迴歸模型分析結果顯示：（1）創投介入的公司在IPO時股票發行規模越大，反而造成長期資產使用效率下降。（2）增加資本預算可導致公司較佳的長期營運績效。（3）創投的介入可以導致被投資公司擁有較佳的長期營運績效。（4）上市公司的長期營運績效表現顯著優於上櫃公司。 It has been 30 years since the introduction of venture capital system from USA in 1982. In the past, Taiwanese venture investing mainly concentrates on high-tech industries. Accompany with stock market and economy growth, a booming development of Taiwanese information technology industry is created. Over the past decade, Taiwanese venture capital industry faced seriously political and economic challenges. The government repealed the tax credit in 2000 and the negative impact was further emphasized by internet bubble burst. Moreover, global financial crisis occurred in 2008. Poor investment environment and economy recession affected VC’s capital exit and operating performance.
In order to test the certification role of venture capitalists in the IPO market, we use 255 Taiwanese IPO firms in 2004-2007 periods and find VC-backed IPOs’ operation performance is not better and non-VC-backed IPOs’. VC''s certification role is not obvious.
We find the IPO firms exhibit a decline in post-issue operating performance. The VC group demonstrates relatively superior operating performance compared to the non-VC group.
The regression analysis shows：（1）The increase in IPO offer amount is associated with a decline in operating return on assets.（2）The increase in capital expenditure is associated with a increase in ROA.（3）The changes in operating performance are significantly positively related to VC-backed firms rather than non-VC-backed firms. （4）The operating performance are significantly positively related to companies public issued in TSE market rather than OTC market .