风险投资对上市公司股票市场认可度的影响研究  

A Study on the Impact of Venture Capital on Stock Market Recognition of Listed Companies

作　　者：黄庆成 Huang Qingcheng(School of Economics,Guangxi University,Nanning 530004,Guangxi,China)

机构地区：[1]广西大学经济学院,广西南宁530004

出　　处：《金融发展研究》2023年第9期69-80,共12页Journal Of Financial Development Research

基　　金：广西自然科学基金资助项目“基于混频数据深度学习的金融资产价格预测方法及应用研究”(2023GXNSFBA026063);广西哲学社会科学规划研究课题重点项目“重大公共卫生事件冲击下的广西地方金融风险防范化解研究”(20AJY001)。

摘　　要：随着风险投资的市场规模不断扩大,其对上市公司的影响受到了广泛关注。本文实证研究了风险投资对上市公司股票市场认可度的影响、作用机制以及经济后果。研究发现,风险投资能够显著提高上市公司的股票市场认可度,这一促进作用在监督治理强度大和监督治理成本小的公司中更大。机制分析表明,风险投资通过降低代理成本、改善信息披露质量、提升信息传递效率进而提高上市公司的股票市场认可度。经济后果分析表明,风险投资提高股票市场认可度的效应有助于公司降低融资成本和扩大投资规模。研究结论为有关部门加大政策力度促进风险投资行业发展及上市公司提高股票市场认可度提供了实证依据。As the market scale of venture capital continues to expand,its impact on listed companies has received widespread attention.This paper empirically investigates the impact of venture capital on the stock market recognition of listed companies,its mechanism of action,and its economic consequences.Venture capital is found to significantly increase the stock market recognition of listed firms,and this facilitating effect was greater in firms with high supervisory governance intensity and low supervisory governance costs.The mechanism analysis shows that venture capital increases the stock market recognition of listed companies by reducing agency costs,improving the quality of information disclosure,and enhancing the efficiency of information transmission.The analysis of economic consequences shows that the effect of venture capital to increase stock market recognition helps companies to reduce financing costs and expand investment scale.The findings of the study provide empirical evidence for relevant departments to increase policy efforts to promote the development of venture capital industry and listed companies to improve stock market recognition.

关 键 词：风险投资 股票市场认可度 公司治理 信息环境 

分 类 号：F830.9[经济管理—金融学]