创业板公司风险投资对财务治理效率影响研究

风险投资在投资目的、方式、收回等方面与传统投资有很大区别，研究此投资框架下各项财务治理行为对企业财务治理效率的影响，能够有针对性地指导企业完善治理措施，提高治理效率。创业板是我国风险投资参与面最广的上市公司板块，以创业板2009—2013年期间IPO上市公司为研究对象，采用实证研究方法，分析风险投资对上市公司财务治理效率的作用及其形式。结果显示，风投方持股比例越高，参与时间越长，在董事会、监事会高管中拥有席位越多，财务治理效率就越高，但创业板中的联合投资存在“搭便车”现象。上市公司应努力完善并调整企业相关制度和治理结构，风险投资机构加强合作，以最终实现高效的财务治理。

Research into GEM Company's Risk Investment on Financial Treatment Efficiency

Compared with traditional investment, risk investment has big differences in investment objective, method and retrieval. The research into the influence of various financial treatment behaviors on financial treatment efficiency can pointedly guide company to improve treatment measures and increase treatment efficiency. GEM is China''s national listed company board which has the widest risk investment participation. The paper takes IPO companies from 2009 to 2013 as research objects and studies the influence degree and method of risk investment in GEM on financial treatment efficiency of listed companies. The research shows that if shareholding ratio of risk investment is higher, the participation time is longer, seats in board of directors and board of supervisors are more and the financial treatment efficiency is higher, but the united investment in GEM has the free-rider phenomenon. Therefore, listed companies should work hard to perfect and adjust relevant system and treatment structure and risk investment organizations should strengthen cooperation in order to improve financial treatment efficiency of various risk investment parties.