臺灣博碩士論文加值系統

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。

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.

目錄
摘要.............................................................I
Abstract........................................................II
誌謝............................................................III
第一章　緒論.......................................................1
第一節　研究背景與動機..............................................1
第二節　研究目的...................................................2
第三節　研究架構與研究流程圖........................................3
第二章　文獻探討...................................................5
第一節　創業投資對被投資公司經營績效之文獻............................5
第二節　創業投資聲譽之文獻..........................................8
第三節　創業投資對被投資公司股價之文獻...............................10
第三章　研究方法..................................................13
第一節　研究假說設立...............................................13
第二節　研究資料..................................................15
第三節　變數定義..................................................16
第四節　實證模型..................................................20
第四章　實證結果..................................................23
第一節　經營績效..................................................24
第二節　股價......................................................30
第五章　結論與建議.................................................34
第一節 結論.......................................................34
第二節 建議.......................................................35
參考文獻..........................................................36

表目錄
表4-1各年度初次上市(櫃)高科技公司及創投有無參與統計...................23
表4-2創投對初次上市(櫃)公司後一年經營績效之迴歸分析結果................25
表4-3創投對初次上市(櫃)公司後兩年經營績效之迴歸分析結果................27
表4-4創投對初次上市(櫃)公司後三年經營績效之迴歸分析結果................29
表4-5創投對初次上市(櫃)公司股價之迴歸分析結果-累積異常報酬.............31
表4-6創投對初次上市(櫃)公司股價之迴歸分析結果-買進持有異常報酬..........33
圖目錄
圖1-1研究流程圖.....................................................4

中文文獻
1.蘇拾忠（主編）（2012）。台灣創業投資年鑑。台北市：中華民國創業投資商業同業公會。
2.王宗裕（2005）。股票長期超額報酬之基準模型分析。未出版碩士論文，國立中山大學，高雄。
3.李承彥（2007）。創業投資事業對高科技產業股價報酬之影響。未出版碩士論文，南華大學，嘉義。
4.邱正仁、周庭楷與陳育如（2007）。創投聲譽對初次上市櫃公司長期股價與營運績效影響之研究。交大管理學報，27（1），115-167。
5.倪衍森與鄭景原（2002）。台灣地區創業投資事業對高科技公司上市上櫃影響之研究。淡江人文社會學刊，10，35-62。
6.徐清俊與賴紀潔（2005）。創業投資事業對被投資公司經營績效之影響研究-以國內上市上櫃高科技產業為例。東南論壇季刊，450，25-45。
7.許培基、陳隆麒與謝劍平（1999）。台灣地區創業投資公司投資行為之研究-以「聲譽模式」為分析架構。輔仁管理評論，6（2），71-100。
8.郭峻韶（2002）。台灣創業投資公司之績效評估。未出版碩士論文，東吳大學，台北。
9.詹靖怡（1999）。新上市股票長期績效-有無創投公司投資之實證研究。未出版碩士論文，國立政治大學，台北。
10.劉立詩（1999）。新上市公司股權結構與股票長期績效之研究。未出版碩士論文，國立中山大學，高雄。
11.劉松瑜（2007）。創業投資事業對高科技公司價值提升之研究。管理與系統，14（1），27-49。
12.謝志柔（2013）。創投所扶持的新創公司之財務績效。文大商管學報，18（1），21-48。
英文文獻
1.Barber, B. M. & Lyon, J. D. (1997). Detecting Long-run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics. Journal of Financial Economics, 41(3), 341-372.
2.Barry, C. B., Muscarella, C. J., Peavy III, J. W., & Vetsuypens, M. R. (1990). The Role of Venture Capital in the Creation of Public Companies: Evidence from Going-public Process. Journal of Financial Economics, 27(2), 447-471.
3.Brav, A. & Gompers, P. (1997). Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies. Journal of Finance, 52(5), 1797-1821.
4.Doukas, J. A. & Gonenc, H. (2005). Long-term Performance of New Equity Issuers, Venture Capital and Reputation of Investment Bankers. Economic Notes, 34(1), 1–34.
5.Gompers, P. A. (1996). Grandstanding in the Venture Capital Industry. Journal of Financial Economics, 42(1), 133-156.
6.Hamao, Y., Packer, F., & Ritter, J. R. (2000). Institutional Affiliation and the Role of Venture Capital: Evidence from Initial Public Offerings in Japan. Pacific-Basin Finance Journal, 8(5), 529-558.
7.Jain, B. A. & Kini, O. (1995). Venture Capitalist Participation and the Post-issue Operating Performance of IPO Firms. Managerial and Decision Economics, 16(6), 593-606.
8.Kaneko, T. & Pettway, R. H. (2003). Auctions Versus Book Building of Japanese IPOs. Pacific-Basin Finance Journal, 11(4), 439-462.
9.Krishnan, C. N. V., Ivanov, V. I., Masulis, R. W., & Singh, A. K. (2011). Venture Capital Reputation, Post-IPO Performance and Corporate Governance. Journal of Financial and Quantitative Analysis, 46, 1295-1333
10.Lerner, J. (1994). Venture Capitalists and the Decision to Go Public. Journal of Financial Economics, 35(3), 293-316.
11.Megginson, W. L. & Weiss, K. A. (1991). Venture Capitalist Certification in Initial Public Offerings. Journal of Finance, 46(3), 879-903.
12.Mitchell, M. L. & Stafford, E. (2000). Managerial Decisions and Long-Term Stock Price Performance. Journal of Business, 73, 287-329.
13.Nahata, R. (2008). Venture Capital Reputation and Investment Performance. Journal of Financial Economics, 90(2), 127-151.
14.Ritter, J. R. (1991). The Long-Run Performance of Initial Public Offerings. Journal of Finance, 42(1), 3-27.
15.Sagari, S. B. & Guidotti, G. (1992). Venture Capital: Lessons from the Developed World for the Developing Market. Washington, D. C.: World Bank.