創投參與對生技產業經營績效之非線性影響

Non-linear Effect of Venture Capital on Operating Performance of Biotech Industry

徐培勛(PEI-HSUN HSU)

指導教授 ： 聶建中

共同指導教授 ： 劉文謙

淡江大學/商管學院/財務金融學系碩士班/碩士(2016年)

https://doi.org/10.6846/TKU.2016.00786

摘要

生技產業是台灣未來的明星產業之一，創投更在其中扮演重要的腳色，本研究以Gonza'lez, Teräsvirta and van Dijk（2004, 2005）之縱橫平滑移轉迴歸模型。以創投持股比率做為門檻變數，分析創投在不同持股比率下，創投參與、總資產、負債比率對ROA和股價之影響。
實證研究發現，就ROA而言，創投持股比率大於1.9038%，創投參與對ROA為顯著負相關，就股價而言，創投持股比率大於2.0097%和小於0.9643%創投參與對股價為顯得正相關；創投持股比率介於0.9643%與2.0097%時，由於創投開始減少持股，故創投參與對股價為顯著負相關。建議投資人可在創投持有2%以上股權的第一年開始投資，等到ROA好轉，股價同時創新高時，可隨著創投開始減少手中持股，先行獲利了結。

關鍵字

創業投資 ； 生技產業 ； 創投持股比率 ； 縱橫平滑移轉迴歸模型

並列摘要

Biotech industry is one of the star industry in Taiwan. Venture Capital also play an important role in biotech industry. This study uses Gonza'lez, Teräsvirta and van Dijk（2004, 2005）Panel Smooth Transition Regression. Using VC-Holding Ratio as a threshold variable, I analysis how venture capital affects operating performance of biotech industry in different VC-Holding Ratio.
Empirical results show that VC is negatively associated with ROA when VC-Holding Ratio is greater than 1.9038%. When VC-Holding Ratio is ranged between 0.9643% and 2.0097%, VC is positively associated with Stock Price. When VC-Holding Ratio is ranged between 2.0097% and 0.9643%, VC is negatively associated with Stock Price. Finally, I suggest investor can buy the stock when VC invest it at first year. When VC reduce their holding ratio, investor can sell the stock by ROA to be better, Stock Price to be higher.

並列關鍵字

Venture Capital ； Biotech Industry ； VC-Holding Ratio ； Panel Smooth Transition Regression

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