創投參與對被投資IPO公司營運績效之影響

淡江大學機構典藏 > 商管學院 > 國際企業學系暨研究所 > 學位論文 > Item 987654321/87272

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题名:	創投參與對被投資IPO公司營運績效之影響
其它题名:	The operating performance of venture capitalist-backed initial public offerings
作者:	羅碧盈;Lo, Pi-Ying
贡献者:	淡江大學國際商學碩士在職專班謝志柔
关键词:	營運績效;創業投資;Operating Performance;Venture capital
日期:	2012
上传时间:	2013-04-13 10:55:05 (UTC+8)
摘要:	台灣於1982年度自美國引進創投制度，至今已有三十年的歷史，過去台灣創投主要著重於高科技產業的投資，配合國內經濟的成長及股市的熱絡，造就了國內科技產業的蓬勃發展。近十年來，我國創投事業面臨了政治與經濟的劇烈挑戰，2000年科技泡沫化，以及政府取消創投事業股東的租稅優惠。2008年受到金融海嘯影響，全球經濟大衰退。投資環境不佳、景氣尚未完全脫離谷底影響了創投業者的資金退出與經營績效。為了瞭解近年來創投的介入是否仍對其所扶植之新創公司有認證的效果，我們蒐集了2004-2007年間初次上市(櫃)公司共255家為研究對象，結果顯示創投支持的公司其IPO時營運績效表現並未比非創投支持之上市櫃公司佳，創投的認證效果並不明顯。在上市櫃後1-3年的長期營運績效指標部份，二組樣本公司在IPO之後營運績效會呈現衰退的現象，但創投介入會導致上市櫃公司營運績效衰退的幅度較為輕微。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 The government repealed the tax credit in 2000 and the negative impact was further emphasized by internet bubble burst.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 .
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