| dc.contributor.advisor | 周冠男<br>柯冠成 | zh_TW |
| dc.contributor.advisor | Chou, Robin K.<br>Ko, Kuan-Cheng | en_US |
| dc.contributor.author (Authors) | 蘇新賀 | zh_TW |
| dc.contributor.author (Authors) | Su, Hsin-Ho | en_US |
| dc.creator (作者) | 蘇新賀 | zh_TW |
| dc.creator (作者) | Su, Hsin-Ho | en_US |
| dc.date (日期) | 2024 | en_US |
| dc.date.accessioned | 5-Aug-2024 14:18:11 (UTC+8) | - |
| dc.date.available | 5-Aug-2024 14:18:11 (UTC+8) | - |
| dc.date.issued (上傳時間) | 5-Aug-2024 14:18:11 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0111ZB1003 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/152837 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際金融碩士學位學程 | zh_TW |
| dc.description (描述) | 111ZB1003 | zh_TW |
| dc.description.abstract (摘要) | 本研究為探討新創公司估值與投資人情緒之間關係，選用美國新創公司估值指數(Prime Uniron Index)做為樣本，採用各直接情緒指標，以及公開市場指數之成交量，作為間接情緒指標，進行線性迴歸分析。為了解通貨膨脹因素影響，再將各情緒指標與通貨膨脹因素，進行迴歸分析並取殘差，得到調整後投資人情緒指標。最後再將調整後投資人情緒指標與PUI指數進行迴歸分析。
本研究發現，直接情緒指標及間接情緒指標，對於PUI指數皆具有顯著性，但方向性卻不同。而去除通貨膨脹因素之調整後投資人情緒指標，對於PUI指數之顯著性較低，可見通貨膨脹因素大幅影響投資人情緒，進而影響估值。而以PUI指數月投報率分析而言，不論直接或間接投資人情緒，皆較無顯著性。 | zh_TW |
| dc.description.abstract (摘要) | In this research we first use Prime Unicorn Index as sample data, and several other data as direct or indirect investor sentiment, to conduct regression analysis. To understand how inflation influence investor sentiment, this research conduct regression analysis between investor sentiment and inflation data, and then getting residual as adjusted investor sentiment. Finaly, we use this adjusted investor sentiment and the PUI index to conduct regression analysis.
We found that both direct and indirect investor sentiment are significant related to PUI index, although in different direction. But as adjusted investor sentiment are insignificant to PUI index, so inflation has significant impact on investor sentiment, and then furthermore impact to startup valuations, as to PUI index investment returns, most investor sentiment are insignificant. | en_US |
| dc.description.tableofcontents | 第一章 緒論 1
第一節 研究背景 1
第二節 研究動機與目的 2
第三節 研究範圍 3
第四節 研究架構 3
第五節 研究流程 4
第二章 文獻回顧 5
第一節 新創公司市場 5
第二節 新創公司估值方式 8
第三節 投資人心理 8
第四節 投資人情緒指標 9
第五節 投資人情緒與股價及報酬 10
第三章 研究方法 12
第一節 樣本資料 12
第二節 投資者情緒指標 16
第三節 剔除通貨膨脹相關因素 18
第四節 檢驗投資者情緒與投資組合間關係 20
第四章 實證結果分析 21
第一節 情緒指標分析 21
第二節 投資人情緒與估值之關係 33
第三節 投資人情緒與投報率之關係 43
第五章 結論與建議 53
第一節 研究結論 53
第二節 未來研究建議 55
參考文獻 57 | zh_TW |
| dc.format.extent | 2314830 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0111ZB1003 | en_US |
| dc.subject (關鍵詞) | 新創公司 | zh_TW |
| dc.subject (關鍵詞) | 獨角獸 | zh_TW |
| dc.subject (關鍵詞) | 估值 | zh_TW |
| dc.subject (關鍵詞) | 創投 | zh_TW |
| dc.subject (關鍵詞) | 投資人情緒 | zh_TW |
| dc.subject (關鍵詞) | Start up | en_US |
| dc.subject (關鍵詞) | Unicorn | en_US |
| dc.subject (關鍵詞) | Valuation | en_US |
| dc.subject (關鍵詞) | Ventures | en_US |
| dc.subject (關鍵詞) | Investor Sentiment | en_US |
| dc.title (題名) | 投資人情緒與獨角獸新創公司估值關係探討 | zh_TW |
| dc.title (題名) | Relations between Investor Sentiment and Unicorn Startup Valuation | en_US |
| dc.type (資料類型) | thesis | en_US |
| dc.relation.reference (參考文獻) | Agarwal, V., Barber, B. M., Cheng, S., Hameed, A., Shanker, H., & Yasuda, A. J. E. f. t. J. S. o. M. F. (2023). Do Investors Overvalue Startups? Evidence from the Junior Stakes of Mutual Funds. CFR Working Papers.
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Brown, G. W., & Cliff, M. T. J. J. o. e. f. (2004). Investor sentiment and the near-term stock market. Journal of empirical finance, 11(1), 1-27.
Brown, G. W., & Cliff, M. T. J. T. J. o. B. (2005). Investor sentiment and asset valuation. The Journal of Business, 78(2), 405-440.
Fisher, K. L., & Statman, M. J. F. A. J. (2000). Investor sentiment and stock returns. Financial Analysts Journal, 56(2), 16-23.
Kamstra, M. J., Kramer, L. A., & Levi, M. D. J. A. e. r. (2003). Winter blues: A SAD stock market cycle. American economic review, 93(1), 324-343.
Lee, A. J. C. V. (2013). Welcome to the unicorn club: Learning from billion-dollar startups.
Metrick, A., & Yasuda, A. (2021). Venture capital and the finance of innovation: John Wiley & Sons.
Shiller, R. J. (2015). Irrational exuberance. In Irrational exuberance: Princeton university press.
Tvede, L. (2002). The psychology of finance: understanding the behavioural dynamics of markets (Vol. 243): John Wiley & Sons. | zh_TW |
