CORE
🇺🇦
make metadata, not war
Services
Services overview
Explore all CORE services
Access to raw data
API
Dataset
FastSync
Content discovery
Recommender
Discovery
OAI identifiers
OAI Resolver
Managing content
Dashboard
Bespoke contracts
Consultancy services
Support us
Support us
Membership
Sponsorship
Community governance
Advisory Board
Board of supporters
Research network
About
About us
Our mission
Team
Blog
FAQs
Contact us
unknown
风险投资对上市公司投融资行为影响的实证研究
Authors
吴世农
吴超鹏
王璐
程静雅
Publication date
20 January 2012
Publisher
Abstract
本文研究风险投资机构对上市公司投融资行为的影响机制和作用效果,结果发现:风险投资的加入不仅可以抑制公司对自由现金流的过度投资,而且可以增加公司的短期有息债务融资和外部权益融资,并在一定程度上缓解因现金流短缺所导致的投资不足问题。进一步研究还发现不同特征的风险投资机构均可起到抑制自由现金流过度投资的作用,但只有高持股比例、高声誉、联合投资或非国有背景的风险投资机构才能够显著地改善外部融资环境,缓解现金短缺公司的投资不足问题。综合本文研究结果,作者认为企业上市后仍然可以利用风险投资机构的监督职能、声誉资源和融资关系网络来解决代理问题和信息不对称问题,进而促进企业投融资行为的规范化和理性化
Similar works
Full text
Open in the Core reader
Download PDF
Available Versions
Xiamen University Institutional Repository
See this paper in CORE
Go to the repository landing page
Download from data provider
oai:dspace.xmu.edu.cn:2288/174...
Last time updated on 16/06/2016