风险资本支持是否改善了披露控制和程序? 来自管理层IPO后披露的证据
Douglas Cumming1,2, Lars Helge Hass3, Linda A Myers4
1Florida Atlantic University, Boca Raton, FL USA.
Journal of business ethics : JBE
|October 6, 2023
概括
风险资本 (VC) 的支持加强了新上市公司的披露控制,从而减少了内部控制的弱点. 风险投资公司的披露更具信息性,表明财务报告质量更高.
科学领域:
- 企业金融公司财务
- 会计信息系统 会计信息系统
- 财务报告 财务报告 财务报告
背景情况:
- 公司管理人员的道德决策影响披露质量,影响业绩,利操纵和欺诈.
- 披露控制和程序对于新上市的公司在像萨班斯-奥克斯利法案这样的监管环境中至关重要.
研究的目的:
- 调查风险资本 (VC) 支持对新上市公司披露控制的质量和信息性的影响.
- 确定风险投资公司的附属关系是否会影响内部控制的稳定性以及随后的财务披露的信息性.
主要方法:
- 对新上市公司的分析,将风险投资支持的公司与非风险投资支持的同行进行比较.
- 根据"萨班斯-奥克斯利法案"第302条,审查内部控制的重大缺陷.
- 评估披露的信息性,并通过随后的财务报表重新陈述来代替.
主要成果:
- 风险投资支持的公司表现出更强有力的披露控制,这可以从内部控制中较少出现重大缺陷的情况来证明.
- 风险投资支持公司的披露更具信息性,并且与后续财务报表重新陈述的可能性更高有关.
- 这表明风险投资支持的新公共实体的透明度和问责制有所提高.
结论:
- 风险资本支持与新上市公司的信息披露控制和程序的质量改善有关.
- 风险投资公司的附属性提高了财务披露的信息性,可能减少信息不对称.
- 这些发现对IPO市场的投资者,监管机构和公司治理实践产生了影响.
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