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基于信号传递理论,以需求和机会两个视角,本文就我国风险投资参与对上市公司内部控制信息披露的影响进行了理论分析。进一步地,将风险投资机构持股比例与持股期限刻画为风险投资参与度,将企业内部控制信息披露质量(ICIDQ)界定为及时性、真实性、完整性维度,在利用主观与客观赋值相结合的方法对ICIDQ进行了测度的基础上,论文实证考察了风险投资参与度对企业内部控制信息披露质量的影响。结果表明:相对于无风险投资背景的上市公司,有风险投资背景的上市公司的内部控制信息披露质量更高;并且,参与度越高其相关性越显著。
Based on the theory of signal transmission and the perspectives of demand and opportunity, this paper analyzes the impact of venture capital participation on the disclosure of internal control information of listed companies in China. Further, the venture capital firm’s shareholding ratio and the duration of the shareholding are described as venture capital participation. The definition of ICIDQ is defined as timeliness, authenticity and completeness. In the process of using subjective and objective valuation Based on the measurement of ICIDQ, the paper empirically examines the impact of venture capital participation on the quality of corporate internal control information disclosure. The results show that listed companies with venture capital background have higher quality of internal control information disclosure than listed companies with risk-free investment background. And the higher the degree of participation, the more significant the correlation is.