分析師推薦對創投及非創投的IPO公司的影響

Analyst Recommendation for VC and Non-VC backed IPOs

劉翠婷(Tsui-Ting Liu)

指導教授 ： 梁婉麗

元智大學/管理學院/商學碩士班(財務金融學程)/碩士(2011年)

摘要

我們探討及比較分析師對於創投公司支持的公司與非創投公司支持的公司的推薦的差異。過去研究對於有創投公司支持的IPO公司和非創投公司支持的IPO公司的表現好壞，並沒有得到一致的結果。這些不一致的結論促使我們想要檢視是否分析師對於這兩個不同的團體有不同的觀點。另外，我們也檢驗公司的特徵，想了解分析師在給IPO公司推薦報告時所考慮的原因。最後，根據我們的研究結果顯示，分析師們偏好給予創投支持的IPO公司較佳的推薦。

關鍵字

創投 ； 公司特性

並列摘要

We investigates the analyst recommendations for venture capital backed (VC backed) initial public offerings (IPOs) versus Non-venture capital backed (Non-VC backed) initial public offerings. Some previous studies show that VC backed IPOs get better performance than Non-VC backed IPOs while some other literature does not. These inconsistent conclusions for the effect of VC backed firm induce us to examine whether there is different between these two groups from the view of analysts. In addition, we examine the firms’ characteristics to realize the analysts’consideration for the start-ups. Our results indicate that analysts do prefer to issue better recommendation for the VC backed IPOs than Non-VC backed IPOs.

並列關鍵字

analyst recommendation ； venture capital ； firms’ characteristics

參考文獻

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