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題名 台灣創投基金對於新創公司 長期表現的影響
The Effect of Venture Capitals on the Long-term Performance of Start-ups作者 王家唯
Wang, Chia Wei貢獻者 李文傑<br>王信實
Lee, Wen Chieh<br>Wang, Shinn Shyr
王家唯
Wang, Chia Wei關鍵詞 創業投資基金
聲譽
國際化
政治連結
初次公開發行
長期表現
國發基金
裙帶資本主義
Venture Capital
Reputation
Internationalization
Political Link
IPO
Long-term Performance
Taiwan National Development Fund
Crony Capitalism日期 2015 上傳時間 27-Jul-2015 11:34:03 (UTC+8) 摘要 本研究透過台灣創投基金的聲譽、國際化和政治連結等信號(Signal)，探討創投基金對於新創公司初次公開發行後的長期表現的影響。本研究之實證結果發現，創投基金的聲譽越高以及國際化程度越高，對於新創公司的長期表現有正向影響，但是創投基金與國發基金的政治連結卻產生非單一面向的結果，政治連結僅對於新創公司的長期研發投入具有正面顯著影響。政治連結會帶來負向的效果可能由於國發基金所推行的政策影響，或者是其中具有裙帶資本主義的干擾，導致受到國發基金所投資的創投基金對於新創公司的長期表現帶來負面影響。由本研究的結果我們可知若新創公司得到具有高聲譽或國際化的創投投資是對於其未來發展是有所幫助，所以新創公司在尋找創投基金合作時，可以以此作為考量的標準。
In this research, venture capital reputation, degrees of internationalization, and the political links formed by venture capitals and Taiwanese National Development Fund are hypothesized to influence the long-run performance of start-ups. By utilizing a unique dataset of venture capital investment, we could investigate the sources of higher long-run performance of venture capital teams. Besides, we also inquire the impact of internationalization and political links of venture capitals on the performance of stat-up business. The results show that venture capitals with higher reputation or degrees of internalization impacts positively on long-term performance of start-ups. However, the political links formed between venture capitals and Taiwanese National Development Fund only affects business innovation measures positively. The policy focused or the crony capitalism long existing between Taiwanese National Development Fund and venture capitals can both be the major reasons to trigger the mixed investment influence. Thus, this research can shed some light on the intrinsic factors driving positive investment results other than the venture capital reputations.參考文獻 中文參考文獻1. 林家毅 (2014)，《人際網絡與創投目標公司選擇之研究: 以教育網絡為例》。2. 何哲睿 (2014)，《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》。3. 黃博怡 (2013)，《日韓兩國推動重點產業發展資金協助機制》，行政院經建會委託研究案，（結案初稿)。英文參考文獻1. Akerlof, G. A., 1970. The market for" lemons": Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 488-500.2. Bai, C. E., Hsieh, C. T., and Song, Z. M., 2015. Crony capitalism with chinese Characteristics.3. Barber, B. M., and Lyon, J. D., 1996. Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of Financial Economics, 413, 359-399.4. Barry, C. B., Muscarella, C. J., Peavy, J. W., and Vetsuypens, M. R., 1990. The role of venture capital in the creation of public companies: Evidence from the going-public process. Journal of Financial Economics, 272, 447-471.5. Boot, Arnoud W A and Thakor, Anjan V., 1993. Security design. Journal of Finance, 484: 1349-78.6. Brav, A., and Gompers, P. A., 1997. Myth or reality? The long‐run underperformance of initial public offerings: evidence from venture and nonventure capital‐backed companies. The Journal of Finance, 525, 1791-1821.7. Bunkanwanicha, P., and Wiwattanakantang, Y., 2009. Big business owners in politics. Review of Financial Studies, 226, 2133-2168.8. Carleton, W.T., and I.A. Cooper., 1976. Estimation and uses of the term structure of interest rates. Journal of Finance, 31: 1067-1083.9. Cohen L., Frazzini A., Malloy C., 2008. The small world of investing: Board connections and mutual fund returns. Journal of Political Economy 1165951-979.10. Eckbo, B. E. Ed., 2008. Handbook of Empirical Corporate Finance SET Vol. 1. Elsevier.11. Fama, E. F., and French, K. R., 1992., The cross‐section of expected stock returns. The Journal of Finance, 472, 427-465.12. Fisman, R. 2001., Estimating the value of political connections. American Economic Review, 1095-1102.13. Gompers, P. A., 1995. Optimal investment, monitoring, and the staging of venture capital. The Journal of Finance, 505, 1461-1489.14. Gompers, P. A., 1996. Grandstanding in the venture capital industry. Journal of Financial Economics, 421, 133-156.15. Gompers, P. A., and Lerner, J., 1999. What drives venture capital fundraising? No. w6906. National Bureau of Economic Research.16. Grossman, S. J., and Hart, O. D., 1986. The costs and benefits of ownership: A theory of vertical and lateral integration. The Journal of Political Economy, 691-719.17. Jensen M.C. and Meckling W.H., 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 34：305-360.18. Kaplan, S. N., Sensoy, B. A., and Strömberg, P., 2009. Should investors bet on the jockey or the horse? Evidence from the evolution of firms from early business plans to public companies. The Journal of Finance, 641, 75-115.19. Krishnan, C. N. V., Ivanov, V. I., Masulis, R. W., and Singh, A. K., 2011. Venture capital reputation, post-IPO performance, and corporate governance. Journal of Financial and Quantitative Analysis, 4605, 1295-1333.20. Lee, P. M., and Wahal, S., 2004. Grandstanding, certification and the underpricing of venture capital backed IPOs. Journal of Financial Economics, 732, 375-407.21. Lin, T. H., and Smith, R. L., 1998. Insider reputation and selling decisions: the unwinding of venture capital investments during equity IPOs. Journal of Corporate Finance, 43, 241-263.22. Mahmood, I. P., Zhu, H. and Zajac, E. J., 2011. Where can capabilities come from? Network ties and capability acquisition in business groups. Strategic Management Journal, 32, 820–48.Megginson and Weiss.23. McDonald, M. B., 2014. Politically connected analysts.24. McDonald, R. L., 2013. Contingent capital with a dual price trigger. Journal of Financial Stability, 92, 230-241.25. Megginson, W. L., and Weiss, K. A., 1991. Venture capitalist certification in initial public offerings. The Journal of Finance, 463, 879-903.26. Nahata, R., 2008. Venture capital reputation and investment performance. Journal of Financial Economics, 902, 127-151.27. Petersen, M. A., 2009. Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 221, 435-480.28. Ritter, J. R., 1991. The long‐run performance of initial public offerings. The Journal of Finance, 461, 3-27.29. Saxenian A., 1994. Regional advantage：Culture and competition in Silicon Valley and route 128. Harvard University Press, Cambridge, MA.30. Saxenian, A., 2002. Brain circulation and Chinese chipmakers: The Silicon Valley-Hsinchu-Shanghai triangle. Berkeley: University of California at Berkeley.31. Singh, A. K., Dark, F. H., and Carter, R. B., 1998. Underwriter reputation, initial returns, and the long-run performance of IPO stocks. The Journal of Finance, 531.32. Y. Chan, D. Siegel, A.V. Thakor., 1990. Learning, corporate control and performance requirements in venture capital contracts. International Economic Review, 31, pp. 365–381.33. Zarutskie, R., 2010. The role of top management team human capital in venture capital markets: Evidence from first-time funds. Journal of Business Venturing, 251, 155-172. 描述 碩士
國立政治大學
經濟學系
102258036資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102258036 資料類型 thesis dc.contributor.advisor 李文傑<br>王信實 zh_TW dc.contributor.advisor Lee, Wen Chieh<br>Wang, Shinn Shyr en_US dc.contributor.author (Authors) 王家唯 zh_TW dc.contributor.author (Authors) Wang, Chia Wei en_US dc.creator (作者) 王家唯 zh_TW dc.creator (作者) Wang, Chia Wei en_US dc.date (日期) 2015 en_US dc.date.accessioned 27-Jul-2015 11:34:03 (UTC+8) - dc.date.available 27-Jul-2015 11:34:03 (UTC+8) - dc.date.issued (上傳時間) 27-Jul-2015 11:34:03 (UTC+8) - dc.identifier (Other Identifiers) G0102258036 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/76932 - 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) 102258036 zh_TW dc.description.abstract (摘要) 本研究透過台灣創投基金的聲譽、國際化和政治連結等信號(Signal)，探討創投基金對於新創公司初次公開發行後的長期表現的影響。本研究之實證結果發現，創投基金的聲譽越高以及國際化程度越高，對於新創公司的長期表現有正向影響，但是創投基金與國發基金的政治連結卻產生非單一面向的結果，政治連結僅對於新創公司的長期研發投入具有正面顯著影響。政治連結會帶來負向的效果可能由於國發基金所推行的政策影響，或者是其中具有裙帶資本主義的干擾，導致受到國發基金所投資的創投基金對於新創公司的長期表現帶來負面影響。由本研究的結果我們可知若新創公司得到具有高聲譽或國際化的創投投資是對於其未來發展是有所幫助，所以新創公司在尋找創投基金合作時，可以以此作為考量的標準。 zh_TW dc.description.abstract (摘要) In this research, venture capital reputation, degrees of internationalization, and the political links formed by venture capitals and Taiwanese National Development Fund are hypothesized to influence the long-run performance of start-ups. By utilizing a unique dataset of venture capital investment, we could investigate the sources of higher long-run performance of venture capital teams. Besides, we also inquire the impact of internationalization and political links of venture capitals on the performance of stat-up business. The results show that venture capitals with higher reputation or degrees of internalization impacts positively on long-term performance of start-ups. However, the political links formed between venture capitals and Taiwanese National Development Fund only affects business innovation measures positively. The policy focused or the crony capitalism long existing between Taiwanese National Development Fund and venture capitals can both be the major reasons to trigger the mixed investment influence. Thus, this research can shed some light on the intrinsic factors driving positive investment results other than the venture capital reputations. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與文獻回顧 1第二節 研究動機與大綱 6第二章 主要假說與敘述統計 13第一節 主要假說 13第二節 資料來源與變數設定 15第三節 敘述統計與相關係數 25第三章 迴歸模型與實證結果 28第一節 迴歸模型 28第二節 實證結果 30第四章 結論 40參考文獻 43中文參考文獻 43英文參考文獻 43附錄 47附錄一：創投基金管理團隊合併表 47 zh_TW dc.format.extent 1462129 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102258036 en_US dc.subject (關鍵詞) 創業投資基金 zh_TW dc.subject (關鍵詞) 聲譽 zh_TW dc.subject (關鍵詞) 國際化 zh_TW dc.subject (關鍵詞) 政治連結 zh_TW dc.subject (關鍵詞) 初次公開發行 zh_TW dc.subject (關鍵詞) 長期表現 zh_TW dc.subject (關鍵詞) 國發基金 zh_TW dc.subject (關鍵詞) 裙帶資本主義 zh_TW dc.subject (關鍵詞) Venture Capital en_US dc.subject (關鍵詞) Reputation en_US dc.subject (關鍵詞) Internationalization en_US dc.subject (關鍵詞) Political Link en_US dc.subject (關鍵詞) IPO en_US dc.subject (關鍵詞) Long-term Performance en_US dc.subject (關鍵詞) Taiwan National Development Fund en_US dc.subject (關鍵詞) Crony Capitalism en_US dc.title (題名) 台灣創投基金對於新創公司 長期表現的影響 zh_TW dc.title (題名) The Effect of Venture Capitals on the Long-term Performance of Start-ups en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 中文參考文獻1. 林家毅 (2014)，《人際網絡與創投目標公司選擇之研究: 以教育網絡為例》。2. 何哲睿 (2014)，《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》。3. 黃博怡 (2013)，《日韓兩國推動重點產業發展資金協助機制》，行政院經建會委託研究案，（結案初稿)。英文參考文獻1. Akerlof, G. A., 1970. The market for" lemons": Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 488-500.2. Bai, C. E., Hsieh, C. T., and Song, Z. M., 2015. Crony capitalism with chinese Characteristics.3. Barber, B. M., and Lyon, J. D., 1996. Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of Financial Economics, 413, 359-399.4. Barry, C. B., Muscarella, C. J., Peavy, J. W., and Vetsuypens, M. R., 1990. The role of venture capital in the creation of public companies: Evidence from the going-public process. Journal of Financial Economics, 272, 447-471.5. Boot, Arnoud W A and Thakor, Anjan V., 1993. Security design. Journal of Finance, 484: 1349-78.6. Brav, A., and Gompers, P. A., 1997. Myth or reality? The long‐run underperformance of initial public offerings: evidence from venture and nonventure capital‐backed companies. The Journal of Finance, 525, 1791-1821.7. Bunkanwanicha, P., and Wiwattanakantang, Y., 2009. Big business owners in politics. Review of Financial Studies, 226, 2133-2168.8. Carleton, W.T., and I.A. Cooper., 1976. Estimation and uses of the term structure of interest rates. Journal of Finance, 31: 1067-1083.9. Cohen L., Frazzini A., Malloy C., 2008. The small world of investing: Board connections and mutual fund returns. Journal of Political Economy 1165951-979.10. Eckbo, B. E. Ed., 2008. Handbook of Empirical Corporate Finance SET Vol. 1. Elsevier.11. Fama, E. F., and French, K. R., 1992., The cross‐section of expected stock returns. The Journal of Finance, 472, 427-465.12. Fisman, R. 2001., Estimating the value of political connections. American Economic Review, 1095-1102.13. Gompers, P. A., 1995. Optimal investment, monitoring, and the staging of venture capital. The Journal of Finance, 505, 1461-1489.14. Gompers, P. A., 1996. Grandstanding in the venture capital industry. Journal of Financial Economics, 421, 133-156.15. Gompers, P. A., and Lerner, J., 1999. What drives venture capital fundraising? No. w6906. National Bureau of Economic Research.16. Grossman, S. J., and Hart, O. D., 1986. The costs and benefits of ownership: A theory of vertical and lateral integration. The Journal of Political Economy, 691-719.17. Jensen M.C. and Meckling W.H., 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 34：305-360.18. Kaplan, S. N., Sensoy, B. A., and Strömberg, P., 2009. Should investors bet on the jockey or the horse? Evidence from the evolution of firms from early business plans to public companies. The Journal of Finance, 641, 75-115.19. Krishnan, C. N. V., Ivanov, V. I., Masulis, R. W., and Singh, A. K., 2011. Venture capital reputation, post-IPO performance, and corporate governance. Journal of Financial and Quantitative Analysis, 4605, 1295-1333.20. Lee, P. M., and Wahal, S., 2004. Grandstanding, certification and the underpricing of venture capital backed IPOs. Journal of Financial Economics, 732, 375-407.21. Lin, T. H., and Smith, R. L., 1998. Insider reputation and selling decisions: the unwinding of venture capital investments during equity IPOs. Journal of Corporate Finance, 43, 241-263.22. Mahmood, I. P., Zhu, H. and Zajac, E. J., 2011. Where can capabilities come from? Network ties and capability acquisition in business groups. Strategic Management Journal, 32, 820–48.Megginson and Weiss.23. McDonald, M. B., 2014. Politically connected analysts.24. McDonald, R. L., 2013. Contingent capital with a dual price trigger. Journal of Financial Stability, 92, 230-241.25. Megginson, W. L., and Weiss, K. A., 1991. Venture capitalist certification in initial public offerings. The Journal of Finance, 463, 879-903.26. Nahata, R., 2008. Venture capital reputation and investment performance. Journal of Financial Economics, 902, 127-151.27. Petersen, M. A., 2009. Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 221, 435-480.28. Ritter, J. R., 1991. The long‐run performance of initial public offerings. The Journal of Finance, 461, 3-27.29. Saxenian A., 1994. Regional advantage：Culture and competition in Silicon Valley and route 128. Harvard University Press, Cambridge, MA.30. Saxenian, A., 2002. Brain circulation and Chinese chipmakers: The Silicon Valley-Hsinchu-Shanghai triangle. Berkeley: University of California at Berkeley.31. Singh, A. K., Dark, F. H., and Carter, R. B., 1998. Underwriter reputation, initial returns, and the long-run performance of IPO stocks. The Journal of Finance, 531.32. Y. Chan, D. Siegel, A.V. Thakor., 1990. Learning, corporate control and performance requirements in venture capital contracts. International Economic Review, 31, pp. 365–381.33. Zarutskie, R., 2010. The role of top management team human capital in venture capital markets: Evidence from first-time funds. Journal of Business Venturing, 251, 155-172. zh_TW
