台灣地區創業投資公司經營績效之研究

A Method for Evaluating the Performance of Venture Capital Firms in Taiwan

10.7118/JHSS.200612.0053

唐啓發(Rober Theng)；陳冠中(Kuan-Chung Chen)

創業投資 ； 績效評估 ； 風險值 ； 夏普比率 ； venture capital ； performance evaluation ； value at risk ； Sharpe ratio

人文暨社會科學期刊

2卷2期（2006 / 12 / 01）

53 - 65

繁體中文

以往文獻對於企業經營績效之評估主要是以財務比率運用因素分析所得之權數予以加總。但如何選擇具有代表性之財務指標，以建立良好的經營績效評估模式，截至目前為止，尚無一套公認的理論基礎可為依據。是故，本研究嘗試運用風險管理的觀念，擬發展出一套可依據產業特性來衡量經營績效之新方法。 首先，因創投公司比一般產業具較高風險，故本研究將研究對象鎖定於創投公司；並經由研究樣本歷年來之財務報表分析其主要營業活動及經營特性，再根據其經營特性藉由風險值之概念衡量出在特定期間內，既定之信賴水準下，所可能產生的最大損失風險；除此之外，運用風險值衡量投資人所關心之下方風險予以改良夏普比率，可同時將創投公司之經營績效與其所面臨風險之特性同時表現出來。 對照財務比率與傳統夏普比率之衡量實證結果，發現其與應用風險值所衡量之經營績效有顯著之差異，代表依傳統方法所衡量之經營績效若較高，在考慮其風險因素之後，可能會因而大大降低其經營績效之表現。此對外部投資人而言，可提供額外有關風險之資訊，成為考量投資對象之一大重要因素。

Most of the previous studies related to business performance evaluation employ factor analysis based on financial ratios and sum the scores. However, to date, there is no generally accepted theoretical foundation for how to choose appropriate financial ratios in order to develop a sound performance evaluation model. Therefore, this study seeks to utilize the idea of risk management to develop a new method in accordance with industry characteristics to measure business-operation performance. First, we focus on venture capital firms, since they are generally riskier than other industries. From an analysis of their major business activities and characteristics by examining their financial statements over a period of years, together with the concept of VaR, the maximum possible risk of loss during a certain period of time, under a certain confidence interval, is measured. In addition, VaR can measure the down-side risk which investors particularly care about and improve the Sharpe ratio, thereby exhibiting the risk characteristics faced by venture capital firms. By contrasting the empirical results from financial ratios with the traditional Sharpe ratio, we found that there are remarkable differences in comparison with the results based on an application of VaR for measuring performance. This implies that the higher performance from traditional methods might be greatly reduced by taking the risk factor into account. For outside investors, these findings can provide additional information about risk and thus become an important consideration in their investment decisions.

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