臺灣博碩士論文加值系統

由於創投事業的參與，使許多處於萌芽或創業階段，而無法從傳統公開或商業管道籌資的公司能順利取得創業所需之資金。目前，實際在台灣運作的創投公司已逾一百五十家，就經濟發展的功能而言，創業投資事業扮演著資金供給者和需求者之間中介橋樑的角色，同時，在資本市場中發揮認證之功能，降低發行公司與投資者間資訊不對稱程度，以提升投資者對公開上市市場的投資意願。
創投並非以永久控制被投資公司為目的，而是著眼於投資收益及資本利得，因此，當被投資公司成功營運後，創投即出售持股、收回資金。可知，被投資公司上市時機之選擇，其實攸關創投公司本身之投資經營績效。本研究所獲致之結論如下：
一、在上市時機的選擇方面：
有創投參與的公司在公開上市時，在IPO之前的期間，集中市場股價指數的平均持有報酬顯著較高。在IPO之後的期間，集中市場股價指數的平均持有報酬差異不顯著。整體而言，創投的參與並無法影響被投資公司於較佳時機進行IPO。
二、被投資公司上市前、上市後的營運績效方面：
大部分的結果顯示：在IPO前、後營運績效方面，創投的參與並不能顯著增進被投資公司的營運績效。創投「持股較高」的公司，比「持股較低」的公司，在上市前一年到上市後一年期間，資產報酬、營業毛利及營業利益率等三項營運指標，有顯著較小的衰退幅度。
三、被投資公司IPO後長期股價報酬之影響
比較有、無創投參與兩組樣本的被投資公司，在IPO上市後其長期股價報酬率並無顯著之差異。「較有經驗」之創投所參與的創業公司股價累積報酬顯著優於「較無經驗」之創投所參與的公司。創投「持股較高」之創業公司，在上市後第一年及第三年，其股價累積報酬顯著優於創投「持股較低」之公司。

Owning to the participation of venture capital, some start-ups and entrepreneurs can afford abundant fund for new business. There are more than one hundred and fifty venture funds in Taiwan nowadays. Venture capitalists act as a mediator between fund suppliers and demanders. Moreover, venture capital provides certification function and reducing information asymmetry between issuing companies and public investors.
Venture capitals do not intend to control the invested company forever. Instead, they focus on the investment revenues and capital gains. Depending upon the investment focus and strategy of the venture firm, they will seek to exit the investment in the portfolio company within three to five years of the initial investment. That’s to say that the IPO timing of invested company will affect the investment performance of venture capital.
The results list below.
1.Venture-backed firms engaged IPO, before IPO date, the mean “buy-and-hold” return of TSE Stock Index are significantly greater than Non-VC-backed firms. However, after IPO date, the mean “buy-and-hold” return of TSE Stock Index makes no significantly difference between VC and Non-VC-backed firms. Overall, Venture capital participation isn’t able to time the IPO of listing companies.
2.After venture capitalists'' investment, the operating performance of portfolio companies doesn''t improve significantly. However, High-ownership firms reveal better operating performance than low-ownership firms after IPO.
3.After IPO, the long-term stock return makes no significant difference between
VC-backed and Non-VC backed firms. However, Experienced VC-backed firms have significant higher return than less-experienced VC-backed firms. And high ownership VC-backed firms have significant superior return than low- ownership firms.

第壹章 緒論................................................1
第一節 研究背景與動機………………………………………..………1
第二節 研究目的…………………………………………………..……3
第三節 研究流程……………………………………………..…………4
第四節 論文架構……………………………………………..…………5
第貳章 文獻探討………………………………………….............6
第一節 創投的義意及特性…………………………………………..…6
第二節 創投參與和上市時機的選擇…………………………..………11
第三節 創投參與的價值 ……………………….……………………..13
第四節 創投對被投資公司在上市階段的價值影響 …….…………..15
第五節 公開上市後的投資報酬..………………………………..……19
第參章 研究設計………………………………………….............21
第一節 樣本與資料來源…………….….………………………………21
第二節 研究假設………………..………………………………………23
第三節 變數衡量………………………………………………………..25
第四節 研究限制………………………………………………………..29
笫肆章 實證結果……………………………….............…………30
第一節 樣本特性分析.………………………….………………………30
第二節 創投參與及被投資公司上市時機之分析 ….…………………34
第三節 被投資公司的營運績效.……………………………………… 40
第四節 被投資公司的長期股價報酬…………………..………………50
第五節 實證結果討論…………………………………..………………56
第伍章 結論與建議………………………..………………...........58
第一節 結論………..…………………………………………………….58
第二節 對後續研究之建議………………………………………….……59
參考文獻 ……………………………..…………………………………60
表 目 錄
表2-1、創業投資意義彙總表………………….………………………….7
表3-1、樣本公司及主要參與的創投公司……………….…….……….22
表4-1-1、研究樣本產業分配表……….…………………………..…. 30
表4-1-2、新上市(櫃)公司產業分配表…….……………………..…. 31
表4-2、有創投參與的樣本公司特性析……………………………….. 32
表4-3、有無創投參與的公司上市前後股價指數持有報酬比較表….…36
表4-4、被投資公司上市時集中市場股價指數持有報酬……………….37
表4-5、按創投經驗分組－集中市場股價指數的平均持有報酬.……. 39
表4-6、按創投持股比例分組－集中市場股價指數的平均持有報酬…39
表4-7、被投資公司營運績效分析……………………………………….42
表4-8、有、無創投參與的公司之營運績效成長率比較表…………. .45
表4-9、創投的經驗對被投資公司營運績效成長率的影響…….…… 47
表4-10、創投持股比例對被投資公司營運績效的影響（成長率）….48
表4-11、創投持股比例對被投資公司營運績效的影響(產業中位數調整.49
表4-12、被投資公司長期股價報酬－依有無創投參與分組………….52
表4-13、被投資公司長期股價報酬－依創投經驗分組………………… 53
表4-14、被投資公司長期股價報酬－依創投持股比例分組…………… 54
表4-15、研究結果彙整表…………………………………………………55
圖 目 錄
圖1-1、研究流程圖…………………………………………..………….3
圖4-1、被投資公司IPO時機與類股指數水準比較圖………………….33
圖4-2、上市前後營運績效中位數趨勢圖…………………….………43

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