| dc.contributor.advisor | 許崇源 | zh_TW |
| dc.contributor.advisor | Hsu, Chung Yuan | en_US |
| dc.contributor.author (Authors) | 盧佳琪 | zh_TW |
| dc.contributor.author (Authors) | Lu, Chia Chi | en_US |
| dc.creator (作者) | 盧佳琪 | zh_TW |
| dc.creator (作者) | Lu, Chia Chi | en_US |
| dc.date (日期) | 2007 | en_US |
| dc.date.accessioned | 11-Sep-2009 17:34:12 (UTC+8) | - |
| dc.date.available | 11-Sep-2009 17:34:12 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Sep-2009 17:34:12 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0893535011 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/30269 | - |
| dc.description (描述) | 博士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 會計研究所 | zh_TW |
| dc.description (描述) | 89353501 | zh_TW |
| dc.description (描述) | 96 | zh_TW |
| dc.description.abstract (摘要) | Venture capital funds are active investors in technology-based firms in Taiwan. However, there is very little evidence on the influence of VC funds’ investments in the investee firms. This study examines the relations between venture-backing and two issues, earnings management and value relevance, in the technology-based industry. For the issue of the relationship between venture-backing and earnings management, four hypotheses are derived to test the above connections. Three different proxies of earnings management are employed to conduct this analysis: cross-sectional modified Jones model, performance-matched modified Jones model and unexpected accounts receivable model. Empirical evidence shows that there is a negative association between venture-backing and abnormal accruals. Specifically, age of VC funds, percentage of VC funds’ shareholdings on investee firms, and VC funds invested by the government are negatively related with abnormal accruals in most of analyses. These findings indicate that VC funds in Taiwan provide monitoring functions on financial reporting of their invstee firms. For the issue of value relevance of venture-backing information, five hypotheses are derived to test the above connections. Ohlson (1995) model is used for the examination. Empirical evidence shows that venture-backing information is value relevant in the TSE market, but not in the OTC market. The sufficiency of financial information has an impact on value relevance of venture capital information. Value relevance of venture-backing information in the TSE market increases with VC funds’ investments and VC funds’ government investments, but not with VC funds’ age in most of analyses. These findings indicate that investors treat venture-backing information as value-relevant information only in the TSE market, but not in the OTC market. In addition, several tests are performed to determine the sensitivity of the results to a potential selection bias in the research design. The results of this analysis are mixed. Therefore, this paper cannot rule out selection bias as a potential alternative explanation for the findings. | en_US |
| dc.description.tableofcontents | 1. Introduction 1 1.1 The Motivation and Purpose 1 1.2 Research Issues 2 1.2.1 Venture-backing and Earnings Management 2 1.2.2 Value-relevance of Venture-backing Information 3 1.3 Expected Contributions 4 1.3.1 Expected Contributions to Academia 4 1.3.2 Expected Contributions to Practices 5 1.4 The Research Structure 5 2. Venture Capital Industry in Taiwan 7 2.1 The History 7 2.2 Characteristics of Venture Capital Funds 10 2.3 Summaries and Implications 14 3. Literature in Venture Capital Investments 17 3.1 The Venture Capital Investment Process 17 3.2 Research on Venture-backed Firms 18 3.2.1 Certification Hypothesis 18 3.2.2 Value-added (Monitoring) Hypothesis 20 3.2.3 Grandstanding Hypothesis 21 3.3 Summaries and Implications 22 4. Hypotheses Development and Research Design 23 4.1 Hypotheses 23 4.1.1 Venture-backing and Earnings Management 23 4.1.2 Value-relevance of Venture-backing Information 24 4.2 Research Design 27 4.2.1 Sample Selection 27 4.2.2 Tests of Hypotheses 29 4.2.3 Calculating Abnormal Accruals (AA) 34 5. Results 38 5.1 Descriptive Statistics 38 5.1.1 Venture-backing and Earnings Management 38 5.1.2 Venture-backing Information and Value-relevance 40 5.2 Empirical Results 45 5.2.1 Venture-backing and Earnings Management 45 5.2.2 Venture-backing Information and Value Relevance 50 5.3 Additional Tests 66 5.3.1 VC Funds’ Representation on the Board or of Top 10 Shareholders 66 5.3.2 Foreign VC Funds 70 5.3.3 VC Funds’ Reputation 74 6. Conclusions, Extensions, Limitations, and Implications 79 6.1 Conclusions 79 6.2 Extensions and Limitations 81 6.3 Implications 82 Appendix 1 Summary of Literature Regarding VC Investments 83 Appendix 2 Summary of Empirical Results 92 References 101 LIST OF TABLES Table 2- 1 Venture Capital Fund-Raising and Investments by Country, Year 2000 9 Table 2- 2 Most Highly Invested-in Industries by Number of Investments (1984-2005) 11 Table 2- 3 Most Highly Invested-in Industries by Amount of Investments (1984-2005) 12 Table 2- 4 Summaries and Implications of this Section 14 Table 4- 1 Technology-based IPO firms during 1996-2001 28 Table 4- 2 Technology-based Firms during 1996-2001 28 Table 4- 3 Technology-based Firms in the TSE Market during 1996-2001 29 Table 4- 4 Technology-based Firms in the OTC Market during 1996-2001 29 Table 5- 1 Summary Statistics for Technology-based IPO Firms during the Sample Period 1996-2001 39 Table 5- 2 Abnormal Accruals for Technology-based IPO Firms during the Sample Period 1996-2001 40 Table 5- 3 Pearson Correlation Coefficients for Abnormal Accruals and Independent Variables (N=261) 41 Table 5- 4 Correlation Matrix for VC funds’ Certification Variables for IPO Firms (N=86) 42 Table 5- 5 Descriptive Statistics for Technology-based Firms during the Sample Period 1996-2001 42 Table 5- 6 Comparisons for Venture-backed and Non-venture-backed Technology-based Firms during the Sample Period 1996-2001 43 Table 5- 7 Pearson Correlation Coefficients for Sample Firms (N=1031) 44 Table 5- 8 Correlation Matrix for VC Funds’ Certification Variables for Sample Firms (N=340) 44 Table 5- 9 Multiple Regression Analysis of the Relation between Abnormal Accruals and Venture-backing 46 Table 5- 10 Multiple Regression Analysis of VC Funds’ Age on Abnormal Accruals 48 Table 5- 11 Multiple Regression Analysis of the Relation between Abnormal Accruals and VC Funds’ Shareholdings on Investee Firms 49 Table 5- 12 Multiple Regression Analysis of the Relation between Abnormal Accruals and VC Funds’ Government Investments 51 Table 5- 13 Multiple Regression Analysis of the Relation between Stock Price and Venture-backing Information 53 Table 5- 14 Sample Firms Classified by Firms’ Age and Intangible Assets 53 Table 5- 15 Multiple Regression Analysis of Venture-backing Information versus Financial Information Sufficiency on Stock Prices for Total Sample 54 Table 5- 16 Multiple Regression Analysis of Venture-backing Information versus Financial Information Sufficiency on Stock Prices for TSE and OTC Subsamples 56 Table 5- 17 The Subsample of Firms with VC Funds’ Representing on the board or of Top 10 Shareholders Classified by Firms’ Age and Intangible Assets 57 Table 5- 18 Multiple Regression Analysis of VC Funds’ Age on Stock Prices for Total Sample 58 Table 5- 19 Multiple Regression Analysis of VC Funds’ Age on Stock Prices for TSE and OTC Subamples 59 Table 5- 20 Multiple Regression Analysis of VC Funds’ Shareholdings on Stock Prices for Total Sample 61 Table 5- 21 Multiple Regression Analysis of VC Funds’ Shareholdings on Stock Prices for TSE and OTC Subamples 62 Table 5- 22 Multiple Regression Analysis of VC Funds’ Government Investments on Stock Prices for Total Sample 64 Table 5- 23 Multiple Regression Analysis of VC Funds’ Government Investments on Stock Prices for TSE and OTC Subamples 65 Table 5- 24 Multiple Regression Analysis of the Relation between Abnormal Accruals and VC Funds’ Representing on the Board or of Top 10 Shareholders 67 Table 5- 25 Multiple Regression Analysis of VC Funds’ Representing on the Board or of Top 10 Shareholders on Stock Prices for Total Sample 68 Table 5- 26 Multiple Regression Analysis of VC Funds’ Representing on the Board or of Top 10 Shareholders on Stock Prices for TSE and OTC Subamples 69 Table 5- 27 Multiple Regression Analysis of the Relation between Abnormal Accruals and Foreign VC Funds 71 Table 5- 28 Multiple Regression Analysis of Foreign VC Funds on Stock Prices for Total Sample 72 Table 5- 29 Multiple Regression Analysis of Foreign VC Funds on Stock Prices for TSE and OTC Subamples 73 Table 5- 30 Multiple Regression Analysis of the Relation between Abnormal Accruals and VC Funds’ Reputation 75 Table 5- 31 Multiple Regression Analysis of VC Funds’ Reputation on Stock Prices for Total Sample 77 Table 5- 32 Multiple Regression Analysis of VC Funds’ Reputation on Stock Prices for TSE and OTC Subamples 78 LIST OF FIGURES Figure 1- 1 The Research Structure…………………………………………………6 LIST OF FIGURES Figure 2- 1 The Numbers of Management Funds and VC Funds 7 Figure 2- 2 The Size of VC Funds (1984-2005) 8 Figure 2- 3 Number of Venture Capital Investments by Region (Year 2005) 8 Figure 2- 4 The Operation Structure of VC Funds (Year 2005) 9 Figure 2- 5 Ownership Structure of VC Funds in 2005 11 Figure 2- 6 Venture Capital Investments by Stage and Number of Investment 13 Figure 2- 7 Venture Capital Investment by Stage and Amount of Investment 13 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0893535011 | en_US |
| dc.subject (關鍵詞) | 創投 | zh_TW |
| dc.subject (關鍵詞) | 盈餘管理 | zh_TW |
| dc.subject (關鍵詞) | 價值攸關 | zh_TW |
| dc.subject (關鍵詞) | Venture capitlists | en_US |
| dc.subject (關鍵詞) | Earnings management | en_US |
| dc.subject (關鍵詞) | Value relevance | en_US |
| dc.title (題名) | 創投家在高科技產業中對盈餘管理與價值攸關性的影響 | zh_TW |
| dc.title (題名) | Impacts of venture capitalists on earnings management and value relevance in the technology-based industry | en_US |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | Admati, A. and P. Pfleiderer. 1994. Robust financial contracting and the role for venture capitalists. Journal of Finance 49: 371-402. | zh_TW |
| dc.relation.reference (參考文獻) | Aghion, P. and P. Bolton. 1992. An incomplete contracts approach to financial contracting. Review of Economic Studies 77: 338-401. | zh_TW |
| dc.relation.reference (參考文獻) | Amir, A. and B. Lev, 1996. Value-relevance of nonfinancial information: The wireless communications industry. Journal of Accounting and Economics 22: 3-30. | zh_TW |
| dc.relation.reference (參考文獻) | Amit, R., L. Glosten and E. Muller. 1990a. Does venture capital foster the most promising entrepreneurial firms? California Management Review 32 (3): 102-111. | zh_TW |
| dc.relation.reference (參考文獻) | Amit, R., L. Glosten and E. Muller. 1990b. Entrepreneurial ability, venture investments, and risk sharing. Management Science 36: 1232-1245. | zh_TW |
| dc.relation.reference (參考文獻) | Baker, M., and P. A. Gompers. 2003. The determinants of board structure at the Initial Public Offering. Journal of Law and Economics 46: 569-598. | zh_TW |
| dc.relation.reference (參考文獻) | Barry, C. B. 1994. New directions in research on venture capital finance, financial management. Financial Management Association 23(3), Fall. | zh_TW |
| dc.relation.reference (參考文獻) | Barry, C., C. J. Muscarella, J. W. Peavy III and M. R. Vetsuypens. 1990. The role of venture capital in the creation of public companies. Journal of Financial Economics 27: 447-471. | zh_TW |
| dc.relation.reference (參考文獻) | Barth, M. E. and M. McNichols. 1994. Estimation and market valuation of environmental liabilities relating to superfund sites. Journal of Accounting Research 32 (Supplement): 177-209. | zh_TW |
| dc.relation.reference (參考文獻) | Barth, M. E. and R. Kasznik. 1999. Share repurchases and intangible assets. Journal of Accounting and Economics 28: 211-241. | zh_TW |
| dc.relation.reference (參考文獻) | Barth, M. E., R. Kasznik and M. F. McNichols. 2001. Analyst coverage and intangible assets. Journal of Accounting Research 39: 1-34. | zh_TW |
| dc.relation.reference (參考文獻) | Ohlson, J. A. 1995. Earnings, book values, and dividends in security valuation. Contemporary Accounting Research 11: 661-687. | zh_TW |
| dc.relation.reference (參考文獻) | Ohlson, J. A. 1999. On transitory earnings. Review of Accounting Studies 4: 145-62. | zh_TW |
| dc.relation.reference (參考文獻) | Perusich, K. and G. Michael. 1991. Bringing high technology to low technology industry. University/Government/Industry Microelectronics Symposium, Proceedings, Ninth Biennial 13-18. | zh_TW |
| dc.relation.reference (參考文獻) | Rajgopal, S., M. Venkatachalam and S. Kotha. 2002. Managerial actions, stock returns, and earnings: The case of business-to-business Internet firms. Journal of Accounting Research 40: 529-556. | zh_TW |
| dc.relation.reference (參考文獻) | Rechner, P. and D. Dalton. 1991. CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal 12: 155–160. | zh_TW |
| dc.relation.reference (參考文獻) | Rosenstein, J. 1988. The board and strategy: Venture capital and high technology. Journal of Business Venturing 3: 159-170. | zh_TW |
| dc.relation.reference (參考文獻) | Sahlman, W. A. 1990. The structure and governance of venture-capital organizations. Journal of Financial Economics 27: 473-521. | zh_TW |
| dc.relation.reference (參考文獻) | Sapienza, H. J. 1992. When do venture capitalists add value? Journal of Business Venturing 7(1): 9-27. | zh_TW |
| dc.relation.reference (參考文獻) | Shiu, C. Y. and Y. S. Hsu. 2005. The stock price behavior in the period surrounding lockup expiration: the case of Taiwan. Journal of Management 22 (5): 569-584. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Shivakumar, L. 2000. Do firms mislead investors by overstating earnings prior to seasoned equity offerings? Journal of Accounting and Economics 29: 339-371. | zh_TW |
| dc.relation.reference (參考文獻) | Bartov, E., F. A. Gul and J. S. L. Tsui. 2000. Discretionary accruals models and audit qualifications. Journal of Accounting and Economics 30: 421-452. | zh_TW |
| dc.relation.reference (參考文獻) | Shu, P. G., L. C. Chen and J. C. P. Shieh. 1999. The investment behavior of Taiwan’s venture capitalists--based on reputation model. Fu-Jen Management Review, l6 (2): 71-99. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Shyu, D., J. C. Huang, Z. M. Chen and Y. M. Wang. 2001. The influence of venture capital to high-tech industry for IPOs. Sun Yat-Sen Management Review 9 (4): 655-690. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Sloan, R. G. 1996. Do stock prices fully reflect information in accruals and cash flows about future earnings? Accounting Review 71: 289-315. | zh_TW |
| dc.relation.reference (參考文獻) | Smart, S. and C. Zutter. 2003. Control as a motivation for underpricing: a comparison of dual and single-class IPOs. Journal of Financial Economics 69: 85-110. | zh_TW |
| dc.relation.reference (參考文獻) | Stuart, T. E., H. Hoang and R. Hybels. 1999. Interorganizational endorsements and the performance of entrepreneurial ventures. Administrative Science Quarterly 44(2): 315 - 349. | zh_TW |
| dc.relation.reference (參考文獻) | Subramanyan, K. R. 1996. The pricing of discretionary accruals. Journal of Accounting and Economics 22: 249-282. | zh_TW |
| dc.relation.reference (參考文獻) | Tai, T. C. 2006. The strategy and post-investment management of corporate venture capital in high-tech industry. NTHU unpublished thesis. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Teoh, S. H., I. Welch and T. J. Wong. 1998a. Earnings management and the long-run performance of Initial Public Offerings. Journal of Finance 53: 1935-1974. | zh_TW |
| dc.relation.reference (參考文獻) | Teoh, S. H., I. Welch and T. J. Wong. 1998b. Earnings management and the long-run performance of seasoned equity offerings. Journal of Financial Economics 50: 63-100. | zh_TW |
| dc.relation.reference (參考文獻) | Teoh, S. H., T. J. Wong and G. R. Rao. 1998. Are accruals during initial public offerings opportunistic? Review of Accounting Studies 3: 175-208. | zh_TW |
| dc.relation.reference (參考文獻) | Bebchuk, L., R. Kraakman and G. Triantis. 2000. Stock pyramids, cross-ownership, and dual class equity: The creation and agency costs of separating control from cash flow rights. NBER Working Paper 6951. | zh_TW |
| dc.relation.reference (參考文獻) | Timmons, J. A. and W. D. Bygrave. 1986. Venture capital’s role in financing innovation for economic growth. Journal of Business Venturing 1 (2): 161-176. | zh_TW |
| dc.relation.reference (參考文獻) | Trester, J. 1998. Venture capital contracting under asymmetric information. Journal of Banking and Finance 22: 675-699. | zh_TW |
| dc.relation.reference (參考文獻) | Trueman, B., M., H. F. Wong and X. Zhang. 2000. The eyeballs have it: Searching for the value in Internet stocks. Journal of Accounting Research 38: 137–169. | zh_TW |
| dc.relation.reference (參考文獻) | Tsao, S. and C. Deng. 2004. The value relevance of the number of trademarks and estimated value. Journal of Management 21 (2) 213-235. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Van den Berghe, L. A. A. and A. Levrau. 2002. The role of the venture capitalist as monitor of the company: A corporate governance perspective. Corporate Governance: An International Review 10 (3): 124-135. | zh_TW |
| dc.relation.reference (參考文獻) | Wang, A., J. R. Chiou, Y. C. Lin and Y. H. Lin. 2005. A study of government certification from the impact of venture capital on industry development. Sun Yat-Sen Management Review 13 (3): 563-587. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Wang, W. 2001. Earnings management around initial public offerings: Evidence from Taiwan. Sun Yat-Sen Management Review 9:71-94. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Wright, M. and K. Robbie. 1998. Venture capital and private equity: A review and synthesis. Journal of Business Finance and Accounting 25 (5-6): 521-570. | zh_TW |
| dc.relation.reference (參考文獻) | Xu, H. T. 1996. The study of relationship between venture capital firms’ involvement and venture-backed corporate value. NSYSU unpublished thesis. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Yermack, D. 1996. Higher market valuation of companies with small boards of directors. Journal of Financial Economics 40: 185–211. | zh_TW |
| dc.relation.reference (參考文獻) | Bergemann, D. and U. Hege. 1998. Venture capital financing, moral hazard, and learning. Journal of Banking and Finance 22: 703-735. | zh_TW |
| dc.relation.reference (參考文獻) | Brau, J. C., R. A. Brown, and J. S. Osteryoung. 2004. Do venture capitalists add value to small manufacturing firms? An empirical analysis of venture and nonventure capital-backed initial public offerings. Journal of Small Business Management 42 (1): 78-92. | zh_TW |
| dc.relation.reference (參考文獻) | Brav, A. and P.A. Gompers. 1997. Myth or reality? The long-run underperformance of initial public offerings: Evidence from venture and nonventure capital-backed companies. Journal of Finance 52 (5): 1791-1821. | zh_TW |
| dc.relation.reference (參考文獻) | Chan, Y. 1983. On the positive role of financial intermediation in allocations of venture capital with imperfect information. Journal of Finance 38: 1543-1561. | zh_TW |
| dc.relation.reference (參考文獻) | Chen, C. N. 2001. The deal screening processes of Taiwan venture capital firms. NCTU unpublished thesis. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Chen, E. 2000. The IPO effect of venture capital. NSYSU unpublished thesis. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Chen, R, C. Chang, L. Wang, and W. Lee (2005) The Ohlson valuation framework and value-relevance of corporate governance: An empirical analysis of the electronic industry in Taiwan. NTU Management Review 15 (2): 123-142. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Chen, Y, S. 1997. The evaluation of Taiwanese venture capitalists. CCU unpublished thesis. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Chen, Y. M. 2003. Venture capital, R&D investment with intensity for knowledge-based economy. Journal of Management & systems 10 (2): 115-148. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Chiang, I. S. 2004. A investigation of long-term performance of Taiwanese IPOs. NCU unpublished thesis. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Chin, C, H. Lin and H. Chi. 2004. The value-relevance of patent: A test of the life cycle hypothesis. Journal of Management 21 (2): 175-197. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Chiou, Jeng-Ren, Ting-Kai Chou and Yu-Ju Chen. 2007. The effect of venture capital reputation on the long-run stock and operating performance of IPO Firms. Chiao Da Mangement Review 27 (1): 115-167. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Chou, Y. H. 2003. The intraday price behavior of ventured IPOs. NCKU unpublished thesis. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Cornelli, F. and O. Yosha. 2003. Stage financing and the role of convertible debt. Review of Economic Studies 70: 1-32. | zh_TW |
| dc.relation.reference (參考文獻) | Darrough, M. and S. Rangan. 2005. Do insiders manipulate earnings when they sell their shares in an initial public offering? Journal of Accounting Research 43: 1-33. | zh_TW |
| dc.relation.reference (參考文獻) | Davila, A., G. Foster and M. Gupta. 2003. Venture-capital financing and the growth of start-up firms. Journal of Business Venturing 18: 689-708. | zh_TW |
| dc.relation.reference (參考文獻) | Dechow, P. M. 1994. Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals. Journal of Accounting and Economics 18: 3-42. | zh_TW |
| dc.relation.reference (參考文獻) | Dechow, P. M., R. G. Sloan and A. P. Sweeney. 1995. Detecting earnings management. The Accounting Review 70 (2): 193-225. | zh_TW |
| dc.relation.reference (參考文獻) | Dechow, P. M., S. P. Kothari and R. L. Watts. 1998. The relation between earnings and cash flows. Journal of Accounting and Economics 25: 133-168. | zh_TW |
| dc.relation.reference (參考文獻) | Deeds, D. L., D. DeCarolis and J. Coombs. 1999. Dynamic capabilities and new product development: An empirical analysis of new biotechnology firms. Journal of Business Venturing 15: 211-229. | zh_TW |
| dc.relation.reference (參考文獻) | Demers, E. and B. Lev. 2001. A rude awakening: Internet shakeout in 2000. Review of Accounting Studies 6: 331-359. | zh_TW |
| dc.relation.reference (參考文獻) | Deng, Z., B. Lev and F. Narin. 1999. Science and technology as predictors of stock performance. Financial Analysts Journal 55: 20-32. | zh_TW |
| dc.relation.reference (參考文獻) | Dewatripont, M. and J. Tirole. 1994. A theory of debt and equity: Diversity of securities and managershareholder congruence. Quarterly Journal of Economics 109: 1027-1054. | zh_TW |
| dc.relation.reference (參考文獻) | Doukas, J. A. and H. Gonenc. 2005. Long-term performance of new equity issuers, venture capital, and reputation of investment bankers, Economic Notes 34 (1): 1-34. | zh_TW |
| dc.relation.reference (參考文獻) | DuCharme, L. L., P. H. Malatesta and S. E. Sefcik. 2004. Earnings management, stock issues, and shareholder lawsuits. Journal of Financial Economics 71: 27-49. | zh_TW |
| dc.relation.reference (參考文獻) | Easton, P. D. and T. S. Harris. 1991. Earnings as an explanatory variable for returns, Journal of Accounting Research 29: 19-36. | zh_TW |
| dc.relation.reference (參考文獻) | Espenlaub, S., I. Garrett and W. P. Mun. 1999. Conflicts of interest and the performance of venture-capital-backed IPOs: A preliminary look at the UK. Venture Capital: An International Journal of Entrepreneurial Finance 1 (4): 325-349. | zh_TW |
| dc.relation.reference (參考文獻) | Fang, P. C. 1996. The influence of venture capital on IPO and venture capital’s future development. NTU unpublished thesis. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Feltham, G. A. and J. A. Ohlson. 1999. Residual earnings valuation with risk and stochastic interest rates. Accounting Review 74: 165-183. | zh_TW |
| dc.relation.reference (參考文獻) | Florida, R. and M. Kenney. 1988. Venture capital financed innovation and technological change the United States. Research Policy 17: 119-137. | zh_TW |
| dc.relation.reference (參考文獻) | Francis, B. B., I. Hasan and C. Hu. 2001. The underpricing of venture and non venture capital IPOs: An empirical investigation. Journal of Financial Services Research 19: 99-113. | zh_TW |
| dc.relation.reference (參考文獻) | Franzke, S. A. 2001. Underpricing of venture-backed and non venture-backed IPOs: Germany’s Neuer markt. CFS Working Paper No. 2001/01. | zh_TW |
| dc.relation.reference (參考文獻) | Fredriksen, Ö. and M. Klofsten. 1999. CEO vs. board typologies in venture capital-entrepreneur relationships. Frontiers of Entrepreneurship Research. Babson. | zh_TW |
| dc.relation.reference (參考文獻) | Fried, V. H. and R. D. Hisrich. 1995. The venture capitalist: A relationship investor. California Management Review 37 (2): 101-113. | zh_TW |
| dc.relation.reference (參考文獻) | Fried, V. H., G. D. Bruton and R. D. Hisrich. 1998. Strategy and the board of directors in venture capital-backed firms. Journal of Business Venturing 13: 493-503. | zh_TW |
| dc.relation.reference (參考文獻) | Friedlan, J. 1994. Accounting choices of issuers of initial public offerings. Contemporary Accounting Research 1-31. | zh_TW |
| dc.relation.reference (參考文獻) | Gompers, P. A. 1995. Optimal investment, monitoring, and the staging of venture capital. Journal of Finance 50 (5): 1461-1489. | zh_TW |
| dc.relation.reference (參考文獻) | Gompers, P. A. 1996. Grandstanding in the venture capital industry. Journal of Financial Economics 42 (1): 133-156. | zh_TW |
| dc.relation.reference (參考文獻) | Gompers, P. A. and J. Lerner. 1998. The determinants of corporate venture capital successes: Organizational structure, incentives, and complementarities. NBER Working Paper No. W6725. | zh_TW |
| dc.relation.reference (參考文獻) | Gompers, P. A. and J. Lerner. 1999. The Venture Capital Cycle. The MIT Press: Cambridge, MA. | zh_TW |
| dc.relation.reference (參考文獻) | Gompers, P. A. and J. Lerner. 2000. Money chasing deals? The impact of fund inflows on private equity valuations. Journal of Financial Economics 55: 281-325. | zh_TW |
| dc.relation.reference (參考文獻) | Gompers, P. A., and J. Lerner. 2001. The Venture Capital Revolution. Boston, Harvard Business School Press. | zh_TW |
| dc.relation.reference (參考文獻) | Gorman, M. and W. A. Sahlman. 1989. What do venture capitalists do? Journal of Business Venturing 4: 231-48. | zh_TW |
| dc.relation.reference (參考文獻) | Hamao, Y., F. Packer and J. R. Ritter. 2000. Institutional affiliation and the role of venture capital: Evidence from initial public offerings in Japan. Pacific-Basin Finance Journal 8 (5): 529-558. | zh_TW |
| dc.relation.reference (參考文獻) | Hand, J. R. M. 2005. The value relevance of financial statements in the venture capital market. The Accounting Review 80 (2): 613-648. | zh_TW |
| dc.relation.reference (參考文獻) | Hellmann, T. 1998. The allocation of control rights in venture capital contracts, Rand Journal of Economics 29: 57-76. | zh_TW |
| dc.relation.reference (參考文獻) | Hellmann, T. and M. Puri. 2000. The interaction between product market and financing strategy: The role of venture capital. Review of Financial Studies 13: 959-984. | zh_TW |
| dc.relation.reference (參考文獻) | Hellmann, T. and M. Puri. 2002. Venture capital and the professionalization of start-up firms: Empirical evidence. Journal of Finance 57(1): 169-197. | zh_TW |
| dc.relation.reference (參考文獻) | Hermalin, B. E. and M. S. Weisbach. 1998. Endogenously chosen boards of directors and their monitoring of the CEO. American Economic Review 88: 96-118. | zh_TW |
| dc.relation.reference (參考文獻) | Hirschey, M. and V. J. Richardson. 2004. Are scientific indicators of patent quality useful to investors? Journal of Empirical Finance 11: 91-107. | zh_TW |
| dc.relation.reference (參考文獻) | Hirschey, M. Richardson, V. J. and Scholz, S. 2001. Value relevance of nonfinancial information: the case of patent data. Review of Quantitative Finance and Accounting 17: 223-235. | zh_TW |
| dc.relation.reference (參考文獻) | Hochberg, Y. V. 2004. Venture capital and corporate governance in the newly public firm. Working Paper. | zh_TW |
| dc.relation.reference (參考文獻) | Huang, C. J. and R. Y. Wu. 2007. Earnings management around IPO and lockup. Chiao DA Management Review 27 (2): 275-296. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Huang, R. 2001. The stock selling effects of VCs. CCU unpublished thesis. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Hughes II, K. E. 2000. The value relevance of nonfinancial measures of air pollution in the electric utility industry. Accounting Review 75(2): 209-228. | zh_TW |
| dc.relation.reference (參考文獻) | Hung, A. C. 1997. Certification function of venture capitalists. CCU unpublished thesis. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Ittner, C. D. and D. F. Larcher. 1999. Are nonfinancial measures leading indicators of financial performance? An analysis of Customer Satisfaction. Journal of Accounting Research 36: 1-35. | zh_TW |
| dc.relation.reference (參考文獻) | Jain, B. A. and O. Kini. 2000. Does the presence of venture capitalists improve the survival profile of IPO Firms? Journal of Business Finance and Accounting 27: 1139-1176. | zh_TW |
| dc.relation.reference (參考文獻) | Jensen, M. and W. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 4: 305–360. | zh_TW |
| dc.relation.reference (參考文獻) | Jones, J. 1991. Earnings management during import relief investigation. Journal of Accounting Research 29 (2): 193-228. | zh_TW |
| dc.relation.reference (參考文獻) | Kaplan, S. N. and P. Strömberg. 2001. Venture capitalists as principals: contracting, screening, and monitoring. The American Economic Review 91(2): 426-430. | zh_TW |
| dc.relation.reference (參考文獻) | Kaplan, S. N. and P. Strömberg. 2004. Contracts, characteristics, and actions: Evidence from venture capitalist analyses. Journal of Finance 59 (5): 2177-2210. | zh_TW |
| dc.relation.reference (參考文獻) | Kenney, M., K. Han and S. Tanaka. 2007. The globalization of venture capital: The cases of Taiwan and Japan. Working paper. | zh_TW |
| dc.relation.reference (參考文獻) | Kim, C. S. and E. Tse. 1990. Rule development process for positioning strategies in the fast changing high-technology market. Computer Integrated Manufacturing, 1990, Proceedings of Rensselaer`s Second International Conference 296-303. | zh_TW |
| dc.relation.reference (參考文獻) | Ko, M. N. 2003. The study of monitoring tool of post-investment management in venture capitals’ portfolio companies. NCTU unpublished thesis. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Kortum, S. and J. Lerner. 1998. Stronger protection or technological revolution: what is behind the recent surge in patenting? Carnegie-Rochester Conference Series on Public Policy 48: 247-304. | zh_TW |
| dc.relation.reference (參考文獻) | Kothari, S. P. 2001. Capital market research in accounting. Journal of Accounting and Economics 31: 105-231. | zh_TW |
| dc.relation.reference (參考文獻) | Kothari, S. P., A. J. Leone and C. E. Wasley. 2005. Performance matched discretionary accrual measures, Journal of Accounting and Economics 39: 163-197. | zh_TW |
| dc.relation.reference (參考文獻) | Lee, P. M. and S. Wahal. 2004. Grandstanding, certification and the underpricing of venture backed IPOs. Journal of Financial Economics 73: 375-407. | zh_TW |
| dc.relation.reference (參考文獻) | Lerner, J. 1994. Venture capitalists and the decision to go public. Journal of Financial Economics 35: 293-316. | zh_TW |
| dc.relation.reference (參考文獻) | Lerner, J. 1995. Venture capitalists and the oversight of private firms. Journal of Finance 50 (1): 301-318. | zh_TW |
| dc.relation.reference (參考文獻) | Lerner, J. 1997. An empirical exploration of a technology race. Rand Journal of Economics 28: 228-247. | zh_TW |
| dc.relation.reference (參考文獻) | Li, K. P. 2003. The venture capitalists’ post-investment management of fabless industry in Taiwan. NCTU unpublished thesis. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Lin, T. H. and R. L. Smith. 1998. Insider reputation and selling decisions: The unwinding of venture capital investments during equity IPOs. Journal of Corporate Finance 4: 241-263. | zh_TW |
| dc.relation.reference (參考文獻) | Liu, Y. C. 1999. The influence of value creation by venture capital. NCKU unpublished thesis. (Written in Chinese) | zh_TW |
| dc.relation.reference (參考文獻) | Ljungqvist, A. P. 1999. IPO underpricing, wealth losses and the curious role of venture capitalists in the creation of public companies. Working paper. | zh_TW |
| dc.relation.reference (參考文獻) | MacMillan, I. C., D. M. Kulow and R. Khoylian. 1989. Venture capitalists’ involvement in their investments: Extent and performance. Journal of Business Venturing 4 (1): 27-47. | zh_TW |
| dc.relation.reference (參考文獻) | Manigart, S. and H. Sapienza. 2000. Venture capital and growth. The Blackwell Handbook of Entrepreneurship. Oxford: Blackwell. | zh_TW |
| dc.relation.reference (參考文獻) | Manigart, S. and W. Van Hyfte. 1999. Post-investment evolution of Belgian venture capital backed companies: An empirical study. Frontiers of Entrepreneurship Research. Babson College: Wellesley, MA. | zh_TW |
| dc.relation.reference (參考文獻) | Marquardt, C. A. and C. I. Wiedman. 2004. How are earnings managed? An examination of specific accruals. Contemporary Accounting Research 21 (2) (Summer): 459-491. | zh_TW |
| dc.relation.reference (參考文獻) | Marx, L. 1994. Negotiation and renegotiation of venture capital contracts. University of Rochester working paper. | zh_TW |
| dc.relation.reference (參考文獻) | Megginson, W. L. 2004. Toward a global model of venture capital. Journal of Applied Corporate Finance 16 (1): 8-26. | zh_TW |
| dc.relation.reference (參考文獻) | Megginson, W. L. and K. A. Weiss. 1991. Venture capitalist certification in initial public offerings. Journal of Finance 46(3): 879-903. | zh_TW |
| dc.relation.reference (參考文獻) | Mlynek, D. and P. Mali. 1992. Differentiating American and European high tech entrepreneurial venturing: Toward the development of a global model. Engineering Management Conference, 1992, “Managing in a Global Environment”, 1992 IEEE International 82-85. | zh_TW |
| dc.relation.reference (參考文獻) | Morck, R., A. Shleifer and R. W. Vishny. 1988. Management Ownership and Market Valuation. Journal of Financial Economics 20: 293-315. | zh_TW |
| dc.relation.reference (參考文獻) | Morsfield, S. and C. Tan. 2006. Do venture capitalists influence the decision to manage earnings in initial public offerings? The Accounting Review 81(5): 1119-1150. | zh_TW |
| dc.relation.reference (參考文獻) | Ni, Y. S. and C. Y. Cheng. 2002. The effect of venture capital enterprises on high-tech companies in Taiwan. Tamkang Journal of Humanities and Social Science 10: 35-62. (Written in Chinese) | zh_TW |
