The Influence Of Venture Capital And Its Characteristics On The Quality Of Information Disclosure Of GEM Listed Companies

In China’s GEM market,listed companies are mostly emerging and innovative companies with high growth.These companies have relatively large investment risks.Therefore,information disclosure is the main basis for investors to make investment decisions.Companies listed on GEM have a background in venture capital,therefore,venture capital will have a significant impact on the quality of information disclosure by listed companies.However,currently,the impact of venture capital on the disclosure of listed company information does not have a unified conclusion:Most scholars’research results show that venture capital that can provide financial support,value-added services,supervision and management and " The role of value certification" will have a positive impact on the information disclosure;some scholars believe that the purpose of venture capital to achieve its own short-term profitability will have a negative impact on the information disclosure of the investment companies.This paper takes the data of listed companies on the GEM as a sample.On the one hand,it verifies the relationship between venture capital and the information disclosure of the GEM listed companies from a theoretical and empirical perspective,which makes up for the lack of relevant research on the GEM,and on the other hand,it makes investment decisions for investors and protect the interests of minority shareholders.This article takes the data of 453 GEM listed companies listed during 2010-2015 as the sample,analyzes the impact of venture capital on the quality of information disclosure of GEM listed companies from both the empirical and theoretical perspectives,and further analyzes the different characteristics of venture capital,including the nature of the nature of venture capital investment,the proportion of shares held,and the joint investment,influence the quality of information disclosed by GEM listed companies,and the size of the companies listed on the GEM Board.First of all,this article reviews and summarizes relevant literature on the impact of venture capital investment and its characteristics on the quality of information disclosure at home and abroad,analyzes relevant standards and methods for information disclosure quality evaluation,and based on this,it proposes the research hypothesis.Secondly,this paper uses 453 GEM listed companies as samples during 2010-2015,comprehensively uses multivariate and orderly Logit regression,person correlation analysis,and other methods to study the quality of risk disclosure and the characteristics of information disclosure of listed companies on GEM.The impact of the study and the regulatory role of the size of the GEM listed companies on the relationship between the two.Among them,the quality of information disclosure is measured by the information disclosure rating index announced by Shenzhen Stock Exchange.Finally,this paper draws the following main conclusions:The private nature of venture capital,venture capital,the proportion of venture capital and risk investment,and the quality of information disclosed by the GEM listed companies are significantly positively correlated;the state-owned nature of venture capital and the listed companies of the GEM Board the quality of information disclosure is positively related but not significant.Based on the new perspective of the company listed on the GEM,it made up for the lack of data on the current GEM companies;and selected the comprehensive index of the GEM Information Using Disclosure Rating issued by the Shenzhen Stock Exchange to measure the quality of information disclosure,which is more comprehensive and comprehensive and innovates the empirical research methods;further studies on the relationship between characteristics of venture capital and the quality of information disclosure of GEM listed companies,and the regulatory effect of company size on the relationship between the two,enrich the content and level of research in related fields,and innovative ideas for theoretical research.