創投是否已失去對新創公司的扶持能力?以上市(櫃)之高技產業為研究對象

論文提要內容：自2000年政府取消創投事業股東的租稅優惠，再加上2001年全球經濟步入衰退期，使得創投事業資金來源驟減。再加上近幾年來創投逐漸將投資比重傾向於投資新創公司的、晚期(擴充期加成熟期)以達到規避及降低風險，尋求穩定及保本為優先的投資考量。針對投資環境背景的變遷，本研究欲探討近幾年創投是否對新創公司依然具有扶持能力。本研究主要選取台灣2001年至2008年初次上市(櫃)的公司，踢除上櫃轉上市及非高科技產業之傳統產業、金融業、及其他非高科技產業的公司，結果共挑選出199家高科技產業的樣本數。其中包含了生技醫療業9家、電腦及週邊設備業26家、光電業41家、通信網路業18家、電子零組件業39家、電子通路業6家、資訊服務業5家、其他電子業17家、電機機械業3家及半導體業35家。本研究設定有創投事業介入的界定標準有3項，符合其中一項即列入有創投介入。此即為創投股東的持股比例達到5%或創投股東佔被投資公司董監事席次有一席以上或創投股東有介入被投資公司的經營團隊，只要達到其中一項標準即符合有創投事業介入的標準。結果從199家高科技產業的樣本中，篩選出60家有創投資介入的公司，與139家沒有創業投資事業參與的樣本。在進行廻歸分析後，發現創投介入與期初報酬率是不顯著的正相關，顯示創投的介入對期初報酬沒有認證的效果。另外，創投介入與長期報酬表現呈現顯著的負相關，顯示有創投介入的IPO，其長期報酬不佳。可見近幾年因創投投資方向的轉變及其他相關影響，使得創投漸失對新創公司的影響及扶持能力。

關鍵字

創投；初次上市；期初報酬率；長期報酬率

並列摘要

Abstract: Since the government cancelled the venture capitals shareholders’ tax since 2000, in addition, the global economy stepped into decline phase in 2001. It causes the venture capital funds sharply reduce. The worse condition is that the venture capital funds like to invest the funds into the Expansion and Mezzanine stage gradually in recent years to evade and reduce the in-vesting risk, and priority seek to stabilize for their invest. According to the changes of the in-vesting environment background, We wonder if the venture capitals still have the capabilities to support the start-ups in recent years. In this paper, we collect 199 samples of listed Hi-Tech industries from 2001 to 2008 in Tai-wan . We set three kinds of criterion to select the VC sample, The result is that 60 for VC and 139 for NON-VC. After taking the regression, we find the VC has no any effect to the initial return but has a significant effect to the long term return. It shows that the VC involves more, the long term return worse. The result evidences the VCs has already lost its capabili-ties to support the start-ups gradually.

並列關鍵字

venture capital ； initial returen ； long term return

參考文獻

A Jain and Omesh Kini.(1995) “Venture Capitalist Participation and the Post-issue Operating Performance of IPO Firms，” Managerial and Decision Economics (1986-1998). Chichester: Vol. 16, Iss. 6; pg. 593, 14 pgs.

Arikawa Yasuhiro and Gael Imad'Eddine(2010) “Venture Capital Affiliation with Underwriters and the Underpricing of Initial Public Offerings in Japan,” SSRN Working Paper Series.

Quarterly(2002) “ Role of Venture Capitalists in IPO Corporate Governance

Beatty, Randolph P and Ritter, Jay R.(1986) “Investment Banking, Reputation, and the Underpricing of Initial Public Offerings，”Journal of Financial Eco-nomics. Amsterdam: Jan/Feb 1986. Vol. 15, Iss. 1,2; pg. 213, 20 pgs.

Berkeley(1995)“The venture capitalist: A relationship investor，”California Management Review Vol. 37, Iss. 2; pg. 101, 14 pgs.

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創投是否已失去對新創公司的扶持能力?以上市(櫃)之高技產業為研究對象

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