风险投资对战略信息含量的影响研究——以创业板上市公司为例  

A Study of the Impact of Venture Capital on Strategic Information Content:Taking GEM Listed Companies as Examples

作　　者：王爱群[1] 贺子聪 王艺霖[2] WANG Ai-qun;HE Zi-cong;WANG Yi-lin(Jilin University,Changchun 130022;Jilin University of Finance and Economics,Changchun 130117,China)

机构地区：[1]吉林大学管理学院,吉林长春130022 [2]吉林财经大学会计学院,吉林长春130117

出　　处：《当代财经》2019年第1期73-83,共11页Contemporary Finance and Economics

基　　金：教育部人文社会科学基金项目"内控缺陷披露;利益相关者风险感知及经济后果研究"(13YJA630085)

摘　　要：基于2009—2016年创业板上市公司的数据,从风险投资是否持股和风险投资是否在治理层占有席位两个角度,对中国风险投资机构如何影响被投资企业披露的战略信息含量进行研究。研究发现,风险投资持股可以提高企业对外披露的战略信息含量,并且当风险投资机构在企业董事会或监事会占有席位时,这种影响更加明显。进一步研究显示,有风险投资机构投资的企业披露的战略信息含量高,不是为了掩藏盈余操纵行为,证实了风险投资机构的投后管理机制可以通过信息披露途径发挥正向促进作用。研究结论不仅丰富了战略信息这一非财务信息影响因素的相关文献,而且从新的角度论证了风险投资对企业信息披露的影响机制。Based on the data of listed companies on GEM from 2009 to 2016, this paper conducts a study on how China’s venture capital institutions affect the content of strategic information disclosed by the invest-receiving enterprises from the perspectives of whether the venture capital holds shares and whether the venture capital holds a seat at the management level. The findings show that share holding of venture capital can increase the content of strategic information disclosed by the enterprises, and this effect is more obvious when the venture capital institutions hold a seat on the board of directors or the board of supervisors. Further research shows that the dense content of strategic information disclosed by the enterprises with investments from venture capital institutions is not to hide their manipulations on earnings, which proves that the post-investment management mechanism of the venture capital institutions can play a positive role through information disclosure. This research conclusion can not only enrich the relevant literatures on influencing factors of strategic information,which is non-financial information, but also prove the influencing mechanism of venture capital on enterprise information disclosure from a new perspective.

关 键 词：风险投资 战略信息 公司治理 

分 类 号：F275[经济管理—企业管理]