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題名 社群網絡與創投基金輔助之新創公司創新績效之研究：以教育網絡為例
Social Network and R&D Productivity of the Venture Invested Entrepreneurial Team：the Case of Educational Network
作者 何哲睿
貢獻者 李文傑<br>王信實
何哲睿
關鍵詞 創業投資
教育網絡
研發能力
日期 2013
上傳時間 1-Jul-2014 12:18:39 (UTC+8)
摘要 過去研究提出創業投資案兩造雙方可透過教育網絡連結關係解決資訊不對稱及資訊蒐集成本問題，但過去在研究創投產業時，由於無法取得創投公司及被投資公司歷年的重要資料而無法進行追蹤調查，因此都屬於橫斷面的研究。本研究突破此一限制，我們從不同來源取得眾多研究資料，並透過人工整理方式成功將創投產業資料拓展成追蹤資料。本研究深入探究台灣的創投經理人與被投資公司董監經理人團隊過去的教育連結關係是否有助於提升並持續影響被投資公司自身的研發能力，並證實「教育網絡」關係對被投資公司專利申請數量或專利被引證次數確實有正面的影響。此外，創投經理人與被投資公司董監經理團隊的商學背景及理工背景比例對於研發能力也有顯著影響，無論是創投公司或被投資公司，其理工背景比例多寡均有助於提升被投資公司的研發能力；創投經理人商學背景的比例愈高對於提升被投資公司的研發能力有正面助益，然而，被投資公司的商學背景比例愈多反而會阻礙研發能力。另外，我們也發現創投團隊人數若太多，可能會因人多嘴雜而出現無法取得共識之後果，因此聯合投資反而會阻礙研發能力的提升。
The past researches investigating the venture capital market have the inconclusive views on the effect of social network link. The reason to this unanswered question is due to the lack of the reliable dataset in the venture capital market. This research instead answers the unsolved question by utilizing a constructed unique dataset in the Taiwanese venture capital market composed of the personal educational history in both the venture investment teams and the entrepreneurial teams. This research proposes that the overlapped educational link between the venture investment team and the entrepreneurial team has positive effect on the accumulated innovation capabilities. The tested outcome supports the main hypothesis that the strong educational link helps enahnce the innovation capabilities of the newly founded firms. Besides, the team composition of more science degree holders would also contribute positively to the better innovation results in both the venture investment teams and the new entrepreneurial teams.
參考文獻 1. 《Taiwan Venture Capital Industry 2012 Yearbook》, Taiwan Venture Capital Association, Taipei, Taiwan.
2. Akerlof G., 1970, “The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanis”, The Quarterly Journal of Economics 84(3)：488-500.
3. Bengtsson O. and Hsu D., 2013, “Ethnic Matching in the U.S. Venture Capital Market”, Working Paper.
4. Cohen L., Frazzini A. and Malloy C., 2008, “The Small World of Investing：Connections and Mutual Funds Returns”, Journal of Political Economy 116(5)：951-979.
5. Giannetti M. and Simonov A., 2009, “Social interactions and entrepreneurial activity”, Journal of Economics and Management Strategy 18：665-709.
6. Gompers P., Lerner J. and Scharfstein D., 2005, “Entrepreneurial Spawning：Public Corporations and the Genesis of New Ventures, 1986 to 1999”, Journal of Finance LX (2)：577-614.
7. Grossman S. and Hart O., 1986, “The Costs and Benefits of Ownership：A Theory of Vertical and Lateral Integration”, Journal of Political Economy 94(4)：691-719.
8. Hall B., Jaffe A. and Trajtenberg M., 2001, “The NBER Patent Citations Daya File：Lessons, Insights and Methodological Tools”, NBER Working Paper No. 8498.
9. Hall B., Jaffe A. and Trajtenberg M., 2005, “Market Value and Patent Citations”, The RAND Journal of Economics 36(1)：16-38.
10. Hamilton B., 2000, “Does Entrepreneurship Pay？An Empirical Analysis of the Returns to Self-Employment”, Journal of Political Economy 108(3)：604-631.
11. Hamilton B., 2000, “Does Entrepreneurship Pay？An Empirical Analysis of the Returns to Self-Employment”, Journal of Political Economy 108(3)：604-631.
12. Hart O. and Moore J., 1988, “Incomplete Contracts and Renegotiation”, Econometrica 56(4)：755-785.
13. Hirshleifer D., Hsu P. H., Li D., 2013, “Innovations Efficiency and Stock Returns”, Journal of Financial Economics 107 (2013)：632-654.
14. Hsu P. H., 2009, “Technological Innovations and Aggregate Risk Premium”, Journal of Financial Economics 94 (2009)：264-279.
15. Hurst E. and Pugsley B. W., 2011, “What Do Small Businesses Do？”, NBER Working Paper No. 17041.
16. Kaplan S. N. and Stromberg P., 2002, “Financial Contracting Theory Meets the Real World：An Empirical Analysis of Venture Capital Contracts”, Review of Economics Studies 70：281-315.
17. Lanjouw J. and Schankerman M., 2004, “Patent Quality and Research Productivity：Measuring Innovation with Multiple Indicators”, The Economics Journal 144：441-465.
18. Lee W. C., Hsu H.C., Lin T.C. and Wang S.S., 2014, “Venture Capital and Business Milestones：A Study of IT Entrepreneurship”, Working Paper.
19. Lerner J. and Malmendier U., 2012, “With a little help from my (random) friends: success and failure in post-business school entrepreneurship”, Working Paper.
20. Lerner J., 2012, 《Boulevard of Broken Dreams》.
21. Mankiw N. G., Romer D. and Weil D., 1992, “A Contribution to the Empirics of Economic Growth”, The Quarterly Journal of Economics 107(2)：407-437.
22. Nanda R., Sorensen J., 2010, “Workplace Peers and Entrepreneurship”, Management Science, Vol. 56, No. 7 (Jul. 2010), P.1116-1126.
23. Noldeke G. and Schmidt K. M., 1995, “Option Contracts and Renegotiation：A solution to the Hold-up Problem”, The RAND Journal of Economics 26(2)：163-179.
24. Pakes A. and Griliches Z., 1980, “Patents and R&D at the Firm Level：A First Look”, NBER Working Paper No. 561.
25. Rogerson W. P., 1992, “Contractual Solutions to the Hold-up Problems”, Review of Economic Studies 59：777-94.
26. Romer P., 1990, “Endogenous Technological Change”, Journal of Political Economy 98(5)：71-102.
27. Salanie B., 2005, 《The Economics of Contracts》, Chapter.6-7.
28. Saxenian A. and Hsu J. Y., 2001, “The Silicon Valley-Hsinchu Connection：Technical Communities and Industrial Upgrading”, Industrial and Corporate Change 10(4)：893-920.
29. Saxenian A., 1994, “Regional Advantage：Culture and Competition in Silicon Valley and Route 128”, Harvard University Press, Cambridge, MA.
30. Shane S., 2000, “Prior Knowledge and the Discovery of Entrepreneurial Opportunities”, Organization Science 11(4)：P.448-469.
31. Solow R., 1956, “A Contribution to the Theory of Economic Growth”, The Quarterly Journal of Economics 70(1)：65-94.
32. Trajtenberg M., 1990, “A Penny for Your Quotes：Patent Citations and the Value of Innovations”, The RAND Journal of Economics 21(1)：172-187.
描述 碩士
國立政治大學
經濟學系
101258024
102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101258024
資料類型 thesis
dc.contributor.advisor 李文傑<br>王信實zh_TW
dc.contributor.author (Authors) 何哲睿zh_TW
dc.creator (作者) 何哲睿zh_TW
dc.date (日期) 2013en_US
dc.date.accessioned 1-Jul-2014 12:18:39 (UTC+8)-
dc.date.available 1-Jul-2014 12:18:39 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2014 12:18:39 (UTC+8)-
dc.identifier (Other Identifiers) G0101258024en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/67173-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經濟學系zh_TW
dc.description (描述) 101258024zh_TW
dc.description (描述) 102zh_TW
dc.description.abstract (摘要) 過去研究提出創業投資案兩造雙方可透過教育網絡連結關係解決資訊不對稱及資訊蒐集成本問題，但過去在研究創投產業時，由於無法取得創投公司及被投資公司歷年的重要資料而無法進行追蹤調查，因此都屬於橫斷面的研究。本研究突破此一限制，我們從不同來源取得眾多研究資料，並透過人工整理方式成功將創投產業資料拓展成追蹤資料。本研究深入探究台灣的創投經理人與被投資公司董監經理人團隊過去的教育連結關係是否有助於提升並持續影響被投資公司自身的研發能力，並證實「教育網絡」關係對被投資公司專利申請數量或專利被引證次數確實有正面的影響。此外，創投經理人與被投資公司董監經理團隊的商學背景及理工背景比例對於研發能力也有顯著影響，無論是創投公司或被投資公司，其理工背景比例多寡均有助於提升被投資公司的研發能力；創投經理人商學背景的比例愈高對於提升被投資公司的研發能力有正面助益，然而，被投資公司的商學背景比例愈多反而會阻礙研發能力。另外，我們也發現創投團隊人數若太多，可能會因人多嘴雜而出現無法取得共識之後果，因此聯合投資反而會阻礙研發能力的提升。zh_TW
dc.description.abstract (摘要) The past researches investigating the venture capital market have the inconclusive views on the effect of social network link. The reason to this unanswered question is due to the lack of the reliable dataset in the venture capital market. This research instead answers the unsolved question by utilizing a constructed unique dataset in the Taiwanese venture capital market composed of the personal educational history in both the venture investment teams and the entrepreneurial teams. This research proposes that the overlapped educational link between the venture investment team and the entrepreneurial team has positive effect on the accumulated innovation capabilities. The tested outcome supports the main hypothesis that the strong educational link helps enahnce the innovation capabilities of the newly founded firms. Besides, the team composition of more science degree holders would also contribute positively to the better innovation results in both the venture investment teams and the new entrepreneurial teams.en_US
dc.description.tableofcontents 致謝 1
摘要 2
Abstract 3
目錄 4
表目錄 5
圖目錄 6

第一章 緒論 7
第一節 研究源起 7
第二節 研究動機 9
第二章 文獻回顧 12
第一節 創業經濟學 12
第二節 資訊不對稱與不完全契約問題 14
第三節 社會網絡連結 17
第四節 專利與研究發展能力 18
第三章 資料來源與整理 22
第一節 資料來源 22
一、社會網絡連結資料來源 22
二、專利與研究發展資料來源 23
第二節 資料整理 30
第四章 實證分析 32
第一節 研究假設 32
第二節 Panal Data模型說明 34
第三節 變數 38
一、 被解釋變數 38
二、 解釋變數 38
三、 控制變數 38
四、 創業投資記錄控制變數 39
第四節 迴歸模型 41
第五章 結論 46
參考文獻 47
附錄 50		zh_TW
dc.format.extent 1105455 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101258024en_US
dc.subject (關鍵詞) 創業投資zh_TW
dc.subject (關鍵詞) 教育網絡zh_TW
dc.subject (關鍵詞) 研發能力zh_TW
dc.title (題名) 社群網絡與創投基金輔助之新創公司創新績效之研究：以教育網絡為例zh_TW
dc.title (題名) Social Network and R&D Productivity of the Venture Invested Entrepreneurial Team：the Case of Educational Networken_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 1. 《Taiwan Venture Capital Industry 2012 Yearbook》, Taiwan Venture Capital Association, Taipei, Taiwan.
2. Akerlof G., 1970, “The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanis”, The Quarterly Journal of Economics 84(3)：488-500.
3. Bengtsson O. and Hsu D., 2013, “Ethnic Matching in the U.S. Venture Capital Market”, Working Paper.
4. Cohen L., Frazzini A. and Malloy C., 2008, “The Small World of Investing：Connections and Mutual Funds Returns”, Journal of Political Economy 116(5)：951-979.
5. Giannetti M. and Simonov A., 2009, “Social interactions and entrepreneurial activity”, Journal of Economics and Management Strategy 18：665-709.
6. Gompers P., Lerner J. and Scharfstein D., 2005, “Entrepreneurial Spawning：Public Corporations and the Genesis of New Ventures, 1986 to 1999”, Journal of Finance LX (2)：577-614.
7. Grossman S. and Hart O., 1986, “The Costs and Benefits of Ownership：A Theory of Vertical and Lateral Integration”, Journal of Political Economy 94(4)：691-719.
8. Hall B., Jaffe A. and Trajtenberg M., 2001, “The NBER Patent Citations Daya File：Lessons, Insights and Methodological Tools”, NBER Working Paper No. 8498.
9. Hall B., Jaffe A. and Trajtenberg M., 2005, “Market Value and Patent Citations”, The RAND Journal of Economics 36(1)：16-38.
10. Hamilton B., 2000, “Does Entrepreneurship Pay？An Empirical Analysis of the Returns to Self-Employment”, Journal of Political Economy 108(3)：604-631.
11. Hamilton B., 2000, “Does Entrepreneurship Pay？An Empirical Analysis of the Returns to Self-Employment”, Journal of Political Economy 108(3)：604-631.
12. Hart O. and Moore J., 1988, “Incomplete Contracts and Renegotiation”, Econometrica 56(4)：755-785.
13. Hirshleifer D., Hsu P. H., Li D., 2013, “Innovations Efficiency and Stock Returns”, Journal of Financial Economics 107 (2013)：632-654.
14. Hsu P. H., 2009, “Technological Innovations and Aggregate Risk Premium”, Journal of Financial Economics 94 (2009)：264-279.
15. Hurst E. and Pugsley B. W., 2011, “What Do Small Businesses Do？”, NBER Working Paper No. 17041.
16. Kaplan S. N. and Stromberg P., 2002, “Financial Contracting Theory Meets the Real World：An Empirical Analysis of Venture Capital Contracts”, Review of Economics Studies 70：281-315.
17. Lanjouw J. and Schankerman M., 2004, “Patent Quality and Research Productivity：Measuring Innovation with Multiple Indicators”, The Economics Journal 144：441-465.
18. Lee W. C., Hsu H.C., Lin T.C. and Wang S.S., 2014, “Venture Capital and Business Milestones：A Study of IT Entrepreneurship”, Working Paper.
19. Lerner J. and Malmendier U., 2012, “With a little help from my (random) friends: success and failure in post-business school entrepreneurship”, Working Paper.
20. Lerner J., 2012, 《Boulevard of Broken Dreams》.
21. Mankiw N. G., Romer D. and Weil D., 1992, “A Contribution to the Empirics of Economic Growth”, The Quarterly Journal of Economics 107(2)：407-437.
22. Nanda R., Sorensen J., 2010, “Workplace Peers and Entrepreneurship”, Management Science, Vol. 56, No. 7 (Jul. 2010), P.1116-1126.
23. Noldeke G. and Schmidt K. M., 1995, “Option Contracts and Renegotiation：A solution to the Hold-up Problem”, The RAND Journal of Economics 26(2)：163-179.
24. Pakes A. and Griliches Z., 1980, “Patents and R&D at the Firm Level：A First Look”, NBER Working Paper No. 561.
25. Rogerson W. P., 1992, “Contractual Solutions to the Hold-up Problems”, Review of Economic Studies 59：777-94.
26. Romer P., 1990, “Endogenous Technological Change”, Journal of Political Economy 98(5)：71-102.
27. Salanie B., 2005, 《The Economics of Contracts》, Chapter.6-7.
28. Saxenian A. and Hsu J. Y., 2001, “The Silicon Valley-Hsinchu Connection：Technical Communities and Industrial Upgrading”, Industrial and Corporate Change 10(4)：893-920.
29. Saxenian A., 1994, “Regional Advantage：Culture and Competition in Silicon Valley and Route 128”, Harvard University Press, Cambridge, MA.
30. Shane S., 2000, “Prior Knowledge and the Discovery of Entrepreneurial Opportunities”, Organization Science 11(4)：P.448-469.
31. Solow R., 1956, “A Contribution to the Theory of Economic Growth”, The Quarterly Journal of Economics 70(1)：65-94.
32. Trajtenberg M., 1990, “A Penny for Your Quotes：Patent Citations and the Value of Innovations”, The RAND Journal of Economics 21(1)：172-187.		zh_TW