Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/187576 
Erscheinungsjahr: 
2012
Quellenangabe: 
[Journal:] China Journal of Accounting Research [ISSN:] 1755-3091 [Volume:] 5 [Issue:] 3 [Publisher:] Elsevier [Place:] Amsterdam [Year:] 2012 [Pages:] 251-268
Verlag: 
Elsevier, Amsterdam
Zusammenfassung: 
Using a sample of IPO companies on the Shenzhen Small and Median Enterprise Board and the ChiNext Stock Market between 2005 and 2009, this paper analyzes the effect of venture capital participation on accounting information quality. We find that venture capitalists have a significant effect on earnings management, with reduced discretionary accruals before the expiration of the equity lock-up period and enhanced discretionary accruals after the expiration of the equity lock-up period. Our findings support the moral hazard hypothesis of venture capital, but not the certification/monitoring role of venture capital in IPOs. In addition, we find that venture capital plays a more important role in the earnings management of non-state-owned IPO companies than of state-owned companies.
Schlagwörter: 
Venture capital
Earnings management
IPO
Lock-up period
JEL: 
G32
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Dokumentart: 
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