The Impact Of Venture Capital On Information Disclosure Of Listed Companies

The Fifth Plenary Session of the 18th CPC Central Committee clearly defined the concept of "innovation,coordination,green,open and sharing".This will be our country's direction and focus in the " 13th Five-year Plan " period,and even longer period.And in which the word "innovation" came first.Venture capital has always been considered the engine of the development of an innovative,therefore was valued by governments.Venture capital not only provides financial support to the invested enterprises,but also provides management recommendations to expand the social network of the enterprises,through value-added services to enhance the value of the invested enterprises to help its rapid growth.Venture capital eventually through the equity transfer or to help enterprises listed to achieve capital gains.Since established in 2009,the gem market in China becomes the important exit channel of venture capital.By the end of 2015,there are 492 enterprises listed on the GEM totally,its audit system,regulatory mechanisms and a series of issues has been aroused controversy in the study,information disclosure is one of the focus.Regulate capital market is built on the basis of information disclosure,the quality of information disclosure of listed companies directly affect investors,judgments and decisions,and whether their legal rights can be guaranteed;at the same time,it also related to the capital market's ability to function properly,thus achieve optimal allocation of resources functions.This paper attempts to explore this from both theoretical and empirical points of view.First of all,this paper reviews the previous researches and related theories,analyzes the motivations and ways of venture capital to influence the information disclosure of listed companies.On this basis,this paper puts forward the research contents and hypotheses.Secondly,this paper uses the listed companies listed on the GEM listed companies from 2010 to 2015 as a sample,to collect the data of venture capital holding and information disclosure.Using multiple logistic regression,multiple linear regression and variance analysis to research the relationship between venture capital and information disclosure of companies listed on Growth Enterprise Market,and how the company's size and the nature of the controlling shareholder will influence the quality of information disclosure.We choose the information disclosure level published by Shenzhen Stock Exchange and the number of firms' announcements to measure the quality of information disclosure.At the same time,we use venture capital holding or not,the number of institutional Investors,ownership to measure venture capital holdings.The main conclusions of this paper are:venture capital holdings,the number of venture capital institutions and the proportion of venture capital investment have positive effect on the information disclosure of listed companies on the GEM.It has a geater effect in the larger companies.Venture capital holdings,the number of venture capital institutions and the proportion of venture capital investment have positive effect on the information disclosure rate of listed companies on the GEM.In the non-state-controlled GEM listed companies,the effect is more obvious.In general,if you want to improve the quality of information disclosure of listed companies on the GEM,the holdings of venture capital institutions do have a better effect;and the more the number of venture capital firms in GEM listed companies,the greater the shareholding ratio,the effect will be more obvious.In addition,in larger or non-state-controlled GEM listed companies,the role of venture capital institutions to improve the quality of information disclosure is more obvious.Finally,this paper summarizes the research conclusions and puts forward some suggestions.