风险投资参与对上市公司信息披露的影响

发布时间：2018-07-09 15:01

本文选题：风险投资参与 + 信息披露　；参考：《东南大学学报(哲学社会科学版)》2016年S2期

【摘要】：风险投资机构拥有卓越的组织管理团队和专业技术人力优势等特点,能够对被投资企业的价值起到积极的提升作用,同时对公司治理起到有效的监督作用,能向资本市场传递有关企业的有利信号,但市场中参差不齐的机构投资者对于企业生存发展的影响显然不能一概而论,因而异质性的研究对于识别和吸引优质的机构投资者并有效发挥其作用显得尤为重要,因而本文选取了风险投资这一独特视角,探究其参与对被投资企业的信息披露问题所产生的影响,以2009-2011年间我国上市公司数据进行了普遍性检验,研究发现风险投资参与的上市企业信息披露质量显著高于无风险投资参与的上市企业,且这种显著性随着风险投资的参与程度进一步加深。
[Abstract]:The venture capital institution has the characteristics of excellent organizational management team and technical manpower advantage. It can play an active role in promoting the value of the invested enterprise. It also plays an effective supervision role to the corporate governance, and can transmit the favorable signals to the enterprises in the capital market. However, the uneven institutional investors in the market The influence of the enterprise survival and development obviously cannot be generalized, so the study of heterogeneity is particularly important to identify and attract the high quality institutional investors and play its role. Therefore, this paper selects the unique perspective of venture capital to explore the impact of its participation on the information disclosure of the invested enterprises, 2009-20 In the past 11 years, the data of Listed Companies in China carried out a universal test. The research found that the quality of information disclosure of listed companies involved in venture investment was significantly higher than that of the listed companies without risk investment, and this significance was further deepened with the participation of venture investment.
【作者单位】：国网江苏省电力公司无锡供电公司;
【分类号】：F275

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