Pembiayaan Modal Teroka: Kesan Maklumat Asimetri ke Atas Prestasi Usaha Niaga

Fauzias Mat Nor, Mohmad Adnan Alias, Shamshubaridah Ramlee, Al-Azmi Bakar

Abstract


ABSTRACT
This study examines and presents empirical evidence on the impact of asymmetric information on the performance of investee companies (ICs). The asymmetric information of concern is one that arises between ICs as the fund recipients and their respective financial providers (venture capital firms, VCFs). A survey method is adopted on 43 VFCs and 49 ICs in Malaysia. The paired sample t-test and MANOVA techniques are used to test the hypothesis. The result shows that asymmetric information gives an impact on the venture performance, whereby high asymmetric information contributes to the venture failure, while low asymmetric information contributes to the venture success. Asymmetric information contributes up to 52% towards the failure of business ventures but only up to 45% in the case of successful business ventures. It is hoped that the finding of the study could provide some insights and suggestions to the government, as the policy-maker, to prepare the procedure, guidelines and standardized transparent contract mechanism in order to reduce asymmetric information between VCFs and ICs and subsequently increase the success rate of of this industry.
ABSTRAK
Kajian ini mengkaji dan memberikan bukti empirik berhubung kesan maklumat asimetri ke atas prestasi sesebuah usaha niaga (iaitu syarikat penerima pelaburan, SPP). Maklumat asimetri yang dikaji adalah yang wujud antara SPP sebagai penerima biaya dengan firma modal teroka (FMT) sebagai pembiayanya. Kaedah soal selidik digunakan ke atas 43 buah FMT dan 49 buah SPP yang beroperasi di Malaysia. Ujian-t sampel berpasangan dan MANOVA digunakan bagi menguji hipotesis kajian. Didapati maklumat asimetri memberi kesan kepada prestasi usaha niaga, yang mana maklumat asimetri yang tinggi menyumbang kepada kegagalan usaha niaga, manakala maklumat asimetri yang rendah menyumbang kepada kejayaan usaha niaga. Maklumat asimetri menyumbang sehingga 52% kepada usaha niaga yang gagal tetapi hanya sehingga 45% sahaja kepada usaha niaga yang berjaya. Penemuan kajian ini diharap mampu memberikan sumbangan dalam membantu kerajaan sebagai penggubal dasar untuk menyediakan prosedur, peraturan, dan mekanisme kontrak yang standard dan telus bagi mengurangkan maklumat asimetri antara FMT dengan SPP dan seterusnya meningkatkan kadar kejayaan industri ini.


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