Venture capital and stock price informativeness: Evidence from China
研究发现中国风险投资为追求短期退出收益会降低被投公司的股价信息含量，尤其当风投有更强能力、动机和意愿操纵信息时，而内外部监督可缓解这一负面效应。
Abstract This study shows that, unlike the positive role played by other institutional investors documented in the literature, venture capital (VC) in pursuit of short‐term gains through exit strategies reduces the stock price informativeness of portfolio companies, especially when VC is associated with a higher level of the ability (longer‐term VC directors, large VC syndicate), incentive (private VC sponsors), and willingness (less reputable VCs) to manipulate information. Furthermore, internal and external monitoring helps mitigate the negative impact of VC on stock price informativeness. Finally, earnings management and reduced information disclosure mediate the relationship between VC involvement and stock price informativeness.