the 18 th National Congress of the Communist Party of China. We first studied the influence that the reputation of venture capital and sponsor institution has on the company’s earning management during the process of IPO. The conclusion is as follows.(1) While the reputation of venture capital and sponsor institution can significantly repress corporate earnings management before IPO,it cannot affect earning management after IPO. The result is the most significant in the corporate invested by venture capital as the two institution substitutes each other.(2)The reputation of the two institutions cannot influence corporate pre-IPO earnings management before the reform of sponsor system,but can inhibit significantly afterwards.更多还原