信息披露制度、公司风险投资(CVC)信息披露与公司价值

信息披露制度对信息披露水平的影响及其经济效果一直是学术研究的热点。在交易所信息披露制度文件基础上,本文构建了可靠的CVC信息披露水平指数。研究发现信息披露制度的出台有效地提高了CVC信息披露水平。利用信息披露制度出台这一准自然实验,采用双重差分法发现CVC信息披露水平的提高增加了上市公司价值,进一步研究发现不确定性和市场竞争程度会对二者关系产生调节作用。该研究结果说明信息披露制度具有积极的政策效用,也为CVC信息披露制度的出台提供了经验证据。

Information Disclosure System,Corporate Venture Capital Information Disclosure and Corporate Value

Information disclosure system, information disclosure and corporate value are always hot topics in academia. This article first establishes reliable information disclosure index based on information disclosure system. We find information disclosure system has a significant positive relationship with information disclosure. Based on quasi-natural experiment and DID method, we find that information disclosure is significantly positive to corporate value. We further find that uncertainty and market competition have a moderating effect on the relationship between CVC information disclosure and corporate value. These results provide the evidence for the effect information disclosure system, and also we hope the study will provide evidence of experience for perfecting the design of information disclosure system.