|其他題名: ||The influence of corporate venture on the valuation of Taiwanese industry|
|作者: ||陳淑芬;Chen, Shu-fen|
|關鍵詞: ||企業創投;初次上市;經營績效;Corporate Venture;Initial Public Offer;Performance|
|上傳時間: ||2010-01-11 01:25:19 (UTC+8)|
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.