创业板上市公司风险投资与关联交易的实证研究

Research on Venture Capital and Related-party Transactions of Listed Companies on ChiNext Market

以2009—2011年创业板470家上市公司为样本,针对有无风险投资参与对公司关联交易和公司绩效影响进行了实证研究。在我国创业板市场上,风险投资参与持股对企业股权结构有显著影响,它降低了第一大股东的股权集中度。风险投资持股显著降低了公司关联交易总次数以及与第一大股东及其利益集团发生关联交易的次数及规模,将关联交易分流至其他关联方。风险投资持股的公司发生关联交易提高了资产周转率,对资产的使用效率产生了正向促进作用。另一方面,风险投资持股并未改善公司董事会治理结构,对除资产周转率以外的其他业绩指标没有明显改善性影响。

This paper takes 470 companies listed on ChiNext market during 2009-2011 as samples to examine the relationship between venture capital and related-party transactions,and the influences on company governance brought by Venture Capital and related-party transactions.The results imply that,in ChiNext market,the equity participation of venture capital has significant influences on ownership structure of invested companies.Ownership concentration of the biggest shareholder has been lowered.The equity participation of venture capital significantly decreases the frequency of relatedparty transactions.Quantities and scales of related-party transactions with the biggest shareholder′s group are dropping after venture capital′s participation.The related-party transactions have been transferred to other related parties other than the biggest shareholder.Related-party transactions of company with venture capital shareholder enhance the turnover ratio of assets,which is the positive effect on assets use efficiency.On the other hand,the participation of venture capital doesn′t improve the structure of board of directors and doesn′t have positive effects on other performance measures other than assets turnover ratio.