創投對新創公司長短期報酬率影響之實證研究

The Initial and Long-Run Returns of Venture Capital-Backed Initial Public Offerings

謝志柔(Joyce Hsieh) ； 李麗君(Michelle Lee)

《玄奘管理學報》 8卷1期 (2011/03) Pp. 27-48

https://doi.org/10.29593/YYWYLL.201103.0002

摘要

本文探討創投介入之IPOs其長短期投資報酬率，並獲得兩個主要結果。第一，台灣創投業者對新創公司的期初報酬率無認證功能。第二，創投介入的IPO公司相對於無創投介入者並無較佳的長期報酬率。實證結果顯示過去幾年受困於投資環境不佳因素，創投業者對新創公司的扶持力道減緩。創投投資之資金銳減將不利於國內尖端科技的蓬勃發展。

關鍵字

長短期報酬率 ； 創投 ； 新上市股票

並列摘要

This paper investigates the initial and long-run returns of venture capital-backed IPOs. Two key findings emerge. First, venture capitalists (VC) in Taiwan do not play a certification role in reducing the underpricing of start up companies. Second, VC-backed IPOs do not perform better than their non-VC-backed counterparts in the long run. Our empirical findings show that venture capitalists have cut back on their support for start up companies over the past several years because of the deterioration in the investment climate. The retreat of venture capital financing would adversely affect the development of state-of-the-art technologies.

並列關鍵字

Initial and long-run returns ； Venture capital ； Initial public offerings