The Impact Of Private Equity On The Risk Information Disclosure Of Listed Companies

In recent years, Private Equity is growing hotter and hotter in the capital market,which has a vital effect in broadening the investment channels, financing lines and corporate governance. About a lot of theoretical and practical research of Private Equity,the paper tries to analyze between Private Equity and risk information disclosure of listed companies. Furthermore, policy marker and investors care more about the risk disclosure that theoretical and industrial circles research on. Therefore, it highlights theoretical and practical significance of the study.The paper mainly discusses between Private Equity and risk information disclosure of listed companies, and selects A listed companies as the sample in 2008-2014. The content analysis is adopted in this paper.The empirical results are as follows: (1) on the level of Private Equity, Private Equity can improve risk information quality of listed companies. And characteristics of Private Equity have different effects. Foreign and mixed Private Equity have a positive influence on risk information disclosure of listed companies, but state and private Private Equity have no significant difference on it. In addition, Private Equity's shareholding is positively related with information disclosure of listed companies. (2)on impacts of risk information level, companies with good performance are positively correlated with the quality of risk information disclosure of listed companies. And state-owned enterprises have a same function. (3) on the level of company disclosure,the paper adopts a sample divided method. We can find that Private Equity can have a significant impact on the relationship between the performance, the nature of controlling shareholders and the quality of listed companies' risk information disclosure. That is,companies with investment of Private Equity incline to risk information disclosure that has a higher quality. (4) on the market effect level, risk information disclosure and stock liquidity have a positive relation. And, the sample divided method is used to the paper.We can conclude that Private Equity has a significant impact on between the risk information disclosure of listed companies and stock liquidity. Further studies find out risk information disclosure of listed companies can improve stock return, making the stock pricing accuracy. And Private Equity has a distinct effect on between the risk information disclosure of listed companies and stock return.This study enriches the research of Private Equity and risk information disclosure,considering the market effect of Private Equity into the cause. It shows that companies by Private Equity can better implement the Securities Regulatory Commission promulgated the rules of risk information disclosure system. Therefore, investors' return can be protected.