Research On The Impact Of Information Disclosure System On Corporate Venture Capital Information Disclosure

Corporate Venture Capital(CVC)refers to equity investment made by non-financial corporations in start-up companies,for both strategic and financial purpose.Nowadays CVC has became important strategic tools to maintain competitive advantage and acquire external innovation technology.Recent years,China capital market has also emerged a wave of "PE+ listed companies" CVC wave.Only in 2015,more than 200 listed companies have established industry fund.Announced fund size is more than 100 billion yuan.CVC information is closely related to the future development,mergers and acquisitions,technological innovation and so on.Compared to financial information,CVC information provides more timely and adequate company information for the market.CVC information has important decision support function for investors to estimate the corporate value.Current CVC information disclosure research is still in early phase.Foreign scholars pay more attention to voluntary CVC information disclosure,but have not studied mandatory CVC information disclosure.The introduction of CVC information disclosure system in China provides a rare opportunity for the research of mandatory CVC information disclosure.In view of this,based on the unique PE+ listed companies CVC mode as the research object,from the perspective of i nstitutional theory,this paper examines the impact of information disclosure system on CVC information disclosure.This paper also examine the impact of corporate governance,stakeholder governance and risk investment characteristics on the function of information disclosure system.This paper hopes to help investors and enterprises to clarify the unique impact mechanism of CVC information disclosure,and guide investors to make rational investment judgment,and provide support for investors and listed companies.This paper also provides reference for regulatory authorities,and helps the regulatory authorities to perfect the existing CVC information disclosure system.The main research contents include:First,this paper analysis the impact of information disclosure system on CVC information disclosure.this paper construct the theory research frame that the impact of information disclosure system on CVC information disclosure.Based on institutional theory,corporate governance theory,stakeholder governance theory and risk investment related theory,this paper uses literature research and normative research method,combined with the characteristics of CVC information disclosure to construct the theory research frame that the impact of information disclosure system on CVC information disclosure.Second,this paper takes CVC information disclosure of PE+ listed company as the research object,and discusses the impact of the introduction of information disclosure system on the level of CVC information disclosure based on institutional theory.On the basis of the information disclosure system issued by the regulatory authorities,a reliable CVC information disclosure index is constructed.Empirical tests show that the legitimacy of the information disclosure system constitutes a pressure to improve the enterprise's CVC information disclosure level,and the information disclosure system introduced by the regulatory authorities has a positive policy effect.Third,based on the corporate governance theory and stakeholder governance theory,poisson regression are used to test the influence of corporate governance on the CVC information disclosure system.The study found that corporate governance did not play the expected role of governance,and promote the function of CVC information disclosure system.In corporate governance,the proportion of independent directors,the combination of chairman and general manager,the property of the controlling shareholders and the scale of board had no effect on the function of CVC information system.Furthermore,the resource dependency matrix of Frooman is used to analyze the reasons for this conclusion.The environmental information disclosure and information disclosure of CVC as an example,using the method of comparative analysis of information disclosure in different situations,analyse the difference of resource dependence relation,and the effect of the stakeholders involved in the decision making of CVC information disclosure.The study found that internal corporate governance played an inhibitory effect on CVC information disclosure.From the perspective of stakeholder governance theory,enterprise and venture capital form a kind of stakeholder governance mechanism,called CVC program governance.CVC program governance would impact enterprise's CVC information disclosure decisions.This paper used negative binomal regression and poisson regression to test the influence of stakeholder governance on information disclosure system.The study found that the higher proportion of Listed Companies in the investment committee,the right of prior takeover and the right of investment veto will play an impact on the function of the information disclosure system.Fifth,based on the theory of risk investment,the negative two empir ical regression test is used to examine the impact of venture capital characteristics(venture capital background,venture capital participation and venture capital reputation)on the function of disclosure system functions.It is found that the function of CVC information disclosure system depends on the different characteristics of venture capital.There are significant differenc es in the effects of different background of venture capital on information disclosure system.Moreover,only higher degree of participation of venture capital will have an impact on the function of the information disclosure system.Reputation of venture capital suppresses the function of information disclosure system.Further studies have shown that private background and high participation venture capital will play the reputation effect of venture capital as mentioned above,while venture capital with low background and low participation will not.Few existing studies involve the study of CVC information disclosure.Unique PE+ listed companies CVC mode as the research object,this paper studies the impact of information disclosure system on CVC information disclosure.This paper also examine the impact of corporate governance,stakeholder governance and risk investment characteristics on the function of information disclosure system.The results have positive theoretical and practical value.In theory,this paper provides empirical evidence for the positive CVC information disclosure system implementation,but also enriches the research on non-financial information disclosure;deepen the understanding the relationship between stakeholders governance and corporate governance;improve the governance of stakeholders and corporate governance theory;enrich the research of venture capital,especially the research of venture capital after the enterprise is listed.From a practical view,to provide practical reference and theoretical basis for the regulatory authorities to improve the CVC information disclosure supervision policy;to help managers to effectively use the CVC project management mechanism to improve the level of corporate governance;to help investors know the characteristics of CVC information disclosure behavior in China and to provide support for the investment decisions of investors.