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研究生:王家唯
研究生(外文):Wang, Chia Wei
論文名稱:台灣創投基金對於新創公司 長期表現的影響
論文名稱(外文):The Effect of Venture Capitals on the Long-term Performance of Start-ups
指導教授:李文傑李文傑引用關係王信實王信實引用關係
指導教授(外文):Lee, Wen ChiehWang, Shinn Shyr
學位類別:碩士
校院名稱:國立政治大學
系所名稱:經濟學系
學門:社會及行為科學學門
學類:經濟學類
論文種類:學術論文
畢業學年度:103
語文別:中文
論文頁數:50
中文關鍵詞:創業投資基金聲譽國際化政治連結初次公開發行長期表現國發基金裙帶資本主義
外文關鍵詞:Venture CapitalReputationInternationalizationPolitical LinkIPOLong-term PerformanceTaiwan National Development FundCrony Capitalism
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本研究透過台灣創投基金的聲譽、國際化和政治連結等信號(Signal),探討創投基金對於新創公司初次公開發行後的長期表現的影響。本研究之實證結果發現,創投基金的聲譽越高以及國際化程度越高,對於新創公司的長期表現有正向影響,但是創投基金與國發基金的政治連結卻產生非單一面向的結果,政治連結僅對於新創公司的長期研發投入具有正面顯著影響。政治連結會帶來負向的效果可能由於國發基金所推行的政策影響,或者是其中具有裙帶資本主義的干擾,導致受到國發基金所投資的創投基金對於新創公司的長期表現帶來負面影響。由本研究的結果我們可知若新創公司得到具有高聲譽或國際化的創投投資是對於其未來發展是有所幫助,所以新創公司在尋找創投基金合作時,可以以此作為考量的標準。
In this research, venture capital reputation, degrees of internationalization, and the political links formed by venture capitals and Taiwanese National Development Fund are hypothesized to influence the long-run performance of start-ups. By utilizing a unique dataset of venture capital investment, we could investigate the sources of higher long-run performance of venture capital teams. Besides, we also inquire the impact of internationalization and political links of venture capitals on the performance of stat-up business. The results show that venture capitals with higher reputation or degrees of internalization impacts positively on long-term performance of start-ups. However, the political links formed between venture capitals and Taiwanese National Development Fund only affects business innovation measures positively. The policy focused or the crony capitalism long existing between Taiwanese National Development Fund and venture capitals can both be the major reasons to trigger the mixed investment influence. Thus, this research can shed some light on the intrinsic factors driving positive investment results other than the venture capital reputations.
第一章 緒論 1
第一節 研究背景與文獻回顧 1
第二節 研究動機與大綱 6
第二章 主要假說與敘述統計 13
第一節 主要假說 13
第二節 資料來源與變數設定 15
第三節 敘述統計與相關係數 25
第三章 迴歸模型與實證結果 28
第一節 迴歸模型 28
第二節 實證結果 30
第四章 結論 40
參考文獻 43
中文參考文獻 43
英文參考文獻 43
附錄 47
附錄一:創投基金管理團隊合併表 47


中文參考文獻
1. 林家毅 (2014),《人際網絡與創投目標公司選擇之研究: 以教育網絡為例》。
2. 何哲睿 (2014),《社群網絡與創投基金輔助之新創公司創新績效之研究: 以教育網絡為例》。
3. 黃博怡 (2013),《日韓兩國推動重點產業發展資金協助機制》,行政院經建會委託研究案,(結案初稿)。

英文參考文獻
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2. Bai, C. E., Hsieh, C. T., and Song, Z. M., 2015. Crony capitalism with chinese Characteristics.
3. Barber, B. M., and Lyon, J. D., 1996. Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of Financial Economics, 413, 359-399.
4. Barry, C. B., Muscarella, C. J., Peavy, J. W., and Vetsuypens, M. R., 1990. The role of venture capital in the creation of public companies: Evidence from the going-public process. Journal of Financial Economics, 272, 447-471.
5. Boot, Arnoud W A and Thakor, Anjan V., 1993. Security design. Journal of Finance, 484: 1349-78.
6. Brav, A., and Gompers, P. A., 1997. Myth or reality? The long‐run underperformance of initial public offerings: evidence from venture and nonventure capital‐backed companies. The Journal of Finance, 525, 1791-1821.
7. Bunkanwanicha, P., and Wiwattanakantang, Y., 2009. Big business owners in politics. Review of Financial Studies, 226, 2133-2168.
8. Carleton, W.T., and I.A. Cooper., 1976. Estimation and uses of the term structure of interest rates. Journal of Finance, 31: 1067-1083.
9. Cohen L., Frazzini A., Malloy C., 2008. The small world of investing: Board connections and mutual fund returns. Journal of Political Economy 1165951-979.
10. Eckbo, B. E. Ed., 2008. Handbook of Empirical Corporate Finance SET Vol. 1. Elsevier.
11. Fama, E. F., and French, K. R., 1992., The cross‐section of expected stock returns. The Journal of Finance, 472, 427-465.
12. Fisman, R. 2001., Estimating the value of political connections. American Economic Review, 1095-1102.
13. Gompers, P. A., 1995. Optimal investment, monitoring, and the staging of venture capital. The Journal of Finance, 505, 1461-1489.
14. Gompers, P. A., 1996. Grandstanding in the venture capital industry. Journal of Financial Economics, 421, 133-156.
15. Gompers, P. A., and Lerner, J., 1999. What drives venture capital fundraising? No. w6906. National Bureau of Economic Research.
16. Grossman, S. J., and Hart, O. D., 1986. The costs and benefits of ownership: A theory of vertical and lateral integration. The Journal of Political Economy, 691-719.
17. Jensen M.C. and Meckling W.H., 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 34:305-360.
18. Kaplan, S. N., Sensoy, B. A., and Strömberg, P., 2009. Should investors bet on the jockey or the horse? Evidence from the evolution of firms from early business plans to public companies. The Journal of Finance, 641, 75-115.
19. Krishnan, C. N. V., Ivanov, V. I., Masulis, R. W., and Singh, A. K., 2011. Venture capital reputation, post-IPO performance, and corporate governance. Journal of Financial and Quantitative Analysis, 4605, 1295-1333.
20. Lee, P. M., and Wahal, S., 2004. Grandstanding, certification and the underpricing of venture capital backed IPOs. Journal of Financial Economics, 732, 375-407.
21. Lin, T. H., and Smith, R. L., 1998. Insider reputation and selling decisions: the unwinding of venture capital investments during equity IPOs. Journal of Corporate Finance, 43, 241-263.
22. Mahmood, I. P., Zhu, H. and Zajac, E. J., 2011. Where can capabilities come from? Network ties and capability acquisition in business groups. Strategic Management Journal, 32, 820–48.Megginson and Weiss.
23. McDonald, M. B., 2014. Politically connected analysts.
24. McDonald, R. L., 2013. Contingent capital with a dual price trigger. Journal of Financial Stability, 92, 230-241.
25. Megginson, W. L., and Weiss, K. A., 1991. Venture capitalist certification in initial public offerings. The Journal of Finance, 463, 879-903.
26. Nahata, R., 2008. Venture capital reputation and investment performance. Journal of Financial Economics, 902, 127-151.
27. Petersen, M. A., 2009. Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 221, 435-480.
28. Ritter, J. R., 1991. The long‐run performance of initial public offerings. The Journal of Finance, 461, 3-27.
29. Saxenian A., 1994. Regional advantage:Culture and competition in Silicon Valley and route 128. Harvard University Press, Cambridge, MA.
30. Saxenian, A., 2002. Brain circulation and Chinese chipmakers: The Silicon Valley-Hsinchu-Shanghai triangle. Berkeley: University of California at Berkeley.
31. Singh, A. K., Dark, F. H., and Carter, R. B., 1998. Underwriter reputation, initial returns, and the long-run performance of IPO stocks. The Journal of Finance, 531.
32. Y. Chan, D. Siegel, A.V. Thakor., 1990. Learning, corporate control and performance requirements in venture capital contracts. International Economic Review, 31, pp. 365–381.
33. Zarutskie, R., 2010. The role of top management team human capital in venture capital markets: Evidence from first-time funds. Journal of Business Venturing, 251, 155-172.

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