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題名:創業投資事業對高科技產業上市上櫃之影響
書刊名:中山管理評論
作者:徐守德 引用關係黃瑞靜 引用關係陳宗民王毓敏
作者(外文):Shyu, DavidHuang, Jui-chingChen, Zung-mingWang, Yu-min
出版日期:2001
卷期:9:4
頁次:頁655-690
主題關鍵詞:創業投資初次公開發行財務績效Venture capitalInitial public offeringFinancial performance
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(4) 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:4
  • 共同引用共同引用:0
  • 點閱點閱:26
創業投資事業對於台灣產業發展與技術提昇有重大的貢獻,本文試從財務面與股價面來觀察創業投資對公司的影響,有創業投資介入的高科技產業是否在財務績效與股票報酬上有顯著的變化。因此,本文嘗試運用獲利能力、成長力、償債能力及經營能力等四項指標來衡量創業投資事業對於公司財務績效之影響。而在股票報酬方面,則以平均超額報酬來觀察。結果發現:只有在成長力方面,稅前淨利成長率、稅後淨利成長率達到5%水準的顯著差異,其餘各項指標中,創業投資之介入並無法造成顯著的差異。再依產業別細分,則IC產業在經營能力方面,週邊產業在償債能力方面,光電產業在成長力方面有顯著性差異。另對於185家上市 (櫃) 電子公司之報酬採用Fama- French三因子模型 衡量報酬,有創業投資介入之上市 (櫃) 電子公司在平均超額報酬上的確較高,在120天期的衡量期間之後,兩者報酬型態趨於一致。
Venture capital industry plays an important role in developing Taiwan’s industries and raising high techenology. This research concentrates on the effect of venture capital industry on high-tech industry and studies on whether the financial performance and stock market price of high-tech companies are influenced by being invested by venture capital or not. Therefore, financial performance is measured by profitability, growth, solvency and management. The stock return is measured by average abnormal return. The results indicate that companies with venture capital have better performance in the growth rate of pre-tax earnings and net income. Another subject of this research is to evaluated the returns of 185 newly listed electronic stock by Fama-French three factors model. The results show that companies with venture capital have better performance in average abnormal return. In addition, the returns patterns for both groups are similar after companies have been bisted 120 days.
期刊論文
1.Kini, Omesh、Jain, Bharat A.(1995)。Venture Capitalist Participation and the Post-issue Operating Performance of IPO Firms。Managerial and Decision Economics,16(6),593-606。  new window
2.Allen, Franklin、Faulhaber, Gerald R.(1989)。Signaling By Underpricing In The IPO Market。Journal of Financial Economics,23(2),303-323。  new window
3.Sahlman, William A.(1990)。The structure and governance of venture capital organizations。Journal of Financial Economics,27(2),473-521。  new window
4.Lehmann, B. N.、Modest, D. M.(1988)。The Empirical Foundations of the Arbitrage Pricing Theory。Journal of Financial Economics,21(2),213-254。  new window
5.Carter, Richard R.、Manaster, Steven(1990)。Initial Public Offerings and Underwriter Reputation。The Journal of Finance,45(4),1045-1067。  new window
6.Barry, C. B.(1994)。New Directions in Research on Venture Capital Finance。Financial Management,23(3),3-15。  new window
7.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
8.Megginson, William L.、Weiss, Kathleen A.(1991)。Venture capitalist certification in initial public offerings。Journal of Finance,46(3),879-903。  new window
9.Brav, A.、Gompers, P. A.(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。  new window
10.Lin, T. H.(1996)。The certification role of large block shareholders in initial public offerings: the case of venture capitalists。Quarterly Journal of Business and Economics,35(2),55-65。  new window
11.Fama, Eugene F.、French, Kenneth R.(1993)。Common risk factors in the returns on stocks and bonds。Journal of Financial Economics,33(1),3-56。  new window
12.Ross, Stephen A.(1976)。The Arbitrage Theory of Capital Asset Pricing。Journal of Economic Theory,13(3),341-360。  new window
13.Fama, Eugene F.、French, Kenneth R.(1992)。The Cross-Section of Expected Stock Returns。The Journal of Finance,47(2),427-465。  new window
14.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics,3(4),305-360。  new window
研究報告
1.林象山(1995)。創業投資事業與新股票上市。沒有紀錄。  延伸查詢new window
學位論文
1.陳怡碩(1998)。臺灣創業投資事業之成效評估(碩士論文)。國立中正大學。  延伸查詢new window
2.詹靖怡(1999)。新上市股票長期績效--有無創投投資之實證研究(碩士論文)。國立政治大學。  延伸查詢new window
3.盧倩儀(1999)。創業投資公司投資行為與獎勵目的之比較(碩士論文)。輔仁大學。  延伸查詢new window
4.許蕙婷(1996)。我國創業投資事業參與行為及價值貢獻之研究(碩士論文)。國立中山大學。  延伸查詢new window
5.林育青(1999)。創業投資業介入上市、上櫃電子公司之成效研究(碩士論文)。東海大學。  延伸查詢new window
6.鄭景原(1999)。臺灣地區創業投資事業對高科技公司上市上櫃影響之研究,0。  延伸查詢new window
7.劉怡君(1998)。創業投資對於被投資公司價值創造之影響,0。  延伸查詢new window
 
 
 
 
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