不同风险投资背景对上市公司会计信息披露的影响

The Impacts of Different Venture Capital Backgrounds on Accounting Information Disclosure of Listed Companies

文章以创业板上市公司为样本,从实证的角度分析了风险投资对上市公司信息透明度产生的影响,并进一步分析不同的风险投资背景对企业会计信息披露产生的影响。结果显示:风险投资的参与可以提升企业的会计信息透明度,提高上市公司的治理效率。同时,不同背景的风险投资机构对信息披露的影响存在差异性,政府背景的风险投资机构没有体现出显著的监督作用,反而私人背景和外资背景的风险投资机构能更好地改善企业的信息不对称程度,并向外部投资者传递真实信息。

The paper,taking the listed companies on GEM as the samples,empirically analyzes not only the impact of ven-ture capital on information transparency of listed companies,but also the impacts of different venture capital backgrounds oncorporate accounting information disclosure. The results show that the participation of venture capital can enhance the trans-parency of corporate accounting information and improve the governance efficiency of listed companies. Moreover,the venturecapital institutions with different backgrounds have different impacts on information disclosure,venture capital institutionswith state-owned background does not show a significant supervisory function,but venture capital institutions with privateand foreign backgrounds can better improve the degree of corporate information asymmetry,and also can give true informationto external investors.