风险投资特征、信息披露质量与公司业绩波动水平

Venture Capital, Information Disclosure Quality and Corporate Performance Variability

本文选取了2011-2013年深圳交易所创业板上市的175家上市公司为研究样本,从企业业绩波动角度出发,分析了风险投资、信息披露水平对企业业绩波动的影响。研究表明:(1)企业风险投资机构越多,联合投资的程度越强,风险投资声誉越高;风险投资持股份额越大,公司业绩风险越低,表明风险投资能够降低企业业绩波动。(2)相较于信息披露质量好的情况,在信息披露质量不好的时候,风险投资机构更能影响企业业绩波动。

This paper selects 175 Corporation listed on the Shenzhen stock exchange in 2011- 2013 as the research sample, and studies the influence of venture capital, information disclosure quality level on the performance of the enterprise. The study found that:(1) The more VC investment institutions,the greater the risk investment, the greater the risk investment, the lower the company performance risk, the risk investment can reduce the performance of the enterprise.(2)When the quality of information disclosure is not good, the VC institutions can affect the Corporate Performance Variability significantly.