創投所扶持的新創公司之財務績效

The Financial Performance of Venture Capitalist-Backed IPO Firms

謝志柔(Joyce Hsieh)

創投 ； 新創公司 ； 財務績效 ； 新上市股票 ； Venture capital ； Startup company ； Financial performance ； IPOs

文大商管學報

18卷1期（2013 / 03 / 01）

21 - 48

繁體中文

有鑑於過往研究指出，創投扶植新創公司並提供具附加價值的服務，襄助新創公司茁壯成長，故本研究主旨在於探討台灣創投業者成功輔導新創公司上市（櫃）後，其所介入的Initial Public Offering（IPO）公司於掛牌後能否擁有較佳的財務績效。本研究採用配對方法論及複迴歸分析作為主要的研究方法。實證結果顯示創投介入與無創投介入的IPO公司其財務績效與上市（櫃）前比較皆呈現衰退狀況。短期內，對比無創投組別，創投組別顯現較佳的績效。然而就長期而言，創投介入的IPO公司其績效衰退幅度較顯著。此實證結果可能肇因於持續性的經濟衰退，導致IPO公司產品銷售急速銳減，企業透過營業活動所創造的現金流量不足，大大削弱了企業的盈利。新創公司因而處分固定資產以支應生產性支出與債務費用。因創投所扶持的新創公司於上市（櫃）前有美化財務數據之嫌，藉此爭取較高之上市（櫃）價值，故企業的長遠生存和發展利益損害相形較大。

Prior research suggests that venture capitalists (VCs) nurture startups and offer entrepreneurs value-enhancing services to help them succeed. Therefore, the main purpose of this study is to investigate whether Taiwanese venture capitalists, by virtue of their success in taking companies public, lead to superior post-issue financial performance of initial public offerings (IPOs). By using a matched-pairs methodology and multiple regression analysis, I find that while both VC-backed and non-VC-backed IPO firms exhibit a decline in financial performance relative to their pre-IPO levels, the VC group demonstrates relatively better performance compared to the non-VC group in the short run. However, the deterioration in performance becomes more pronounced for VC-backed IPO firms in the long run. These results may be attributed to the fact that a prolonged economic downturn has caused a sharp drop in sales. As sales slump, businesses are unable to generate sufficient cash flows from operating activities, thus diminishing profit opportunities. These companies are then forced to dispose of their productive assets or investments to meet obligations. Since there is a possibility that VC-backed companies may attempt to window-dress the accounting numbers prior to going public in the hope of securing higher than justified valuations, such manipulation can undermine their growth prospects and long-term viability to an even greater extent than a deterioration for non-VC-backed companies.

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