創業投資對初次上市櫃公司經營績效及股價之研究

The Impact of Venture Capital on Operating Performance and Stock Price: Evidence from IPO Market

蔡孟妮(Meng-Ni Tsai)

指導教授 ： 洪振義 ； 李見發

朝陽科技大學/管理學院/財務金融系/碩士(2015年)

摘要

創業投資是由一群具有技術、專業知識和經驗的人操作，在投資方面會選擇具有潛力、新技術及快速成長的事業作為投資標的，並且參與其經營決策，當獲取較高的資本利得，將會退出公司之經營。在台灣，創業投資與高科技的發展是息息相關的，因此本研究欲探討創投如何影響初次上市(櫃)公司股價和經營績效，使用 2003 年至 2010 年初次上市(櫃)高科技公司為樣本和四個創投相關變數（創投是否參與初次上市(櫃)公司、創投的聲譽、參與被投資公司的創投家數以及創投的管理型態）探討創投如何影響初次上市(櫃)公司。
實證結果發現創投的參與會影響初次上市(櫃)公司的經營績效，對股價並沒有顯著影響，而以創投創立年數和創投基金規模作為創投聲譽的代理變數與公司的經營績效和股價有顯著的正相關，另外初次上市(櫃)公司若有較多的創投參與則該公司績效也越佳，委託管理的創投與公司績效有顯著正相關，但對公司股價並沒有顯著相關。

關鍵字

初次上市公司股票 ； 創投聲譽 ； 創業投資 ； 股價 ； 經營績效

並列摘要

Venture capitalists are a group of people who have skill, professional knowledge, and experience to operate them. In terms of investment, they will choose potential, new skill and fast growing business as investment target and join business’s management decision making. Venture capitalist would withdraw from management decision once they obtain high capital gain. In Taiwan, venture capital plays an important role on development of high-tech firms. This paper attempts investigates how venture capital affects the operating performance and stock price of high-tech firms during the periods from 2003 to 2010. We employ four variables to examine whether venture capital affects high-tech firms. The four variables are venture capital backed companies or non-venture capital backed companies, the reputation of venture capitalists, the number of venture capital backed companies and venture capitalists’ management style.
The empirical results show the evidence that high-tech firms with venture capital baked outperform firms without venture capital baked on operating performance. The proxy variables of venture capital reputation are the founding age of venture capital and venture capital’s fund. The results also find the reputation of venture capital is significantly positive correlations with operating performance and stock performance. Otherwise, the firms which have the number of venture capital are also significantly and positively related to the operating performance. There is positive relationship between the entrusted management of venture capital and operating performance, but negative relationship between the entrusted management of venture capital and stock performance.

並列關鍵字

IPOs ； Venture Capitalist Reputation ； Venture Capital ； Stock Price ； Operating Performance

參考文獻

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