中文摘要：

以2008-2014年483家中小板IPO公司为样本,基于资本来源的不同将风险投资分为政府背景、企业背景以及独立背景风险投资,考察风险投资异质性对IPO前盈余管理程度的影响。研究发现,相比较有风险投资支持的企业,无风险投资支持的企业IPO前盈余管理程度更大,该结果支持了风险投资在IPO过程中的监督认证假说;进一步加入风险投资异质性的研究发现,政府背景的风险投资支持的企业IPO前盈余管理程度较低,独立背景风险投资支持的企业IPO前盈余管理程度较高,而企业背景风险投资对IPO前盈余管理没有显著影响。

英文摘要：

It is indicated in the investigation, by taking as sample 483 small and medium board IPO companies from 2008 to 2014 and dividing venture capital into that with government background, enterprise background and independent background based on the different source of funds, on the influence of venture capital heterogeneity on IPO prior to earning management that the degree of IPO prior to earning management for those enterprises with none of the venture capital is greater compared to those with venture capital. And this result gives support to the supervision and authentication hypothesis of venture capital in the course of 1PO, and it is found in the further research on the venture capital heterogeneity that the degree is lower to that of IPO prior to earning management in venture capital supported enterprises with government background and is higher to that with independent background, and is less influenced obviously to that with enterprise back- ground.