中国PE投资对信息披露质量的影响——基于创业板上市公司的实证分析

The Influence of Private Equity on Information Disclosure-An Empirical Analysis of Listed Companies on ChiNext Board in China

文章以创业板上市公司为研究对象,从实证的角度分析了中国PE投资及其不同特征对上市公司信息披露质量的影响。结果显示:PE投资的参与有助于提升创业板上市公司的信息披露质量,同时,PE投资的不同特征,即声誉、外资背景、持股比例和联合投资数,对创业板上市公司信息披露质量的影响存在差异性。这四个特征对信息披露质量的提升均有正效应,其中,高声誉的PE投资能更好地改善上市公司的信息不对称程度,向外部投资者传达真实准确的信息。

With growing importance of private equity investment in China's capital market,an increasing number of scholars begin to pay close attention to the impact of private equity on the operation and management of listed companies.The higher the information disclosure quality of listed companies is,the more unblocked the information flow of the internal and external stakeholders would be,which would relieve the agency conflict between the internals and other stakeholders.This paper studies private equity investors and listed companies on ChiNext Board in China,and then analyzes the influence of PE investors and their characteristics on information disclosure quality of listed companies.First,it adopts the Ordered Logit regression to analyze the influence of PE investors on information disclosure quality,and the result shows that,compared with the listed companies that do not involve PE investors,those involving it has higher information disclosure quality with obvious variation.Second,the characteristics of PE investors,such as reputation,foreign investment,ownership and the amount of joint-investment,all have profound positive effects on the quality of information disclosure.Among them,reputation ranks first,followed by the amount of joint-investment,foreign investment and ownership.