Venture Investors' Shareholding, Information Disclosure Quality And Innovation Performance Of Enterprises

This paper takes the companies listed on gem in Shenzhen stock exchange from 2014 to2018 as the research object to analyze the influence of venture investors' shareholding on enterprise innovation performance and the moderating effect of information disclosure quality on this relationship.First of all,through the review and review of domestic and foreign literature,this paper found that venture capital has abundant research results on enterprise innovation performance,but not many results have been achieved by adding information disclosure quality adjustment factors on the basis of these research results.Based on the resource-based theory and stakeholder theory,this paper analyzes the influence of venture investors' shareholding on enterprise innovation performance,and studies the moderating effect of enterprise information disclosure quality on the relationship between venture investors' shareholding ratio and enterprise innovation performance through information asymmetry theory.Based on the above theoretical analysis in this paper,the research hypothesis,assumptions are respectively to join venture investors to improve the enterprise innovation performance,risk investment institutions stake if there is positive correlation with the enterprise innovation performance and inferior quality of information disclosure will weaken the risk investor holds to the enterprise innovation performance.In order to verify the hypothesis,relevant research design is carried out in this paper.In the aspect of model design,the negative binomial regression and multiple linear regression models are established considering that the sample data studied have counting type variables and continuous type variables.In terms of variable design,the number of patents and the output of core technology products are used as explained variables,and the background of risk investors,the shareholding ratio of risk investors and the quality of information disclosure are all explained variables.Besides,enterprise scale and ownership concentration degree are selected as control variables.Then,based on the research design,the empirical analysis method and the comparative analysis method are used to test the hypothesis.Regression results show that there are risks of investors to participate in than for those with no risk of investors to participate in the enterprise of its patents and core technology product output has the positive influence and a significant under 1% level;Enterprises in the risky investors participate in the premise,the risk investor holds under 1% level has a significant influence to the enterprise innovation performance,and the regression coefficient is positive;After adding the quality of information disclosure as a regulatory variable,the product of the quality of information disclosure and the shareholding ratio of venture investors were significantly positivelycorrelated at the 1% level.In order to get more reliable results,this paper selected the method of substitution variables to the robustness test samples,the regression results consistent with the expected.The results show that the investment and shareholding percentage of venture investors are significantly positively correlated with the innovation performance of enterprises,and the product of information disclosure quality and shareholding ratio of venture investors is also significantly positively correlated at the 1%level.Finally,based on the empirical results,this paper concludes that :(1)the existence of venture investors can significantly improve the innovation performance of enterprises;(2)there is a significant positive correlation between the shareholding ratio of venture investors and enterprise innovation performance;(3)poor information disclosure quality will weaken the promotion effect of venture investors' shareholding on enterprise innovation performance.In addition,the corresponding policy Suggestions are put forward.Enterprises should carefully choose venture capital institutions and make full use of their advantages to carry out innovation activities.Risk investment institutions also need to strengthen the supervision and guidance of enterprise innovation activities to effectively reduce the risk of the capital;The government should regulate the risk investment industry admittance standard,intensify supervision and management and improve the quality of information disclosure system,improve innovation results provide strong institutional guarantee for the enterprise.In addition,the paper puts forward corresponding policy suggestions,It is suggested that enterprises should carefully select venture capital institutions and make full use of the advantageous resources provided by them to carry out innovation activities;venture capital institutions also need to strengthen supervision and guidance on the process of innovation activities of enterprises to effectively reduce the risk of capital injection;the government should regulate the access standards of venture capital industry,strengthen supervision and management,and improve the system of information disclosure quality for enterprises Industry to improve innovation performance to provide a strong institutional guarantee.