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題名：創投對新創公司長短期報酬率影響之實證研究
書刊名：玄奘管理學報
作者：謝志柔／李麗君
出版日期：2011
卷期：8:1
頁次：頁27-48
主題關鍵詞：長短期報酬率；創投；新上市股票；Initial and long-run returns；Venture capital；Initial public offerings
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(1) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:36
  • 點閱點閱:87
本文探討創投介入之IPOs其長短期投資報酬率，並獲得兩個主要結果。第一，台灣創投業者對新創公司的期初報酬率無認證功能。第二，創投介入的IPO公司相對於無創投介入者並無較佳的長期報酬率。實證結果顯示過去幾年受困於投資環境不佳因素，創投業者對新創公司的扶持力道減緩。創投投資之資金銳減將不利於國內尖端科技的蓬勃發展。
This paper investigates the initial and long-run returns of venture capital-backed IPOs. Two key findings emerge. First, venture capitalists (VC) in Taiwan do not play a certification role in reducing the underpricing of start up companies. Second, VC-backed IPOs do not perform better than their non-VC-backed counterparts in the long run. Our empirical findings show that venture capitalists have cut back on their support for start up companies over the past several years because of the deterioration in the investment climate. The retreat of venture capital financing would adversely affect the development of state-of-the-art technologies.
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.Logue, D. E.、Rogalski, R. J.、Seward, J. K.、Foster-Johnson, L.(2002)。What is Special about the Roles of Underwriter Reputation and Market Activities in Initial Public Offerings?。The Journal of Business，75(2)，213-243。  new window
3.夏侯欣榮(19970400)。新上市股票長期績效之實證研究。Proceedings of the National Science Council. Part C, Humanities and Social Sciences，7(2)，260-275。  延伸查詢new window
4.Chen, Anlin、Chen, Roger C. Y.、Pan, Kuei-ling(20020600)。The Performance of Initial Public Offerings Conditioning on Issue Information: The Case of Taiwan。Asia Pacific Management Review，7(2)，167-189。new window  new window
5.Beatty, R. P.、Ritter, J. R.(1986)。Investment banking, reputation, and the underpricing of initial public offerings。Journal of Financial Economics，15(1/2)，213-232。  new window
6.Verrecchia, Robert E.(1990)。Information Quality and Discretionary Disclosure。Journal of Accounting and Economics，12(4)，365-380。  new window
7.顧廣平(20030400)。臺灣新上市股票短期與長期績效之再探討。證券市場發展，15(1)=57，1-39。new window  延伸查詢new window
8.Bradley, D. J.、Jordan, B. D.(2002)。Partial Adjustment to Public Information and IPO Underpricing。Journal of Financial and Quantitative Analysis，37(4)，595-616。  new window
9.Derrien, François、Womack, Kent L.(2003)。Auctions vs. bookbuilding and the control of underpricing in hot IPO markets。Review of Financial studies，16(1)，31-61。  new window
10.Hanley, Kathleen Weiss(1993)。The underpricing of initial public offerings and the partial adjustment phenomenon。Journal of Financial Economics，34(2)，231-250。  new window
11.Loughran, Tim、Ritter, Jay R.(2002)。Why Don't Issuers Get Upset about Leaving Money on the Table in IPOs?。Review of Financial Studies，15(2)，413-444。  new window
12.Lowry, Michelle B.、Schwert, G. William(2004)。Is the IPO Pricing Process Efficient?。Journal of Financial Economics，71(1)，3-26。  new window
13.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
14.Megginson, William L.、Weiss, Kathleen A.(1991)。Venture capitalist certification in initial public offerings。Journal of Finance，46(3)，879-903。  new window
15.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
16.Loughran, Tim、Ritter, Jay R.(1995)。The New Issues Puzzle。The Journal of Finance，50(1)，23-51。  new window
17.Ritter, Jay R.(1991)。The Long-run Performance of Initial Public Offerings。Journal of Finance，46(1)，3-27。  new window
18.Fan, Y.H.、Addams, H.L.(2009)。Underwriter's prestige and pre-IPO operating performances。Academy of Accounting and Financial Studies Journal，13(4)，115-125。  new window
19.Goergen, M.、Khurshed, A.、Mudambi, R.(2007)。The long-run performance of UK IPOs: Can it be predicted?。Managerial Finance，33(6)，401-419。  new window
20.Hamao, Y.、Packer, F.、Ritter, J.R.(2000)。Institutional affiliation and the role of venture capital: Evidence from initial public offerings in Japan。Pacific-Basin finance Journal，8(5)，529-558。  new window
21.Kaneko, T.、Pettway, R. H.(2003)。Auctions versus book building of Japanese IPOs。Pacific-Basin Finance Journal，11(4)，439-462。  new window
22.Kirkulak, B.(2008)。The initial and long-run returns of Japanese venture capital-backed and non-venture capital-backed IPOs。International Journal of Managerial Finance，4(2)，112-135。  new window
23.Nicholson, D.(2010)。The return of corporate ventuxiiig。European Venture Capital & Private Equity Journal，169，10。  new window
24.Masulis, R.W.、Shivakumar, L.(2002)。Does market structure affect the immediacy of stock price responses to news?。Journal of Financial and Quantitative Analysis，37(4)，617-648。  new window
25.Sheu, D.F.、Lin, H.S.(2006)。A study on the information transparency of the involvements by venture capital-case from Taiwan IT industry。Journal of American Academy of Business，10(1)，227-233。  new window
26.Zhang, J.F.(2007)。Access to venture capital and the performance of venture-backed start-ups in silicon valley。Economic Development Quarterly，21(2)，124。  new window
27.Brau, J.C.、Brown, R.A.、Osteryoung, J.S.(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。  new window
28.Fabozzi, F.J.(1981)。Does listing on the AMEX increase the value of equity?。Financial Management，10(1)，43-50。  new window
研究報告
1.Arikawa, Y.、ImadrEddine, G.(2010)。Venture capital affiliation with underwriters and the under-pricing of initial public offerings in Japan。  new window
2.Bates, T.、Dunbar, C.(2002)。Investment bank reputation, market power, and the pricing and performance of IPOs。University of Delaware。  new window
3.Gushgari, S.K.(1997)。Underwriter reputation effect on the initial retain performance of venture capital backed initial public offerings。  new window
4.Hadass, L.(2005)。United Kingdom initial public offerings, investor sentiment and venture capital, 1985-2000。United Kingdom。  new window
圖書
1.中華民國創業投資商業同業公會(2008)。台灣創業投資年鑑。經濟部工業局。  延伸查詢new window
2.中華民國創業投資商業同業公會(2009)。台灣創業投資年鑑。  延伸查詢new window
3.Gupta, U.(2010)。Back to the future for venture capital Institutional Investor。New York。  new window
圖書論文
1.顏吉利、劉恩棠(1994)。論新上市股票股東之報酬：短期現象乎？長期現象乎？。中國財務學會論文集。  延伸查詢new window
 
 
 
 
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