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

Abstract

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

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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