风险投资发挥监督作用了吗？——风险投资对公司创业投资（CVC）信息披露制度作用发挥的影响研究

›› 2019, Vol. 31 ›› Issue (5): 203-212.

风险投资发挥监督作用了吗？——风险投资对公司创业投资（CVC）信息披露制度作用发挥的影响研究

康永博^1,2, 王苏生², 彭珂²

1. 深圳证券交易所博士后工作站, 深圳 518038;
2. 哈尔滨工业大学(深圳)经济管理学院, 深圳 518055

收稿日期:2016-11-17 出版日期:2019-05-28 发布日期:2019-05-31
作者简介:康永博,深圳证券交易所博士后工作站博士后,博士;王苏生,哈尔滨工业大学(深圳)经济管理学院教授,博士生导师,博士;彭珂,哈尔滨工业大学(深圳)经济管理学院副教授,硕士生导师,博士。
基金资助:
国家自然科学基金青年基金项目（71103050）；深圳市软科学资助项目（RKX201503240950316）。

Does Venture Capital Play a Supervisory Role?——Effect of Venture Capital on Corporate Venture Capital Information Disclosure

Kang Yongbo^1,2, Wang Susheng², Peng Ke²

1. PostdoctoralWorkstation, Shenzhen Stock Exchange, Shenzhen 518038;
2. School of Economics and Management, Harbin Institute of Technology(Shenzhen), Shenzhen 518055

Received:2016-11-17 Online:2019-05-28 Published:2019-05-31

摘要/Abstract

摘要：

学术界对于风险投资在企业上市后所发挥作用的研究相对较少。本文从CVC信息披露的角度，以2010-2015年419家设立CVC项目的上市公司为样本，研究了不同特征的风险投资对CVC信息披露制度作用发挥的影响。研究发现：风险投资的背景、参与程度和声誉显著地影响了其监督作用的发挥。首先，不同背景的风险投资对信息披露制度作用的发挥产生了不同的影响。其次，与低参与程度的风险投资相比，高参与程度的风险投资会抑制信息披露制度作用的发挥。最后，与低声誉的风险投资相比，高声誉的风险投资没有发挥预期的监督作用，反而会抑制CVC信息披露制度作用的发挥。

关键词: 信息披露, 风险投资, 信息披露制度, 公司创业投资(CVC), 监督作用

Abstract:

The researches on the role of venture capital in listed companies are insufficient. This paper examines the effect of venture capital on CVC information disclosure by using the data of "PE+ listed company" CVC mode from 2010 to 2015. The results show that venture capital doesn't play a supervisory role. First, venture capital with different background plays a different role. Second, compared to venture capital with low participation, venture capital with high participation degree restrains the system from playing its role in CVC information disclosure. Third, venture capital with high reputation restrains the system from playing its role in CVC information disclosure due to the intention of protecting business secret. Venture capital with low reputation promotes the role played by the system in CVC information disclosure due to the intention of fundraising and grandstanding.

Key words: information disclosure, venture capital, information disclosure system, corporate venture capital(CVC), supervisory role

康永博, 王苏生, 彭珂. 风险投资发挥监督作用了吗？——风险投资对公司创业投资（CVC）信息披露制度作用发挥的影响研究[J]. , 2019, 31(5): 203-212.

Kang Yongbo, Wang Susheng, Peng Ke. Does Venture Capital Play a Supervisory Role?——Effect of Venture Capital on Corporate Venture Capital Information Disclosure[J]. , 2019, 31(5): 203-212.

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