Venture Capital, Enterprise Accounting Information Transparency and Agency Cost

Abstract

Abstract:

Take the small and medium-sized board and GEM listed companies as sample, the paper analyzes the mechanism and effect of venture capital's influence on enterprise accounting information transparency and agency cost by comparing the listed companies before and after IPO. The empirical results show that venture capital has a positive influence on target enterprise's corporate governance, which can reduce agent cost. This effect also can be realized by increasing the accounting information transparency of venture enterprise and the supervision and certification function of venture capital could highlight. Further research also shows that venture capital with different characteristics has different effect in the information disclosure, the joint venture capital and high reputation venture capital institutions' influence on corporate governance and operation management are positive, but state-owned venture capital institutions do not play an effective role in supervising accounting information disclosure, the conclusion of state-owned venture capital institutions poses a challenge on the supervision and certification function of venture capital.

Key words: venture capital, accounting information transparency, agency cost

Ma Ning. Venture Capital, Enterprise Accounting Information Transparency and Agency Cost[J]. , 2019, 31(10): 222-233.

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