School of Business, Renmin University of China, Beijing 100872, China.
Comput Intell Neurosci. 2022 May 31;2022:4589593. doi: 10.1155/2022/4589593. eCollection 2022.
With the continuous expansion of global investment institutions, the development of the investment industry is gradually accelerating, but the risks behind the investment are also constantly increasing. Using the data of A-share companies in China's capital market from 2010 to 2019, this paper studies the impact of venture capital on corporate fraud. Empirical results show that venture capital holdings reduce the probability and frequency of corporate fraud. These findings remain robust after mitigating endogeneity using PSM, Heckman's two-step, one-step approach, suggesting a causal relationship between venture capital holdings and fraud reduction. Further research shows that the way venture capital holdings reduce corporate fraud is to suppress corporate fraud by improving the company's internal and external information environment. Furthermore, venture capital holdings play an important role in the governance of corporate disclosure fraud and operational fraud, but not in the governance of TMT fraud. In addition, the venture capital has better inhibitory effects on the supervision and governance of the fraud frequency of nonstate-owned enterprises compared with state-owned enterprises. The results of this research imply that venture capital shareholding plays an important role in preventing corporate fraud. This study contributes to the researches about the value-added role of venture capital and reveals the governance effect of venture capital on corporate fraud. Besides, it provides the theoretical evidence for capitals to better serve the real economy.
随着全球投资机构的不断扩张，投资行业的发展逐渐加快，但投资背后的风险也在不断增加。本文利用中国资本市场 2010-2019 年 A 股上市公司的数据，研究了风险投资对企业欺诈的影响。实证结果表明，风险投资持股降低了企业欺诈的概率和频率。使用 PSM、Heckman 的两阶段和一步法缓解内生性后，这些结果仍然稳健，表明风险投资持股与欺诈减少之间存在因果关系。进一步的研究表明，风险投资持股通过改善公司内部和外部信息环境来抑制企业欺诈。此外，风险投资持股在公司披露欺诈和运营欺诈的治理中发挥着重要作用，但在 TMT 欺诈的治理中不起作用。此外，风险投资对非国有企业欺诈频率的监管和治理具有更好的抑制作用，而对国有企业则没有。本研究结果表明，风险投资持股在防止企业欺诈方面发挥着重要作用。本研究有助于研究风险投资的增值作用，并揭示风险投资对企业欺诈的治理效应。此外，它为资本更好地为实体经济服务提供了理论依据。
