风险资本对高新技术企业治理结构影响研究

Research on the Impact of Venture Capital upon Corporate Governance in High-tech Enterprises

运用2009年10月到2011年6月间深圳创业板上市公司相关数据,研究了风险资本对高新技术企业公司治理结构的影响以及风险资本参与的公司治理结构对公司业绩的影响等问题。实证结果显示:我国风险资本对董事会治理结构没有显著影响;与此同时,我国创业板公司董事会治理结构对公司业绩影响也不显著。

This paper selects the data during the period from October 2009 to June 2011 for the listed companies on Shenzhen Growth Enterprises Market（GEM） board,and studies the impact of venture capital upon governance structure in high-tech enterprises as well as the impact of governance structure upon corporation performance with the investment of venture capital involved.The empirical result demonstrates that venture capital in China has no significant effect on governance structure of the board of directors,and governance structure in China＇s GEM has no significant effect on corporation performance.