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題名 創投基金和私募基金對台灣IPO上市公司表現的影響
The Impacts of Venture Capital fund and Private Equity fund on IPOs performance in Taiwan
作者 倪宗彬
Ni, Tsung-Pin
貢獻者 吳文傑
Wu, Jack
倪宗彬
Ni, Tsung-Pin
關鍵詞 創業資本基金
私募股權基金
首次公開募股
長期表現
首日報酬
Venture capital funds
Private Equity Fund
IPO
Long-term performance
First-day return
日期 2022
上傳時間 1-Feb-2023 14:21:49 (UTC+8)
摘要 This study examines private equity and innovation investment fund-backed initial public offerings (IPOs) in Taiwan and compares IPO long-term post-sale market performance with that of non-financial investors. This study focuses on the performance drivers of different industries and markets in Taiwan. The empirical results show that Taiwan`s IPO long-term performance outperforms the benchmark index, and IPOs backed by financial investors appear to have a more positive impact on long-term performance than IPOs backed by non-financial investors. This implies that financial investors can create long-term value for their portfolio companies. In addition, there is a significant positive correlation between first-day returns and the long-term performance of IPOs in Taiwan, suggesting that financial investors can reduce the information asymmetry between market investors and underwriters when companies go public, making first-day returns less excessive and showing reasonable value in the long run. Therefore, in the future, Taiwan public market investors can use this as one of the criteria to consider when reviewing newly listed stocks.
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2. Ahmedin L. (2016). VENTURE CAPITAL AND OBSTACLES TO THE VENTURE CAPITAL INVESTMENTS. Ekonomski Pogled
3. Akerlof, G. A. (1970). The market for” lemons”: Quality uncertainty and the market mechanism. The quarterly journal of economics, 488-500.
4. Andreas Kuckertz, Elisabeth S.C. Berger*, Anja Gaudig (2019) Responding to the greatest challenges? Value creation in ecological startups. Journal of Cleaner Production.
5. Axel B., Christoph K. and Niklas W.,(2009) Modeling the Cash Flow Dynamics of Private Equity Funds – Theory and Empirical Evidence. The Journal of Alternative Investment
6. 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 the going-public process. Journal of Financial economics, 27(2), 447-471.
7. Berger, A. N., & Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of banking & finance, 22(6-8), 613-673.
8. Bergström, C., Nilsson, D., & Wahlberg, M. (2006). Underpricing and long-run performance patterns of European private-equity-backed and non-private-equity-backed IPOs. The Journal of Private Equity, 9(4), 16-47.
9. Bianca P.S, Joelson S, Rubéns F,(2018). The Impact of Private Equity and Venture Capital Funds on post-IPO Operational and Financial Performance in Brazilian invested companies. Brazilian Business Review
10. Boot, A. W., & Thakor, A. V. (1993). Security design. The Journal of Finance, 48(4), 1349-1378.
11. ByD. R. Cox (1968) Notes on Some Aspects of Regression Analysis. Journal of the Royal Statistical Society.
12. Cao, J., & Lerner, J. (2009). The performance of reverse leveraged buyouts. Journal of Financial Economics, 91(2), 139-157.
13. Chan, Y. S., Siegel, D., & Thakor, A. V. (1990). Learning, corporate control and performance requirements in venture capital contracts. International Economic Review, 365-381.
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描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
109933023
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109933023
資料類型 thesis
dc.contributor.advisor 吳文傑zh_TW
dc.contributor.advisor Wu, Jacken_US
dc.contributor.author (Authors) 倪宗彬zh_TW
dc.contributor.author (Authors) Ni, Tsung-Pinen_US
dc.creator (作者) 倪宗彬zh_TW
dc.creator (作者) Ni, Tsung-Pinen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Feb-2023 14:21:49 (UTC+8)-
dc.date.available 1-Feb-2023 14:21:49 (UTC+8)-
dc.date.issued (上傳時間) 1-Feb-2023 14:21:49 (UTC+8)-
dc.identifier (Other Identifiers) G0109933023en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/143207-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營管理英語碩士學位學程(IMBA)zh_TW
dc.description (描述) 109933023zh_TW
dc.description.abstract (摘要) This study examines private equity and innovation investment fund-backed initial public offerings (IPOs) in Taiwan and compares IPO long-term post-sale market performance with that of non-financial investors. This study focuses on the performance drivers of different industries and markets in Taiwan. The empirical results show that Taiwan`s IPO long-term performance outperforms the benchmark index, and IPOs backed by financial investors appear to have a more positive impact on long-term performance than IPOs backed by non-financial investors. This implies that financial investors can create long-term value for their portfolio companies. In addition, there is a significant positive correlation between first-day returns and the long-term performance of IPOs in Taiwan, suggesting that financial investors can reduce the information asymmetry between market investors and underwriters when companies go public, making first-day returns less excessive and showing reasonable value in the long run. Therefore, in the future, Taiwan public market investors can use this as one of the criteria to consider when reviewing newly listed stocks.en_US
dc.description.tableofcontents Contents
1. Introduction 1
1.1 Motivation for research 1
1.2 Background of research 4
2. Literature Review 10
2.1 Private Equity Fund & Venture Capital Fund with value raising 10
2.2 The Qualitative Impact of Venture Capital Reputation 10
2.3 Information Asymmetry 11
2.3.1 The Information Asymmetry between Venture Capital and Startups 11
2.3.2 Taiwan IPO market 13
2.3.3 The asymmetric information of Startups IPO 14
2.4 Venture-backed and None-Venture backed for Startups` long-term performance 15
2.5 The long term performance of VC-Backed startups in Great China 16
3. Methodology 18
3.1 Data Collection 20
3.1.1 IPO samples setting 20
3.1.2 Financial Investor Team Information 20
3.1.3 Stock price, Benchmark, and Financial information 21
3.2 Explanation Variables - Dummy Variables for IPO Companies with Financial Investor Support 22
3.3 Explained Variables - Proxy variables for long-term stock price performance 22
3.4 Control Variables 23
3.4.1 Logarithm of the First day`s IPO return 23
3.4.2 Logarithm of Market Value 23
3.4.3 Price-to-Book ratio 24
3.4.4 Total Asset Turnover 24
3.4.5 Leverage ratio 24
3.4.6 Operating Profit Margin 25
3.4.7 Internationalization of financial investors 25
3.5 Descriptive Statistics of samples and variables 26
3.6 Regression Analysis 40
4. Interpretation of the Results 41
5. Conclusion and Discussion 50
6. Research Limitations and Future Research Development 52
Bibliography 53
Appendix A 64
Raw Data sampling- 1 64
Raw Data sampling- 2 65
Raw Data sampling- 3 66
Raw Data sampling- 4 67
Raw Data sampling- 5 68
Raw Data sampling- 6 69
Raw Data sampling- 7 70
Raw Data sampling- 8 71

Figures
Figure 1: Startup Financing Cycle 3
Figure 2: Global private markets fundraising 5
Figure 3: Number of Private Equity Funds in Market by Primary Geographic Focus, 2012 – 2021 7

Tables
Table 1: International private equity funds in Taiwan 6
Table 2: Startup business globally 8
Table 3: Dependent variable 25
Table 4: 1992-2018 IPO Quantity Distribution in Taiwan 27
Table 5: Distribution of IPO volume by industry sector 30
Table 6: The distribution of the sample by market and IPO year 33
Table 7: Cross-listing by Industry*Internationalization 36
Table 8: Market statistics of IPOs 39
Table 9: IPO Regression Analysis with Financial Investor Support 43
Table 10: IPO Regression Analysis without Financial Investor Support 44
Table 11: Overall Regression Analysis of Taiwan IPO Companies 44
Table 12: IPO Vesting Analysis with Financial Investor Support after Adding Operating Variables 46
Table 13: Analysis of IPO Vesting without Financial Investor Support after Adding Operating Variables 47
Table 14: Overall regression analysis of Taiwan IPO companies after adding operational variables 48		zh_TW
dc.format.extent 2449357 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109933023en_US
dc.subject (關鍵詞) 創業資本基金zh_TW
dc.subject (關鍵詞) 私募股權基金zh_TW
dc.subject (關鍵詞) 首次公開募股zh_TW
dc.subject (關鍵詞) 長期表現zh_TW
dc.subject (關鍵詞) 首日報酬zh_TW
dc.subject (關鍵詞) Venture capital fundsen_US
dc.subject (關鍵詞) Private Equity Funden_US
dc.subject (關鍵詞) IPOen_US
dc.subject (關鍵詞) Long-term performanceen_US
dc.subject (關鍵詞) First-day returnen_US
dc.title (題名) 創投基金和私募基金對台灣IPO上市公司表現的影響zh_TW
dc.title (題名) The Impacts of Venture Capital fund and Private Equity fund on IPOs performance in Taiwanen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 1. Acharya, V., Engle, R., & Richardson, M. (2012). Capital shortfall: A new approach to ranking and regulating systemic risks. American Economic Review, 102(3), 59-64.
2. Ahmedin L. (2016). VENTURE CAPITAL AND OBSTACLES TO THE VENTURE CAPITAL INVESTMENTS. Ekonomski Pogled
3. Akerlof, G. A. (1970). The market for” lemons”: Quality uncertainty and the market mechanism. The quarterly journal of economics, 488-500.
4. Andreas Kuckertz, Elisabeth S.C. Berger*, Anja Gaudig (2019) Responding to the greatest challenges? Value creation in ecological startups. Journal of Cleaner Production.
5. Axel B., Christoph K. and Niklas W.,(2009) Modeling the Cash Flow Dynamics of Private Equity Funds – Theory and Empirical Evidence. The Journal of Alternative Investment
6. 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 the going-public process. Journal of Financial economics, 27(2), 447-471.
7. Berger, A. N., & Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of banking & finance, 22(6-8), 613-673.
8. Bergström, C., Nilsson, D., & Wahlberg, M. (2006). Underpricing and long-run performance patterns of European private-equity-backed and non-private-equity-backed IPOs. The Journal of Private Equity, 9(4), 16-47.
9. Bianca P.S, Joelson S, Rubéns F,(2018). The Impact of Private Equity and Venture Capital Funds on post-IPO Operational and Financial Performance in Brazilian invested companies. Brazilian Business Review
10. Boot, A. W., & Thakor, A. V. (1993). Security design. The Journal of Finance, 48(4), 1349-1378.
11. ByD. R. Cox (1968) Notes on Some Aspects of Regression Analysis. Journal of the Royal Statistical Society.
12. Cao, J., & Lerner, J. (2009). The performance of reverse leveraged buyouts. Journal of Financial Economics, 91(2), 139-157.
13. Chan, Y. S., Siegel, D., & Thakor, A. V. (1990). Learning, corporate control and performance requirements in venture capital contracts. International Economic Review, 365-381.
14. Cheng Cheng a, Yue Hua b, *, Duoduo Tan a (2019) Spatial dynamics and determinants of sustainable finance: Evidence from venture capital investment in China. Journal of Cleaner Production.
15. 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.
16. Dae Soo Choi, Chang Soo Sung and Joo Y. Park.(2020) How Does Technology Startups Increase Innovative Performance? The Study of Technology Startups on Innovation Focusing on Employment Change in Korea. MDPI: sustainability
17. Degeorge, F., & Zeckhauser, R. (1993). The reverse LBO decision and firm performance: Theory and evidence. The Journal of Finance, 48(4), 1323-1348.
18. Dilek T, Suat T, Özgür T (2016). Venture Capital Markets: A Cross Country Analysis. Procedia Economics and Finance 38
19. Dimitrios Kolokas, Tom Vanacker, David Veredas, and Shaker A. Zahra(2020) Venture Capital, Credit, and FinTech Start-Up Formation: A Cross- Country Study. Entrepreneurship Theory and Practice.
20. Drucker, P. (2014). Innovation and entrepreneurship. Routledge
21. Eckbo, B. E. (Ed.). (2008). Handbook of empirical corporate finance set. Elsevier.
22. Ellen Vanderhoven a, Artur Steiner b, Simon Teasdale b, Francesca C. (2020) Can public venture capital support sustainability in the social economy? Evidence from a social innovation fund. Journal of Business Venturing.
23. Eugenia L. M. (2018). Venture Capital in Russia and the Global Evolution of Venture Capital. Journal of Reviews on Global Economics
24. Fábio Lotti Oliva and Masaaki Kotabe. (2019) Barriers, practices, methods and knowledge management tools in startups. Journal of Knowledge Management.
25. Feroze Kaliyadan, Vinay Kulkarni1 (2019) Types of Variables, Descriptive Statistics, and Sample Size. Indian Dermatology Online Journal.
26. Francis Donbesuura, Nathaniel Bosob, Magnus Hultman (2020) The effect of entrepreneurial orientation on new venture performance: T Contingency roles of entrepreneurial actions. Journal of Business Research
27. Franco-Leal Noeliaa, Diaz-Carrion Rosalia (2020) A dynamic analysis of the role of entrepreneurial ecosystems in reducing innovation obstacles for startups. Journal of Business Venturing Insights.
28. Gayoung Kim and Woo Jin Lee(2021) The Venture Firm’s Ambidexterity: Do Transformational Leaders Boost Organizational Learning for Venture Growth. MDPI: sustainability
29. Gompers, P. A., 1996. Grandstanding in the venture capital industry. Journal of Financial Economics, 421, 133-156.
30. Gompers, P. A., and Lerner, J., 1999. What drives venture capital fundraising? No. w6906. National Bureau of Economic Research.
31. 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.
32. 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.
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