The Impact of Venture Capital Participation on the Quality of Information Disclosure of Listed Companies Empirical Research Based on China GEM Data

Abstract

Based on the data from the China Growth Enterprise Market during 2010 to 2017, this paper studies the impact of venture capital participation on the quality of information disclosure. The research finds that: the participation of venture capital can significantly improve the quality of information disclosure of listed companies; venture capital institutions with different property rights can effectively improve the quality of information disclosure, among which foreign venture capital institutions perform best. The research results of this paper will be a reference to the regulatory authorities, investors and GEM listed companies. Keywords—venture capital; information disclosure; GEM; stock price synchronization