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題名:影響創業投資事業投資報酬因素之研究
書刊名:中山管理評論
作者:邱正仁 引用關係陳文進高蘭芬 引用關係
作者(外文):Chiou, Jeng-renChen, Wen-chingKao, Lan-feng
出版日期:2001
卷期:9:1
頁次:頁11-35
主題關鍵詞:創投投資事業內部報酬率基金管理Venture capitalistPerformanceCapital management
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(5) 博士論文(2) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:5
  • 共同引用共同引用:3
  • 點閱點閱:39
  以往對創業投資事業的研究大多圍繞在經營管理策略性問題上,少有研究其投資報酬者,而研究投資報酬者則多以問卷調查方式進行。本研究利用客觀的財務報表資料來研究創投的投資績效,有別於過去多以問卷來調查績效的方式。本研究以公開發行之創投本身,及其出售投資組合為研究標的,以其歷年出售投資組合內部報酬率來衡量投資績效,探討投資組合報酬的決定因素。研究發現持有期問愈長,出售投資組合報酬率並未愈高,而國外投資比重愈高的出售組合,其出售獲得的報酬率則愈好:至於劃投公司本身方面,資本額、外資參與、設立年數、與公司型態均無法顯著解釋報酬率差異,唯有基金管理與投資報酬呈現顯著之正向關係。
  In this paper, we examine the internal rate of return (IRR) of venture capitalists and their discontinued venture portfolios. Our results indicate that the IRR of the discontinued portfolio does not increase as the holding period increases, but increases as the weight of foreign investment increases. Further, the IRR of the venture capitalists is not significantly related to the size, foreign capital holding, age and firm type, but related to the style of capital management.
期刊論文
1.Chiampou, Gregory F.、Kallett, Joel J.(1989)。Risk/Return Profile of Venture Capital。Journal of Business Venturing,4(1),1-10。  new window
2.Gompers, P. A.(1994)。The rise and fall of venture capital industry。Business and Economic History,23(2),1-26。  new window
3.林象山、黃仁杰(19951200)。高科技投資報酬之探討:以創業投資事業為例。中山管理評論,3(4),24-41。new window  延伸查詢new window
4.Gompers, P. A.(1996)。Grandstanding in the venture capital industry。Journal of Financial Economics,42(1),133-156。  new window
5.Admati, Anat R.、Pfleiderer, Paul(1994)。Robust financial contracting and the role of venture capitalists。Journal of Finance,49(2),371-402。  new window
6.Barry, C. B.(1994)。New Directions in Research on Venture Capital Finance。Financial Management,23(3),3-15。  new window
7.Gompers, P. A.(1995)。Optimal investment, monitoring, and the staging of venture capital。Journal of Finance,50(5),1461-1489。  new window
8.Gorman, M.、Sahlman, W. A.(1989)。What do venture capitalists do?。Journal of Business Venturing,4(4),231-248。  new window
9.Lerner, J.(1994)。Venture capitalists and the decision to go public。Journal of Financial Economics,35(3),293-316。  new window
10.Barry, Christopher B.、Muscarella, Chris J.、Peavy, John W. III、Vetsuypens, Michael 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。  new window
11.Megginson, William L.、Weiss, Kathleen A.(1991)。Venture capitalist certification in initial public offerings。Journal of Finance,46(3),879-903。  new window
12.Bygrave, W.(1987)。Syndicated investments by venture capital firms: A networking perspective。Journal of Business Venturing,2,137-157。  new window
13.Bygrave, W.、Fast, N.、Khoylian, R.、Vincent, L.、Yue, W.(1989)。Early rates of return of 131 venture capital funds started 1979-1984。Journal of Business Venturing,4,93-105。  new window
14.Gompers, P. A.(1998)。Venture capital growing pains: should the market diet?。Journal of Banking & Finance,22,1089-2106。  new window
15.Gompers, P. A.、Lerner, J.(1998)。Venture capital distributions: Short-run and long-run reaction。The Journal of Finance,53,2161-2183。  new window
16.Gompers, P. A.、Lerner, J.(1998)。Conflict of interest in the issuance of public securities: Evidence from venture capital。The Journal of Law & Economics,42,1-28。  new window
17.Gompers, P. A.、Lerner, J.、Blair, M.(1998)。What drives venture capital fundraising?。Brookings Papers on Economic Activity,149-205。  new window
18.Huntsman, B.、Hoban, J. P.(1980)。Investment in new enterprise: Some empirical observation on risk, return, and market structure。Financial Management,9,44-51。  new window
19.Martin, J. D.、Petty, J. W.(1983)。An analysis of the performance of public traded venture capital companies。Journal of Financial and Quantitative Analysis,18,401-410。  new window
20.Rotch, W.(1968)。The pattern of success in venture capital financing。Financial Analysts Journal,25,141-147。  new window
21.Timmons, J.、Gumpert, D.(1982)。Discard many old rules about getting venture capital。Harvard Business Review,60,152-155。  new window
研究報告
1.邱正仁(1999)。我國創業投資公司之投資績效與決策模式。沒有紀錄。  延伸查詢new window
學位論文
1.吳明修(1990)。台灣創業投資事業產業結構與競爭策略之研究(碩士論文)。國立中山大學。  延伸查詢new window
2.Poindexter, J.(1976)。The efficiency of financial markets: The venture capital case,0。  new window
3.李建國(1991)。我國創業投資事業經營策略之研究,0。  延伸查詢new window
圖書
1.臺北市創業投資商業同業公會(1998)。86年度創業投資產業調查報告專刊。86年度創業投資產業調查報告專刊。沒有紀錄。  延伸查詢new window
 
 
 
 
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