台灣企業創投對產業價值績效影響之研究

The Influence of Corporate Venture on The Valuation of Taiwanese Industry

陳淑芬(Shu-Fen Chen)

指導教授 ： 謝志柔

淡江大學/商學院/國際商學碩士在職專班/碩士(2008年)

https://doi.org/10.6846/TKU.2008.00403

摘要

觀察近年來在多數的文獻中，學者相繼探討創業投資對被投資公司之績效影響，亦有依創業投資屬性之角度，研究對被投資公司之績效關聯性。其後亦有單一研究企業創投的相關論文。但其研究方式為個案研究，而非透過財務數據來實證企業對投資新創公司之績效關聯性，以及以何種方式影響新創公司之績效。若從台灣之創投背景，以投資股東角度觀察之，法人公司即佔了整體股東結構中的36．44%；再者，因企業投資新創公司之間的營運關聯性相當高，故本研究欲探討，是否因著企業已擁有的經營市場之資源能力、財務及管理能力，能為新創公司帶來綜效；是否可因企業所具有的市場力量，使新創公司避免資源缺乏，而使新創公司在拓展業務及獲利方面，能有更佳的表現。
本研究主要選取之樣本區間為1999年至2006年初次上市之公司，排除上櫃轉上市，共取得102個樣本。其中50個企業創投樣本，52個非企業創投樣本，進行迴歸分析。發現即使企業創投在持股比例及董監事席次比例比非企業創投有顯著性之差別，卻不因此對新創企業在短、長期績效產生顯著性差異。但企業創投確實可縮短新創公司上市之時間。本研究再次證明，企業創投之投資目的並非以財務性為目標，而是以策略性為主軸，促使企業本身得以取得新技術、擴張市佔率，以因應科技日新月異，產品生命週期縮短，而必須一再創新，加速新產品開發，使企業得以永續生存。

關鍵字

企業創投 ； 初次上市 ； 經營績效

並列摘要

There are many studies have focused on the issue of influence in venture capital, what it create valuation and how influence the new venture as measured by their performance. Also a lot of researches have focused whether high or low levels of relatedness between a new venture and the parent firm leads to success. In Taiwan, a few studies to discuss corporate venture, most of their approach to research is by case study. Base on review of established firms may be well positioned to gain direct financial benefits from corporate venture due to privileged knowledge and the possession of complementary assets that enhance the value of their portfolio companies. In this paper, we tried to find whether corporate venture may offer valuable resource, financial and management capability to help their invested company to scan the environment for novel technologies that either threaten or complement core business and could generate synergy.
In this paper, we collect data from Taiwan Stock Exchange Corporation and analyze a panel of Taiwan public firms during 1999 –2006, we separate them into two groups, the sample of corporate venture capitals (CVC) is 50 and the sample of non-corporate venture capital (Non-CVC) is 52. We discovered CVC even hold more share ratio/ Seat(s) Occupied by Top Shareholder in relation to board size ratio than Non-CVC, does not create more valuation on their new investment. This founding consists with Chesbrough(2002), he concluded CVC did not create greater valuation when firms pursue corporate venture capital to harness novel technology. Moreover, even CVC could help their investment company to get bigger aggregation gross proceeds, but does not generate more financial gain. However, we find CVC could shorten the years be taken to public market board. The contribution of this paper we give evidences on the object of investment to CVC is strategy not financial. And CVC does not produce substantial, immediate returns from their investment. To CVC, venture capital will be a function of their strategic role. Thinking how to get novel technologies, expand their market share are importance things more than directly acquires financial benefits from their investment.

並列關鍵字

Corporate Venture ； Initial Public Offer ； Performance

參考文獻

Birkinshaw, J. Batenburg R.V.B. and Murray, G., 2002，”Venturing to succeed”, Business Strategy Review Vol. 13 Issue 4, pp. 10-17

Admati, A.R. and Pfleiderer, P., 1994，”Robust Financial Contracting and the role of Venture Capitalists”, Journal of Finance, Vol 49, No. 2, pp. 371-402

Parhankgas, A., 2001，”From a Corporate Venture to An Independent Company: A base for a Typology for Corporate Spin-Off Firms” pp. 274-275

Barry, C. Muscarella, C. Peavy Ⅲ, J. and Vetsupens, V. 1990，”The Role of Venture Capital in the Creation of Public Companies: Evidence from the Going-Public Process”, Journal of Financial Economics Vol.27, Issue 2, pp.447-471

Bradley, D.J. Jordan, B.D.,2002，”Partial Adjustment to Public Information and IPO Underpricing”, Journal of Financial and Quantitative Analysis Vol.37, No.4, pp. 595-616