This paper investigates the relationship between pre-IPO earnings management and post-IPO performance under the background of risk investment using a sample of 152 IPO firms in China gem market during October 30th 2009 and December 31st 2010.The Empirical research result indicates that degree of earnings management in the pre-IPO years with the background of risk investment more than the degree of earnings management without risk investment,and the difference significantly;The short-term performance of the public company with venture capital is better than the company without venture capital, but medium-term market performance is quite opposite.China gem do exists positive earnings management, pre-IPO earnings management negatively related with post-IPO market performance both long-term and medium-temvmd the difference significantly.%文章以2009年10月30日到2010年12月31日期间上市的152家深圳创业板公司为研究样本,研究有无风险投资背景前提下,创业板公司IPO前是否存在正向盈余管理与IPO后市场表现之间的关系.实证结果显示:有风投背景上市公司盈余管理程度较无风投公司盈余程度低,差异显著；有风投背景的上市公司短期市场表现强于无风投公司,中期市场表现则与之相反.创业板公司存在正向盈余管理行为,且IPO前盈余管理和IPO后中短期市场表现呈负相关且差异显著.
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