創業投資事業對高科技公司價值提昇之研究

A Study on the Influence of Venture Capitalists to Value of High-Tech Firms

劉松瑜(Sung-Yu Liu)

創投 ； 被投資公司 ； 經營績效 ； 股價表現 ； Venture Capitalist ； Venture-capital-backed Firms ； Operating Performance ； Stock Performance

管理與系統

14卷1期（2007 / 01 / 01）

27 - 49

繁體中文

雖然近年來的文獻已嘗試以有系統的方式，探討創投的參與投資是否有助於提昇被投資公司的價值，然而這些實證研究卻鮮少剖析創投是透過何種途徑來影響被投資公司的價值。再者，此類研究往往從被投資公司上市、上櫃時的股票折價幅度，來探討創投的介入是否對於被投資公司的價值有所貢獻，不過卻較少針對被投資公司的長期經營績效和上市、上櫃後的股價績效進行分析，特別是有關創投對於被投資公司的經營績效影響之相關研究仍付之闕如。因此，本研究嘗試為相關研究另闢蹊徑，以期瞭解創投的投資行為是否確實為被投資公司帶來實質的貢獻。由於國內創投公司之投資標的以高科技產業為主，因此本研究乃以高科技公司為觀察樣本。本文實證結果顯示，有創投參與投資的高科技公司其在經營績效和股價表現上，較無創投參與投資的高科技公司為佳，而且創投的介入承擔了高科技公司本身的風險。再者，本研究藉由檢視創投是透過何種途徑來影響被投資公司的績效表現，進而肯定創投的專業能力和監控能力對於高科技公司績效之貢獻；而且創投的參與可加速被投資公司上市的時間，使得國內高科技公司得以較早在資本市場上募得資金。

Although recent work attempts to explore what venture capitalists do and whether venture capitalists' involvement adds value for venture-capital-backed firms, it does not investigate the ways in which venture capitalists add value to their portfolio companies. Moreover, recent empirical research usually investigates whether venture capitalists' involvement reduces underpricing when their portfolio firms going public, but it seldom explicitly examines the effect of the presence of venture capitalists on operating performance of venture-capital-backed firms. As a matter of fact, a number of issues relate to the relationship between venture capitalists and entrepreneurs have not been fully addressed. Therefore, the objective of this study is to fill both theoretical and empirical gaps. The scope of the samples of this paper covers high-tech companies since in Taiwan most VC's investments are aimed at high-tech industry. The empirical results indicate operating performance and after-market stock performance of high-tech firms with venture-capital backing are both superior to that of firms without such backing. Moreover, venture-capital-backed firms seem to have lower levels of firm risk. This paper also examines how VC companies have the impact on venture-capital-backed firms' performance. The findings support the notion that venture capitalists' investment behavior does influence performance in a number of ways due to their skills, expertise and monitoring. In addition, this paper provides evidence that venture-capital-backed firms go public earlier than non-venture-capital-backed firms.

1. 劉松瑜(2005)。從代理理論的新興觀點探討創業投資家的參與行爲對被投資公司技術和經營績效影響之研究。風險管理學報，7(2)，165-182。
   連結：
2. Admati, A. R.,Pfleiderer, P.(1994).Robust Financial Contracting and the role of Venture Capitalists.Journal of Finance,49(2),371-402.
3. Amit, R.,Glosten, L.,Muller, E.(1990).Entrepreneurial Ability, Venture Investment, and Risk Sharing.Management Science,36(10),1232-1245.
4. Barry, C. B.,Muscarella, C. J.,Peavy III, J. W.,Vetsuypens, M. R.(1990).The Role of Venture Capital in the Creation of Public Companies: Evidence from Going-public Process.Journal of Financial Economics,27(2),447-471.
5. Beatty, R. P.,Ritter, J. R.(1986).Investment Banking, Reputation, and the Underpricing of Initial Public Offerings.Journal of Financial Economics,15(1),213-232.
6. Brav, A.,Gompers, P. A.(1997).Myth or Reality? The Long-run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-backed Companie.Journal of Finance,52(5),1791-1821.
7. Brophy, D. J.,Verga, J. A.,B. A. Kirchhoff,W. A. Long,W. E. McMullen,K. H. Vesper,W. E. Wetzel, (Eds)(1988).Frontiers of Entrepreneurship Research.Wellesley, MA:Babson College.
8. Conrad, J.,Kaul, G.(1993).Long-term Market Overreaction or Biases in Computed Returns?.Journal of Finance,48(1),39-63.
9. Working Paper, SSRN
10. Elango, B.,Fried, V. H.,Hisrich, R. D.,Polonchek, A.(1995).How Venture Capital Firms Differ.Journal of Business Venturing,10(2),157-179.
11. Gompers, P. A.(1996).Grandstanding in the Venture Capital Industry.Journal of Financial Economics,42(1),133-156.
12. Hellmann, T.,Puri, M.(2002).Venture Capital and the Professionalization of Start-ups: Empirical Evidence.Journal of Finance,57(1),169-197.
13. Ibbotson, R. G.,Jaffe, J. F.(1975).Hot Issue Markets.Journal of Finance,30(4),1027-1042.
14. Jain, B. A.,Kini, O.(1995).Venture Capitalist Participation and the Post-issue Operating Performance of IPO Firms.Managerial and Decision Economics,16(6),593-606.
15. Lerner, J.(1994).Venture Capitalists and the Decision to Go Public.Journal of Financial Economics,35(3),293-316.
16. 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.
17. Ljungqvist, A. P.(1997).Pricing Initial Public Offerings: Further Evidence from Germany.European Economic Review,41(7),1309-1320.
18. Megginson, W. L.,Weiss, K. A.(1991).Venture Capitalist Certification in Initial Public Offerings.The Journal of Finance,46(3),879-903.
19. Ritter, J. R.(1984).The Hot Issue of Market of 1980.Journal of Business,32(2),215-240.
20. Sahlman, W. A.(1990).The Structure and Governance of Venture-capital Organizations.Journal of Financial Economics,27(2),473-521.
21. Sapienza, H. J.(1992).When do Venture Capitalists add Value?.Journal of Business Venturing,7(1),9-27.
22. Smart, S. B.,Zutter, C. J.(2003).Control As a Motivation for Underpricing: A Comparison of Dual- and Single-class IPOs.Journal of Financial Economics,69(1),85-110.
23. Stein, M.,Bygrave, W. D.,R. Brockhaus,W. Bygrave,N. Churchill,B. Kirchoff,J. Katz,K. Vesper,W. Wetzel (Eds)(1990).Frontiers of Entrepreneurship Research.Wellesley, MS:Babson College.
24. 邱正仁、陳文進、高蘭芬(2001)。影響創業投資事業投資報酬因素之研究。中山管理評論，9(4)，11-35。
25. 徐守德、黃瑞靜、陳宗明、王毓敏(2001)。創業投資事業對高科技產業上市上櫃之影響。中山管理評論，9(4)，655-690。
26. 許培基、陳隆麒、謝劍平(1999)。台灣地區創業投資公司投資行爲之研究－以『聲譽模式』爲分析架構。輔仁管理評論，6(2)，71-100。

1. 謝存瑞,陳俞如,吳靜怡(2018)。企業國際化、區位選擇與IPO 折價。證券市場發展季刊，30(1)，81-119。
2. 謝志柔(2013)。創投所扶持的新創公司之財務績效。文大商管學報，18(1)，21-48。