创业投资与公司治理:基于董事会结构的实证研究
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财经研究 2011 年 第 37 卷第 07 期, 页码：49 - 60
摘要
参考文献
摘要
文章通过对2006-2010年在我国境内首次公开上市(IPO)的658家企业董事会规模和结构的分析,探讨了现阶段正蓬勃发展的创业投资对公司治理的影响。研究发现,与非创业投资支持的企业相比,创业投资支持的企业拥有规模较大和内部董事比例较小的董事会。对于外部董事内部结构的分析表明,创业投资支持的企业董事会中非独立董事的比例显著较大,但独立董事比例却显著较小。回归结果显示,创业投资虽然在一定程度上有助于抑制管理层在董事会的地位,但其主要是通过增加非独立董事和扩大董事会规模影响董事会结构,并未提高董事会的独立性,甚至显著降低了独立董事的比例,削弱了董事会的监督功能。
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[3]王兰芳,王苏生.公开市场信号对创业投资决策和绩效的影响[J].经济学(季刊),2011,10(1):183-208.
[4]Baker M,Gompers P.The determinants of board structure at the initial public offering[J].Journal of Law and Economics,2003,46(2):569-598.
[5]Barry C,Muscarella C,Peavy J,et al.The role of venture capital in the creation of publiccompanies:Evidence from the going-public process[J].Journal of Financial Economics,1990,27(2):447-471.
[6]Boone A,Field L,Karpoff J,et al.The determinants of corporate board size and compo-sition:An empirical analysis[J].Journal of Financial Economics,2007,85(1):66-101.
[7]Bottazzi L,Rin M,Hellmann T.Who are the active investors?Evidence from venturecapital[J].Journal of Financial Economics,2008,89(3):488-512.
[8]Campbell T,Frye M.Venture capitalist monitoring:Evidence form governance struc-tures[J].Quarterly Review of Economics and Finance,2009,49(2):265-282.
[9]Hellmann T,Puri M.The interaction between product market and financing strategy:The role of venture capital[J].Review of Financial Studies,2000,13(4):959-984.
[10]Kaplan S,Strmberg P.Financial contracting theory meets the real world:An empiricalanalysis of venture capital contracts[J].Review of Economic Studies,2003,70(2):281-315.
[11]Lee P,Wahal S.Grandstanding,certification and the underpricing of venture capitalbacked IPOs[J].Journal of Financial Economics,2004,73(2):375-407.
[12]Lerner J.Venture capitalists and the decision to go public[J].Journal of Financial Eco-nomics,1994,35(3):293-316.
[13]Morsfield S,Tan C.Do venture capitalists influence the decision to manage earnings ininitial public offerings?[J].Accounting Review,2006,81(5):1119-1150.
[14]Sahlman W.The structure and governance of venture-capital organizations[J].Journalof Financial Economics,1990,27(2):473-521.
[15]Wang L,Wang S.Cross-border venture capital performance:Evidence from China[J].Pacific Basin Finance Journal,2011,19(1):71-97.
[16]Suchard J.The impact of venture capital backing on the corporate governance of Australianinitial public offerings[J].Journal of Banking and Finance,2009,33(4):765-774.
引用本文
王兰芳. 创业投资与公司治理:基于董事会结构的实证研究[J]. 财经研究, 2011, 37(7): 49–60.
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