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題名 內部資訊與公司董監和經營團隊變動之 關連研究---以IPO事件為例
The study of Inside Information on Company Board and Management Team Change – A case of IPO
作者 蔡昇諭
貢獻者 李文傑<br>王信實
蔡昇諭
關鍵詞 內部資訊
內部人
董監事
經營團隊
IPO
日期 2016
上傳時間 1-Jul-2016 15:24:28 (UTC+8)
摘要 本研究透過各公司之自然人、創投、法人和國發基金董監事與經營團隊變動，探討四者之董監事與經營團隊在IPO之後是否因為內部資訊掌握差異，所造成的經營團隊結構改變。實證結果發現在IPO之後四者都有明顯的變動，故推斷依照基本特性推斷以下四個結果：(1)內部自然人的確有利用內部資訊進行IPO後拋開經營權之嫌；(2) 創投因為其本身就為獲利導向，故其是否利用內部資訊退場無法下定論，但可知道創投確實在IPO之後會在短時間內退場；(3) 企業法人因其介入目的大多為策略導向，故其雖亦會利用內部資訊，但並非以賺取不公平獲利為導向；(4) 國發基金身帶政策性目的和進出有其目標設定，故內部資訊之應用並非重點。還有，內部人之關係連結確實會增強內部資訊之流動。
參考文獻 一、中文文獻書籍
     1.林家毅 (2014)，《人際網路與創投目標公司選擇之研究：以教育網路為例》。
     2.何哲睿 (2014)，《社群網路與創投基金輔助之新創公司創新績效之研究：以教育網路為例》。
     3.項柏維 (2015)，《影響新創公司長期表現之因素-以教育網絡為例. 2015.》。
     4.黃敬堡 (2015)，《政治連結對於新創企業公開發行的影響: 以台灣創業投資產業為例.》。
     5.戴欣宜 (2008)，《台灣上市公司更名與盈餘管理之研究》。
     6.謝劍平 (2014)：《現代投資銀行》。智勝文化事業股份有限公司
     二、英文文獻書籍
     1.Barnea, A., Haugen, R. A., & Senbet, L. W. (1981). Market imperfections, agency problems, and capital structure: a review. Financial management, 7-22.
     2.Block, Z., & Ian, C. (1993). MacMillan. 1993. Corporate Venturing. Harvard Business School Press, Boston, Massachusetts.
     3.Brealey, R., Leland, H. E., & Pyle, D. H. (1977). Informational asymmetries, financial structure, and financial intermediation. The journal of Finance, 32(2), 371-387.
     4.Brunello, G., Graziano, C., & Parigi, B. (2000). Ownership or performance: what determines board of directors` turnover in Italy?.
     5.Carter, M. L., Mansi, S. A., & Reeb, D. M. (2003). Quasi-private information and insider trading. Financial Analysts Journal, 59(3), 60-68.
     6.Cohen, L., Frazzini, A., & Malloy, C. (2008). The small world of investing: The use of social networks in bank decision-making. Journal of Political Economy,116(5), 951-979.
     7.Degeorge, F., & Zeckhauser, R. (1993). The reverse LBO decision and firm performance: Theory and evidence. The Journal of Finance, 48(4), 1323-1348.
     8.Falkenstein, E. G. (1996). Preferences for stock characteristics as revealed by mutual fund portfolio holdings. The Journal of Finance, 51(1), 111-135.
     9.Gispert, C. (1998). Board turnover and firm performance in Spanish companies.Investigaciones Económicas, 22(3), 517-536.
     10.Gompers, P. A. (2002). Corporations and the financing of innovation: the corporate venturing experience. Economic Review-Federal Reserve Bank of Atlanta, 87(4), 1.
     11.Gompers, P. A., & Lerner, J. (1999). What drives venture capital fundraising?(No. w6906). National bureau of economic research.
     12.Gunz, H. P., & Jalland, R. M. (1996). Managerial careers and business strategies. Academy of Management Review, 21(3), 718-756.
     13.Heilmeier, G. H. (1993). Room for whom at the top? Promoting technical literacy in the executive suite. Research Technology Management, 36(6), 27.
     14.Macmillan, I., Roberts, E., Livada, V., & Wang, A. (2008). Corporate venture capital (CVC): Seeking innovation and strategic growth. National Institute of Standards and Technology, US Department of Commerce.
     15.Markham, S. K., Gentry, S. T., Hume, D., Ramachandran, R., & Kingon, A. I. (2005). Strategies and tactics for external corporate venturing. Research-Technology Management, 48(2), 49-59.
     16.Patrick, L. I. L. E. S. (1974). Who are the entrepreneurs. MSU Business Topics, (22), 5-1
     17.Peng, M. W., Lu, Y., Shenkar, O., & Wang, D. Y. (2001). Treasures in the China house: A review of management and organizational research on Greater China.Journal of Business Research, 52(2), 95-110.
     18.Rind, K. W. (1981). The role of venture capital in corporate development.Strategic Management Journal, 2(2), 169-180.
     19.Rubel S. M., (1972), “Guide to Venture Capital Sources”, Capital Publishing Corportion, pp.9
     20.Ruhnka, J. C., & Young, J. E. (1987). A venture capital model of the development process for new ventures. Journal of Business venturing, 2(2), 167-184.
     21.Sagari, S. B., & Guidotti, G. (1992). Venture Capital: Lessons form the Developed World for the Developing Countries (No. 13).
     22.Schipper, K. (1989). Commentary on earnings management. Accounting horizons, 3(4), 91-102.
     23.Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings management and the long‐run market performance of initial public offerings. The Journal of Finance,53(6), 1935-1974.
描述 碩士
國立政治大學
經濟學系
103258031
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103258031
資料類型 thesis
dc.contributor.advisor 李文傑<br>王信實zh_TW
dc.contributor.author (Authors) 蔡昇諭zh_TW
dc.creator (作者) 蔡昇諭zh_TW
dc.date (日期) 2016en_US
dc.date.accessioned 1-Jul-2016 15:24:28 (UTC+8)-
dc.date.available 1-Jul-2016 15:24:28 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2016 15:24:28 (UTC+8)-
dc.identifier (Other Identifiers) G0103258031en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/98646-
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) 103258031zh_TW
dc.description.abstract (摘要) 本研究透過各公司之自然人、創投、法人和國發基金董監事與經營團隊變動，探討四者之董監事與經營團隊在IPO之後是否因為內部資訊掌握差異，所造成的經營團隊結構改變。實證結果發現在IPO之後四者都有明顯的變動，故推斷依照基本特性推斷以下四個結果：(1)內部自然人的確有利用內部資訊進行IPO後拋開經營權之嫌；(2) 創投因為其本身就為獲利導向，故其是否利用內部資訊退場無法下定論，但可知道創投確實在IPO之後會在短時間內退場；(3) 企業法人因其介入目的大多為策略導向，故其雖亦會利用內部資訊，但並非以賺取不公平獲利為導向；(4) 國發基金身帶政策性目的和進出有其目標設定，故內部資訊之應用並非重點。還有，內部人之關係連結確實會增強內部資訊之流動。zh_TW
dc.description.tableofcontents 表次 6
     圖次 7
     第一章 緒論 8
     第一節 研究動機與目的 8
     第二節 研究架構 10
     第二章　文獻回顧 12
     第一節 創業投資介紹 12
     第二節 企業投資 16
     第三節 內部資訊與盈餘管理 19
     第三章　研究設計 21
     第一節　資料收集與處理 21
     第二節　假說設計 23
     第三節　變數與模型 25
     一、 變數設定 25
     二、敘述統計 28
     三、模型設定 29
     第四章　實證結果 31
     第五章　結論與建議 36
     參考文獻 37
     附件 40		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103258031en_US
dc.subject (關鍵詞) 內部資訊zh_TW
dc.subject (關鍵詞) 內部人zh_TW
dc.subject (關鍵詞) 董監事zh_TW
dc.subject (關鍵詞) 經營團隊zh_TW
dc.subject (關鍵詞) IPOzh_TW
dc.title (題名) 內部資訊與公司董監和經營團隊變動之 關連研究---以IPO事件為例zh_TW
dc.title (題名) The study of Inside Information on Company Board and Management Team Change – A case of IPOen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文文獻書籍
     1.林家毅 (2014)，《人際網路與創投目標公司選擇之研究：以教育網路為例》。
     2.何哲睿 (2014)，《社群網路與創投基金輔助之新創公司創新績效之研究：以教育網路為例》。
     3.項柏維 (2015)，《影響新創公司長期表現之因素-以教育網絡為例. 2015.》。
     4.黃敬堡 (2015)，《政治連結對於新創企業公開發行的影響: 以台灣創業投資產業為例.》。
     5.戴欣宜 (2008)，《台灣上市公司更名與盈餘管理之研究》。
     6.謝劍平 (2014)：《現代投資銀行》。智勝文化事業股份有限公司
     二、英文文獻書籍
     1.Barnea, A., Haugen, R. A., & Senbet, L. W. (1981). Market imperfections, agency problems, and capital structure: a review. Financial management, 7-22.
     2.Block, Z., & Ian, C. (1993). MacMillan. 1993. Corporate Venturing. Harvard Business School Press, Boston, Massachusetts.
     3.Brealey, R., Leland, H. E., & Pyle, D. H. (1977). Informational asymmetries, financial structure, and financial intermediation. The journal of Finance, 32(2), 371-387.
     4.Brunello, G., Graziano, C., & Parigi, B. (2000). Ownership or performance: what determines board of directors` turnover in Italy?.
     5.Carter, M. L., Mansi, S. A., & Reeb, D. M. (2003). Quasi-private information and insider trading. Financial Analysts Journal, 59(3), 60-68.
     6.Cohen, L., Frazzini, A., & Malloy, C. (2008). The small world of investing: The use of social networks in bank decision-making. Journal of Political Economy,116(5), 951-979.
     7.Degeorge, F., & Zeckhauser, R. (1993). The reverse LBO decision and firm performance: Theory and evidence. The Journal of Finance, 48(4), 1323-1348.
     8.Falkenstein, E. G. (1996). Preferences for stock characteristics as revealed by mutual fund portfolio holdings. The Journal of Finance, 51(1), 111-135.
     9.Gispert, C. (1998). Board turnover and firm performance in Spanish companies.Investigaciones Económicas, 22(3), 517-536.
     10.Gompers, P. A. (2002). Corporations and the financing of innovation: the corporate venturing experience. Economic Review-Federal Reserve Bank of Atlanta, 87(4), 1.
     11.Gompers, P. A., & Lerner, J. (1999). What drives venture capital fundraising?(No. w6906). National bureau of economic research.
     12.Gunz, H. P., & Jalland, R. M. (1996). Managerial careers and business strategies. Academy of Management Review, 21(3), 718-756.
     13.Heilmeier, G. H. (1993). Room for whom at the top? Promoting technical literacy in the executive suite. Research Technology Management, 36(6), 27.
     14.Macmillan, I., Roberts, E., Livada, V., & Wang, A. (2008). Corporate venture capital (CVC): Seeking innovation and strategic growth. National Institute of Standards and Technology, US Department of Commerce.
     15.Markham, S. K., Gentry, S. T., Hume, D., Ramachandran, R., & Kingon, A. I. (2005). Strategies and tactics for external corporate venturing. Research-Technology Management, 48(2), 49-59.
     16.Patrick, L. I. L. E. S. (1974). Who are the entrepreneurs. MSU Business Topics, (22), 5-1
     17.Peng, M. W., Lu, Y., Shenkar, O., & Wang, D. Y. (2001). Treasures in the China house: A review of management and organizational research on Greater China.Journal of Business Research, 52(2), 95-110.
     18.Rind, K. W. (1981). The role of venture capital in corporate development.Strategic Management Journal, 2(2), 169-180.
     19.Rubel S. M., (1972), “Guide to Venture Capital Sources”, Capital Publishing Corportion, pp.9
     20.Ruhnka, J. C., & Young, J. E. (1987). A venture capital model of the development process for new ventures. Journal of Business venturing, 2(2), 167-184.
     21.Sagari, S. B., & Guidotti, G. (1992). Venture Capital: Lessons form the Developed World for the Developing Countries (No. 13).
     22.Schipper, K. (1989). Commentary on earnings management. Accounting horizons, 3(4), 91-102.
     23.Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings management and the long‐run market performance of initial public offerings. The Journal of Finance,53(6), 1935-1974.		zh_TW