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題名 公司董監事席次變動對IPO的影響
Board Member Turnover and Business Milestone作者 葉祖昀
Yeh, Tsu-Yun貢獻者 王信實<br>李文傑
Wang, Shinn-Shyr<br>Lee, Wen-Chieh
葉祖昀
Yeh, Tsu-Yun關鍵詞 教育連結
董監事席次變動
新創公司
創業投資
國發基金
Educational link
Board member turnover
New venture
Venture capital
National development fund日期 2018 上傳時間 1-Oct-2018 12:23:39 (UTC+8) 摘要 In the paper, we are going to figure out what factor has the most significant influence on firm’s performance. Based on the pervious definition of educational link method, there are additional variables about changes on board and management team members. The result shows that the higher rate the members change, the better chance of IPO firms has. In other words, the changes of board and team members have a significantly positive effect on firms’ performance. Before going public, firms would like to reform their team structure to make the funding easier. It implied that it is also very crucial for firms to hire better human capital. As firms become greater and greater, they can attract more and more talented people to work for them so that it will increase the possibility to go public. 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., & Song, Z. M. Crony Capitalism with Chinese Characteristics. 3. Barber, B. M., & Lyon, J. D. (1996). Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of financial Economics, 41(3), 359-399. 4. Barry, C. B., Muscarella, C. J., Peavy, J. W., & 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, 27(2), 447-471. 5. Boot, Arnoud W A and Thakor, Anjan V (1993). Security Design. Journal of Finance, 48(4): 1349-78. 6. Brav, A., & 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, 52(5), 1791-1821. 7. Bunkanwanicha, P., & Wiwattanakantang, Y. (2009). Big business owners in politics. Review of Financial Studies, 22(6), 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. Claessens, S., Feijen, E., & Laeven, L. (2008). Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics, 88(3), 554-580. 10. Cohen L., Frazzini A., Malloy C. (2008). The small world of investing: Board connections and mutual fund returns. Journal of Political Economy 116(5)951- 979. 11. Cooper, M. J., Gulen, H., & Ovtchinnikov, A. V. (2010). Corporate political contributions and stock returns. The Journal of Finance, 65(2), 687-724. 12. Eckbo, B. E. (Ed.). (2008). Handbook of Empirical Corporate Finance SET (Vol. 1). Elsevier. 13. Faccio, M. (2006). Politically-connected firms. American Economic Review, 14. Fama, E. F., & French, K. R. (1992). The cross-section of expected stock returns. The Journal of Finance, 47(2), 427-465. 15. Fisman, R. (2001). Estimating the value of political connections. American Economic Review, 1095-1102. 16. Goldman, E., Rocholl, J., & So, J. (2009). Do politically connected boards affect firm value? Review of Financial Studies, 22(6), 2331-2360. 17. Gompers, P. A. (1995). Optimal investment, monitoring, and the staging of venture capital. The journal of finance, 50(5), 1461-1489. 18. Gompers, P. A. (1996). Grandstanding in the venture capital industry. Journal of Financial economics, 42(1), 133-156. 19. Grossman, S. J., & Hart, O. D. (1986). The costs and benefits of ownership: A theory of vertical and lateral integration. The Journal of Political Economy, 691- 719. 20. Ho (2014). Social Network and R&D Productivity of the Venture Invested Entrepreneurial Team: The Case of Educational Network. 21. Hsiang (2015). What Factors Affect New Ventures’ Long-term Performance? - A Case of Educational Network. 22. Huang (2015). Political connections under the IPO process of new ventures: Evidence from Taiwanese venture capital industry 23. Jensen M.C. and Meckling W.H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3(4): 305-360. 24. Kaplan, S. N., Sensoy, B. A., & 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, 64(1), 75-115. 25. 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(05), 1295-1333. 26. Lee, P. M., & Wahal, S. (2004). Grandstanding, certification and the underpricing of venture capital backed IPOs. Journal of Financial Economics, 73(2), 375-407. 27. Leuz, C., & Oberholzer-Gee, F. (2006). Political relationships, global financing, and corporate transparency: Evidence from Indonesia. Journal of Financial Economics, 81(2), 411-439. 28. Lin, T. H., & Smith, R. L. (1998). Insider reputation and selling decisions: the unwinding of venture capital investments during equity IPOs. Journal of Corporate Finance, 4(3), 241-263. 29. Lin (2014) Social Network and the Venture Capital Investment Target: The Case of Educational Network 30. 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. 31. McDonald, M. B. (2014). Politically Connected Analysts. 32. McDonald, R. L. (2013). Contingent capital with a dual price trigger. Journal of Financial Stability, 9(2), 230-241. 33. Megginson, W. L., & Weiss, K. A. (1991). Venture capitalist certification in initial public offerings. The Journal of Finance, 46(3), 879-903. 34. Nahata, R. (2008). Venture capital reputation and investment performance. Journal of Financial Economics, 90(2), 127-151. 35. Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. Review of financial studies, 22(1), 435-480. 36. Ritter, J. R. (1991). The long-run performance of initial public offerings. The journal of finance, 46(1), 3-27. 37. Saxenian A. (1994). Regional Advantage:Culture and Competition in Silicon Valley and Route 128. Harvard University Press, Cambridge, MA. 38. Saxenian, A. (2002). Brain Circulation and Chinese Chipmakers: The Silicon Valley-Hsinchu-Shanghai Triangle. Berkeley: University of California at Berkeley. 39. Singh, A. K., Dark, F. H., & Carter, R. B. (1998). Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks. The Journal of Finance, 53(1). 40. 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. 41. Zarutskie, R. (2010). The role of top management team human capital in venture capital markets: Evidence from first-time funds. Journal of Business Venturing, 25(1), 155-172. 描述 碩士
國立政治大學
應用經濟與社會發展英語碩士學位學程(IMES)
1032660051資料來源 http://thesis.lib.nccu.edu.tw/record/#G1032660051 資料類型 thesis dc.contributor.advisor 王信實<br>李文傑 zh_TW dc.contributor.advisor Wang, Shinn-Shyr<br>Lee, Wen-Chieh en_US dc.contributor.author (Authors) 葉祖昀 zh_TW dc.contributor.author (Authors) Yeh, Tsu-Yun en_US dc.creator (作者) 葉祖昀 zh_TW dc.creator (作者) Yeh, Tsu-Yun en_US dc.date (日期) 2018 en_US dc.date.accessioned 1-Oct-2018 12:23:39 (UTC+8) - dc.date.available 1-Oct-2018 12:23:39 (UTC+8) - dc.date.issued (上傳時間) 1-Oct-2018 12:23:39 (UTC+8) - dc.identifier (Other Identifiers) G1032660051 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/120337 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 應用經濟與社會發展英語碩士學位學程(IMES) zh_TW dc.description (描述) 1032660051 zh_TW dc.description.abstract (摘要) In the paper, we are going to figure out what factor has the most significant influence on firm’s performance. Based on the pervious definition of educational link method, there are additional variables about changes on board and management team members. The result shows that the higher rate the members change, the better chance of IPO firms has. In other words, the changes of board and team members have a significantly positive effect on firms’ performance. Before going public, firms would like to reform their team structure to make the funding easier. It implied that it is also very crucial for firms to hire better human capital. As firms become greater and greater, they can attract more and more talented people to work for them so that it will increase the possibility to go public. en_US dc.description.tableofcontents Abstract Chapter 1 Introduction3 1.1 The Nature of the Firm3 1.2 The Origin of a New Business 4 1.3 Information Asymmetry and Social Network Link 5 1.4 Political Related Issue in Taiwan 6 1.5 Should Investors Bet on the Jockey or the Horse? 7 Chapter 2 Literature Review9 2.1 Information Asymmetric Problem9 2.2 Social Network Link10 2.2.1 Educational Link10 2.2.2 Background Link10 2.2.3 Political Link11 2.3 Distinctive Power11 2.3.1 Human Capital11 2.3.2 Reputation12 2.3.3 Political Power12 2.4 Board Turnover13 Chapter 3 Data Sources and Descriptive Statistics14 3.1 Social Network Database15 3.2 Dependent Variable16 3.3 Independent Variables16 3.4 Other Control Variables18 3.5 Descriptive Statistics20 Chapter 4 Hypothesis and Regression21 4.1 Hypothesis21 4.2 Regression22 Chapter 5 Methodology and Result23 5.1 Methodology23 5.2 Results23 5.2.1 Regression 123 5.2.2 Regression 224 5.2.3 Regression 325 5.2.4 Regression 425 Chapter 6 Conclusion27 Reference28 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1032660051 en_US dc.subject (關鍵詞) 教育連結 zh_TW dc.subject (關鍵詞) 董監事席次變動 zh_TW dc.subject (關鍵詞) 新創公司 zh_TW dc.subject (關鍵詞) 創業投資 zh_TW dc.subject (關鍵詞) 國發基金 zh_TW dc.subject (關鍵詞) Educational link en_US dc.subject (關鍵詞) Board member turnover en_US dc.subject (關鍵詞) New venture en_US dc.subject (關鍵詞) Venture capital en_US dc.subject (關鍵詞) National development fund en_US dc.title (題名) 公司董監事席次變動對IPO的影響 zh_TW dc.title (題名) Board Member Turnover and Business Milestone en_US dc.type (資料類型) thesis en_US dc.relation.reference (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., & Song, Z. M. Crony Capitalism with Chinese Characteristics. 3. Barber, B. M., & Lyon, J. D. (1996). Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of financial Economics, 41(3), 359-399. 4. Barry, C. B., Muscarella, C. J., Peavy, J. W., & 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, 27(2), 447-471. 5. Boot, Arnoud W A and Thakor, Anjan V (1993). Security Design. Journal of Finance, 48(4): 1349-78. 6. Brav, A., & 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, 52(5), 1791-1821. 7. Bunkanwanicha, P., & Wiwattanakantang, Y. (2009). Big business owners in politics. Review of Financial Studies, 22(6), 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. Claessens, S., Feijen, E., & Laeven, L. (2008). Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics, 88(3), 554-580. 10. Cohen L., Frazzini A., Malloy C. (2008). The small world of investing: Board connections and mutual fund returns. Journal of Political Economy 116(5)951- 979. 11. Cooper, M. J., Gulen, H., & Ovtchinnikov, A. V. (2010). Corporate political contributions and stock returns. The Journal of Finance, 65(2), 687-724. 12. Eckbo, B. E. (Ed.). (2008). Handbook of Empirical Corporate Finance SET (Vol. 1). Elsevier. 13. Faccio, M. (2006). Politically-connected firms. American Economic Review, 14. Fama, E. F., & French, K. R. (1992). The cross-section of expected stock returns. The Journal of Finance, 47(2), 427-465. 15. Fisman, R. (2001). Estimating the value of political connections. American Economic Review, 1095-1102. 16. Goldman, E., Rocholl, J., & So, J. (2009). Do politically connected boards affect firm value? Review of Financial Studies, 22(6), 2331-2360. 17. Gompers, P. A. (1995). Optimal investment, monitoring, and the staging of venture capital. The journal of finance, 50(5), 1461-1489. 18. Gompers, P. A. (1996). Grandstanding in the venture capital industry. Journal of Financial economics, 42(1), 133-156. 19. Grossman, S. J., & Hart, O. D. (1986). The costs and benefits of ownership: A theory of vertical and lateral integration. The Journal of Political Economy, 691- 719. 20. Ho (2014). Social Network and R&D Productivity of the Venture Invested Entrepreneurial Team: The Case of Educational Network. 21. Hsiang (2015). What Factors Affect New Ventures’ Long-term Performance? - A Case of Educational Network. 22. Huang (2015). Political connections under the IPO process of new ventures: Evidence from Taiwanese venture capital industry 23. Jensen M.C. and Meckling W.H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3(4): 305-360. 24. Kaplan, S. N., Sensoy, B. A., & 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, 64(1), 75-115. 25. 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(05), 1295-1333. 26. Lee, P. M., & Wahal, S. (2004). Grandstanding, certification and the underpricing of venture capital backed IPOs. Journal of Financial Economics, 73(2), 375-407. 27. Leuz, C., & Oberholzer-Gee, F. (2006). Political relationships, global financing, and corporate transparency: Evidence from Indonesia. Journal of Financial Economics, 81(2), 411-439. 28. Lin, T. H., & Smith, R. L. (1998). Insider reputation and selling decisions: the unwinding of venture capital investments during equity IPOs. Journal of Corporate Finance, 4(3), 241-263. 29. Lin (2014) Social Network and the Venture Capital Investment Target: The Case of Educational Network 30. 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. 31. McDonald, M. B. (2014). Politically Connected Analysts. 32. McDonald, R. L. (2013). Contingent capital with a dual price trigger. Journal of Financial Stability, 9(2), 230-241. 33. Megginson, W. L., & Weiss, K. A. (1991). Venture capitalist certification in initial public offerings. The Journal of Finance, 46(3), 879-903. 34. Nahata, R. (2008). Venture capital reputation and investment performance. Journal of Financial Economics, 90(2), 127-151. 35. Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. Review of financial studies, 22(1), 435-480. 36. Ritter, J. R. (1991). The long-run performance of initial public offerings. The journal of finance, 46(1), 3-27. 37. Saxenian A. (1994). Regional Advantage:Culture and Competition in Silicon Valley and Route 128. Harvard University Press, Cambridge, MA. 38. Saxenian, A. (2002). Brain Circulation and Chinese Chipmakers: The Silicon Valley-Hsinchu-Shanghai Triangle. Berkeley: University of California at Berkeley. 39. Singh, A. K., Dark, F. H., & Carter, R. B. (1998). Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks. The Journal of Finance, 53(1). 40. 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. 41. Zarutskie, R. (2010). The role of top management team human capital in venture capital markets: Evidence from first-time funds. Journal of Business Venturing, 25(1), 155-172. zh_TW dc.identifier.doi (DOI) 10.6814/THE.NCCU.IMES.008.2018.F06 en_US
