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題 名 | 創業投資事業對高科技產業上市上櫃之影響=The Influence of Venture Capital to High-Tech Industry for IPOs |
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作 者 | 徐守德; 黃瑞靜; 陳宗民; 王毓敏; | 書刊名 | 中山管理評論 |
卷 期 | 9:4 民90.冬 |
頁 次 | 頁655-690 |
分類號 | 553.9 |
關鍵詞 | 創業投資; 初次公開發行; 財務績效; Venture capital; Initial public offering; Financial performance; |
語 文 | 中文(Chinese) |
中文摘要 | 創業投資事業對於台灣產業發展與技術提昇有重大的貢獻,本文試從財務面與股價面來觀察創業投資對公司的影響,有創業投資介入的高科技產業是否在財務績效與股票報酬上有顯著的變化。因此,本文嘗試運用獲利能力、成長力、償債能力及經營能力等四項指標來衡量創業投資事業對於公司財務績效之影響。而在股票報酬方面,則以平均超額報酬來觀察。結果發現:只有在成長力方面,稅前淨利成長率、稅後淨利成長率達到5%水準的顯著差異,其餘各項指標中,創業投資之介入並無法造成顯著的差異。再依產業別細分,則IC產業在經營能力方面,週邊產業在償債能力方面,光電產業在成長力方面有顯著性差異。另對於185家上市 (櫃) 電子公司之報酬採用Fama- French三因子模型 衡量報酬,有創業投資介入之上市 (櫃) 電子公司在平均超額報酬上的確較高,在120天期的衡量期間之後,兩者報酬型態趨於一致。 |
英文摘要 | Venture capital industry plays an important role in developing Taiwan’s industries and raising high techenology. This research concentrates on the effect of venture capital industry on high-tech industry and studies on whether the financial performance and stock market price of high-tech companies are influenced by being invested by venture capital or not. Therefore, financial performance is measured by profitability, growth, solvency and management. The stock return is measured by average abnormal return. The results indicate that companies with venture capital have better performance in the growth rate of pre-tax earnings and net income. Another subject of this research is to evaluated the returns of 185 newly listed electronic stock by Fama-French three factors model. The results show that companies with venture capital have better performance in average abnormal return. In addition, the returns patterns for both groups are similar after companies have been bisted 120 days. |
本系統中英文摘要資訊取自各篇刊載內容。