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題名 人際網絡與創投目標公司選擇之研究：以教育網絡為例
Social Network and the Venture Capital Investment Target：The Case of Educational Network作者 林家毅
Oliver貢獻者 李文傑<br>王信實
Lee, Wen Chieh<br>Wang, Shin Shyr
林家毅
Oliver關鍵詞 創業投資
Venture Capital日期 2013 上傳時間 1-Jul-2014 12:18:58 (UTC+8) 摘要 本研究利用教育網絡連結做為一項工具，透過創投資本家與新創公司經營團隊教育網絡連結緊密程度當作傳遞資訊的媒介，讓資訊有效傳遞出去解決創投選擇投資標的資訊不對稱問題，並以新創公司能否IPO當作投資案成功之重要里程碑，驗證教育網絡為重要資訊交流平台。 實證結果得到教育網絡連結越緊密的投資案，對於新創公司完成IPO里程碑機會有顯著正向推力，因此我們得到教育網絡為重要資訊交流平台，並進一步確認教育網絡連結越緊密的投資案資訊傳遞的正確性越高，越容易產生成功的投資案讓新創公司完成IPO里程碑的夢想。
In this research the educational network is hypothesized to be a crucial facilitator for the information sharing between the venture capitalists and the entrepreneurial teams. Considering the high information asymmetry existing in the venture capital market, the overlapped educational background would contribute to the mutual understanding to enhance the investment choice and the follow-up collaboration in the pursuit of the successful business exit (IPOs) of the new venture projects. The main hypothesis is substantiated by utilizing a constructed unique dataset investigating Taiwanese venture capital market. The new venture exits (IPOs) is shown to be highly correlated with the stronger educational link existing between the venture investment team and the entrepreneurial team. This paper is concluded to shed some light in the influence of social network on the venture investment outcomes.參考文獻 〔1〕 Akerlof G. A., 1970, “The Market for Lemons：Quality Uncertainty and the Market Mechanism.”, Quarterly Journal of Economics 84(3)：488-500.〔2〕 Alter A., 2009, “Estimating the Return to Organizational Form in the California Venture Capital Industry.” , Job Market Paper〔3〕 Alter A., 2009, “The Organization of Venture Capital Firms.” Working paper〔4〕 Bengtsson O. and Hsu D., 2013, “Ethnic Matching in the U.S. Venture Capital Market”, Working Paper.〔5〕 Barnea A. and Guedj I., 2007, “Director Networks and Firm Governance.” Working Paper〔6〕 Beckman C.M., Burton M.D., Reilly C.O., 2007, “Early teams: The impact of team demography on VC financing and going public.”, Journal of Business Venturing22(2)：147–173〔7〕 Bernhardt D. and Krasa S., 2008, “A Quantitative Theory of Venture Capital” Working paper〔8〕 Cumming D., 2008, “Contracts and Exits in Venture Capital Finance.” Review of Financial Studie 21(5)：1947-1982.〔9〕 Cohen L., Frazzini A., Malloy C., 2008, “The Small World of Investing：Connections and Mutual Funds Returns”, Journal of Political Economy 116(5)：951-979.〔10〕 Chemmanur T. J., Krishnan K., Nandy D.K., 2011, “How Does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface. ” , working papers〔11〕 Gavish B. and Kalay A., 1983, “On the Asset Substitution Problem.”, Journal of Financial and Quantitative Analysis 26：21-30〔12〕 Grossman S. and Hart O., 1986, “The Costs and Benefits of Ownership：A Theory of Vertical and Lateral Integration”, Journal of Political Economy 94(4)：691-719.〔13〕 Gomper P., 1995, “Optimal Investment，Monitoring，and the Stage of Venture Capital.”, The January of Financial 50(5)：1461-1489.〔14〕 Gompers P. and Lerner J., 2004, “The venture capital cycle.” the MIT Press.〔15〕 Giannetti M. and Simonov A., 2009,”Social Interactions and Entrepreneurial Activity.” , Journal of Economics & Management Strategy 18(3)：665–709〔16〕 Hellmann T., 1998, “The Allocation of Control Right in Venture Capital Contracts”, The RAND January of Economics 29(1)：57-76〔17〕 Hellmann T. and Puri M., 2002, “Venture Capital and the Professionalization of Start-Up Firms: Empirical Evidence.” , January of finance 1.〔18〕 Hochberg Y.V., Ljungqvist A., Y.LU., 2007, “Whom You Know Matters: Venture Capital Networks and Investment Performance.” , The January of Financial 11(10)〔19〕 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. 〔20〕 Jiang N., Wang P., Wu H., 2009,”Ability-Heterogeneity, Entrepreneurship, and Economic Growth.” , Journal of Economic Dynamics & Control34(3)：522-541〔21〕 Kramarz F. and Thesmar D., 2006, “Social Networks in the Boardroom.” , Journal of the European Economic Association 11(4)：780-807〔22〕 Lerner J., 2012, 《Boulevard of Broken Dreams》.：Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed and What to Do About It. Princeton University Press〔23〕 Lucas R. E., 1978, “On the Size Distribution of Business Firm.” The Bell Journal of Economics 9(2).〔24〕 Lerner J. and Malmendier U., 2012, “With a little help from my (random) friends: success and failure in post-business school entrepreneurship”, Working Paper.〔25〕 Lee W. C., Hsu H.C., Lin T.C. and Wang S.S., 2014, “Venture Capital and Business Milestones：A Study of IT Entrepreneurship” , Working Paper.〔26〕 Saxenian A., 1994, Regional Advantage. Harvard University Press， Cambridge，MA.〔27〕 Saxenian A. and Hsu J. Y., 2001, “The Silicon Valley-Hsinchu Connection：Technical Communities and Industrial Upgrading”, Industrial and Corporate Change 10(4)：893-920.〔28〕 Saxenian A., 2002, “The Silicon Valley Connection：Transnational Networks and Regional Development in Taiwan”, China and India. Science Technology & Society 7(1). 〔29〕 Steven N. K. and PER Stro¨ mberg P., 2002, “Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts. ”, Review of Economic Studies 70(2):281-315〔30〕 Sanjib C., 2005, “Demographic diversity for building an effective entrepreneurial team: is it important?” Journal of Business Venturing 20(6), ：727–746〔31〕 Zarutskie R., 2008, “The role of top management team human capital in venture capital markets: Evidence from first-time funds.” , Journal of Business Venturin 25(1)：155–172 描述 碩士
國立政治大學
經濟學系
101258026
102資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101258026 資料類型 thesis dc.contributor.advisor 李文傑<br>王信實 zh_TW dc.contributor.advisor Lee, Wen Chieh<br>Wang, Shin Shyr en_US dc.contributor.author (Authors) 林家毅 zh_TW dc.contributor.author (Authors) Oliver en_US dc.creator (作者) 林家毅 zh_TW dc.creator (作者) Oliver en_US dc.date (日期) 2013 en_US dc.date.accessioned 1-Jul-2014 12:18:58 (UTC+8) - dc.date.available 1-Jul-2014 12:18:58 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2014 12:18:58 (UTC+8) - dc.identifier (Other Identifiers) G0101258026 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/67174 - 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) 101258026 zh_TW dc.description (描述) 102 zh_TW dc.description.abstract (摘要) 本研究利用教育網絡連結做為一項工具，透過創投資本家與新創公司經營團隊教育網絡連結緊密程度當作傳遞資訊的媒介，讓資訊有效傳遞出去解決創投選擇投資標的資訊不對稱問題，並以新創公司能否IPO當作投資案成功之重要里程碑，驗證教育網絡為重要資訊交流平台。 實證結果得到教育網絡連結越緊密的投資案，對於新創公司完成IPO里程碑機會有顯著正向推力，因此我們得到教育網絡為重要資訊交流平台，並進一步確認教育網絡連結越緊密的投資案資訊傳遞的正確性越高，越容易產生成功的投資案讓新創公司完成IPO里程碑的夢想。 zh_TW dc.description.abstract (摘要) In this research the educational network is hypothesized to be a crucial facilitator for the information sharing between the venture capitalists and the entrepreneurial teams. Considering the high information asymmetry existing in the venture capital market, the overlapped educational background would contribute to the mutual understanding to enhance the investment choice and the follow-up collaboration in the pursuit of the successful business exit (IPOs) of the new venture projects. The main hypothesis is substantiated by utilizing a constructed unique dataset investigating Taiwanese venture capital market. The new venture exits (IPOs) is shown to be highly correlated with the stronger educational link existing between the venture investment team and the entrepreneurial team. This paper is concluded to shed some light in the influence of social network on the venture investment outcomes. en_US dc.description.tableofcontents 第一章 緒論 7 第一節 研究背景與動機 7 第二節 故事大綱 8第二章 文獻回顧 16 第一節 企業經濟學 16 第二節 人際網絡 18 第三節 資訊經濟學與契約理論 20 第四節 人口統計變量與人力資本 22第三章 資料蒐集與整理 24 第一節 資料蒐集 24 第二節 資料整理 28第四章 主要假說與敘述統計 32 第一節 主要假說 32 第二節 變數設定及定義 33 第三節 敘述統計與相關係數 34第五章 迴歸模型與實證結果 38 第一節 迴歸模型 38 第二節 實證結果 40第六章 結論 43第七章 參考文獻 44附錄 47附錄一 科系對照表 47附錄二 創業投資公司合併表 50 zh_TW dc.format.extent 1110927 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101258026 en_US dc.subject (關鍵詞) 創業投資 zh_TW dc.subject (關鍵詞) Venture Capital en_US dc.title (題名) 人際網絡與創投目標公司選擇之研究：以教育網絡為例 zh_TW dc.title (題名) Social Network and the Venture Capital Investment Target：The Case of Educational Network en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 〔1〕 Akerlof G. A., 1970, “The Market for Lemons：Quality Uncertainty and the Market Mechanism.”, Quarterly Journal of Economics 84(3)：488-500.〔2〕 Alter A., 2009, “Estimating the Return to Organizational Form in the California Venture Capital Industry.” , Job Market Paper〔3〕 Alter A., 2009, “The Organization of Venture Capital Firms.” Working paper〔4〕 Bengtsson O. and Hsu D., 2013, “Ethnic Matching in the U.S. Venture Capital Market”, Working Paper.〔5〕 Barnea A. and Guedj I., 2007, “Director Networks and Firm Governance.” Working Paper〔6〕 Beckman C.M., Burton M.D., Reilly C.O., 2007, “Early teams: The impact of team demography on VC financing and going public.”, Journal of Business Venturing22(2)：147–173〔7〕 Bernhardt D. and Krasa S., 2008, “A Quantitative Theory of Venture Capital” Working paper〔8〕 Cumming D., 2008, “Contracts and Exits in Venture Capital Finance.” Review of Financial Studie 21(5)：1947-1982.〔9〕 Cohen L., Frazzini A., Malloy C., 2008, “The Small World of Investing：Connections and Mutual Funds Returns”, Journal of Political Economy 116(5)：951-979.〔10〕 Chemmanur T. J., Krishnan K., Nandy D.K., 2011, “How Does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface. ” , working papers〔11〕 Gavish B. and Kalay A., 1983, “On the Asset Substitution Problem.”, Journal of Financial and Quantitative Analysis 26：21-30〔12〕 Grossman S. and Hart O., 1986, “The Costs and Benefits of Ownership：A Theory of Vertical and Lateral Integration”, Journal of Political Economy 94(4)：691-719.〔13〕 Gomper P., 1995, “Optimal Investment，Monitoring，and the Stage of Venture Capital.”, The January of Financial 50(5)：1461-1489.〔14〕 Gompers P. and Lerner J., 2004, “The venture capital cycle.” the MIT Press.〔15〕 Giannetti M. and Simonov A., 2009,”Social Interactions and Entrepreneurial Activity.” , Journal of Economics & Management Strategy 18(3)：665–709〔16〕 Hellmann T., 1998, “The Allocation of Control Right in Venture Capital Contracts”, The RAND January of Economics 29(1)：57-76〔17〕 Hellmann T. and Puri M., 2002, “Venture Capital and the Professionalization of Start-Up Firms: Empirical Evidence.” , January of finance 1.〔18〕 Hochberg Y.V., Ljungqvist A., Y.LU., 2007, “Whom You Know Matters: Venture Capital Networks and Investment Performance.” , The January of Financial 11(10)〔19〕 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. 〔20〕 Jiang N., Wang P., Wu H., 2009,”Ability-Heterogeneity, Entrepreneurship, and Economic Growth.” , Journal of Economic Dynamics & Control34(3)：522-541〔21〕 Kramarz F. and Thesmar D., 2006, “Social Networks in the Boardroom.” , Journal of the European Economic Association 11(4)：780-807〔22〕 Lerner J., 2012, 《Boulevard of Broken Dreams》.：Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed and What to Do About It. Princeton University Press〔23〕 Lucas R. E., 1978, “On the Size Distribution of Business Firm.” The Bell Journal of Economics 9(2).〔24〕 Lerner J. and Malmendier U., 2012, “With a little help from my (random) friends: success and failure in post-business school entrepreneurship”, Working Paper.〔25〕 Lee W. C., Hsu H.C., Lin T.C. and Wang S.S., 2014, “Venture Capital and Business Milestones：A Study of IT Entrepreneurship” , Working Paper.〔26〕 Saxenian A., 1994, Regional Advantage. Harvard University Press， Cambridge，MA.〔27〕 Saxenian A. and Hsu J. Y., 2001, “The Silicon Valley-Hsinchu Connection：Technical Communities and Industrial Upgrading”, Industrial and Corporate Change 10(4)：893-920.〔28〕 Saxenian A., 2002, “The Silicon Valley Connection：Transnational Networks and Regional Development in Taiwan”, China and India. Science Technology & Society 7(1). 〔29〕 Steven N. K. and PER Stro¨ mberg P., 2002, “Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts. ”, Review of Economic Studies 70(2):281-315〔30〕 Sanjib C., 2005, “Demographic diversity for building an effective entrepreneurial team: is it important?” Journal of Business Venturing 20(6), ：727–746〔31〕 Zarutskie R., 2008, “The role of top management team human capital in venture capital markets: Evidence from first-time funds.” , Journal of Business Venturin 25(1)：155–172 zh_TW
