由被投資公司公司治理因子探討創投公司績效之問題

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Title:	由被投資公司公司治理因子探討創投公司績效之問題
Other Titles:	Venture capital performance evaluation : from the perspective of corporate governance in invested company
Authors:	林秀芬;Lin, Hsiu-Fen
Contributors:	淡江大學會計學系碩士在職專班林谷峻;Lin, Ku-Jun
Keywords:	創業投資;公司治理;經營績效;Venture capital;corporate governance;Performance
Date:	2012
Issue Date:	2012-06-21 06:39:14 (UTC+8)
Abstract:	本研究主要目的是創投公司對於被投公司之公司治理因素與被投公司績效之關聯性、被投公司之公司治理因素與投資公司投資績效之貢獻度。選取之樣本區間為2007年1月至2011年6月所投資之案件，資料來源取自各被投資公司之財務報告書、年報資料及實地拜訪公司取得相關等資訊。因此成立二個假說，分述如下假說一︰實證結果發現，被投公司董事會結構中董事會規模大小、設立獨立董事人數多寡，股權結構中董監事持股比例高低、大股東持股比例高低、機構法人持股比例高低，均為顯著且正向的影響。假說二︰實證結果發現，被投公司股權結構中大股東的持股比例越高投資公司投資績效就越好，被投公司管理型態中董事長與總經理同為一人及最大股東擔任董事長投資公司投資績效就越好。研究結果顯示，個案創投公司偏好公司治理機制較佳的投資標的，如機構法人持股比例越高，則越肯定其經其績效和未來的發展，有較高的持股意願。 This study observes the relationship between investee’s corporate governance and its own performance, and the relationship between investee’s corporate governance and investment performance of a venture capital company. Sample data was selected from January 2007 to June 2011, including the investee company''s financial reports, annual report and on-site visits. The empirical result shows that, for the investees’ corporate governance and its own performance, the investee''s board size, the number of independent directors, the ownership of directors, the ownership of major stockholder and the ownership of institutional entity have positive influence on investee’ performance. Our empirical result also suggests that the investees’ ownership of major stockholder has positive influence on venture capital’s investment performance. Also, it the investees’ chief director and chief executive officer is the same person, or the major shareholder is also the chief director, the venture capital may have better investment performance. The result shows this venture capital should invest companies with better corporate governance. The ownership of institutional entity, the concentration of ownership and the centralization is critical to operating and investment performance.
Appears in Collections:	[Graduate Institute & Department of Accounting] Thesis

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