IPO盈余管理问题历来是会计学术研究的一个热点问题,但是在关注市场环境背景下的盈余管理研究还比较少,尤其是风险投资这样的权益资本参与到IPO过程中来的情形。本文则主要研究风险投资的参与对创业板IPO盈余管理的影响,结果表明,与无风险投资支持的企业相比,有风险投资参与的企业更倾向于采用真实盈余管理手段来达到上市的目的。 The issue of IPO earnings management has always been a hot topic in accounting academic research. However, there are few studies on earnings management in the context of market environment, especially the case of equity capital like venture capital in IPO process. This paper mainly studies the impact of venture capital participation on GEM earnings management. The results show that compared with venture capital-backed enterprises, venture capital firms are more likely to use the real earnings management methods to achieve the purpose of listing.