Research On The Influence Of Venture Capital On The Quality Of Enterprise Information Disclosure

VC(short for Venture Capital,also known as "venture capital"),is a form of investment that provides financial support to small,start-up and high-growth enterprises and gains equity in the company.Since its birth in the 1940 s,VC has gradually become the propeller of a high and new technology enterprise development,which not only brought strong power for the world economic development,but also the dawn of the new era to the global economic development.Different from bank lending,VC's capital is a kind of equity capital rather than loan capital,which makes VC an investment enterprise with high risk,high profit and long-term profit.Meanwhile,VC institutions have excellent management team and professional technical manpower advantage,playing an active role in the ascension of the value of the invested enterprise.At the same time,it plays an effective role in the supervision of corporate governance,delivering enterprise's positive signal to the capital market.But the influence of the various institutional investors in the market for enterprise survival and development cannot be treated as the same obviously.Thus,it is particularly important for heterogeneity research to identify and attract the high quality of institutional investors and effectively play its role.The article selected the the unique angle of view of VC to explore the impact of problem of information disclosed by the participation of the invested enterprise.Using the benchmark of information disclosure examination and assessment level of Shenzhen stock exchange,the paper used ordered logit model to did regression analysis of risk investment effect of VC on the quality of the listed company information disclosure by the panel data of 1336 listed companies in Shenzhen A-share market in 2006-2016.The research results show that: 1.VC participation could improve the quality of enterprise information disclosure,and the higher the shareholding ratio is,the more significant the improvement will be.2.The characteristics and types of VC had different influences on the quality of information disclosure;Reputable VC and joint VC can improve the quality of enterprise information disclosure.The VC of government background and private backgroundhad a significant promotion effect on the quality of enterprise information disclosure.However,there was no evidence that VC with a foreign background had a significant effect on the quality of information disclosure.