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題 名 | 臺灣地區創業投資事業對高科技公司上市上櫃影響之研究=The Effect of Venture Capital Enterprises on High-Tech Companies in Taiwan |
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作 者 | 倪衍森; 鄭景原; | 書刊名 | 淡江人文社會學刊 |
卷 期 | 10 2002.03[民91.03] |
頁 次 | 頁35-62 |
分類號 | 563.54 |
關鍵詞 | 創業投資; 新上市上櫃; 複迴歸分析; 累積平均異常報酬; Venture capital; IPO; CAR; |
語 文 | 中文(Chinese) |
中文摘要 | 創業投資事業對我國發展高科技產業,促進產業升級中扮演功不可沒的重要功臣。本研究希望從創業投資事業對高科技公司投資的角度,探討高科技公司上市上櫃時股票市場價值與異常報酬,是否受到有無創投公司投資以及其他創投相關變數影響。所得研究結果發現大部分高科技公司上市上櫃過程中,其股票在公開市場上表現不受有無創投公司投資所影響,但卻受到創投相關變數的影響,如創投擔任被投資公司的董監事席位、創投公司對被投資公司的持股比例、多家創投公司共同投資、創投公司為委託管理等均對高科技公司的股票市場價值有部份的正面影響力;至於創投公司的經驗豐富與否,並無法影響高科技公司初上市上櫃之股價表現。 |
英文摘要 | The venture capital enterprises play important roles in developing the high-technical industry in Taiwan. The purpose of this paper is to investigate whether these factors, such as directors owned by VC companies, shares held by VC companies, stocks owned by only one VC company or many VC companies, and so on, are key factors to influence the performance of these stocks after listing in the Taiwan Stock Exchange or Taiwan OCT Stock Exchange. There are several important findings in this paper. First of all, the performance of newly listed stocks is not so relevant to whether VC companies invest in these companies or not. Secondly, directors owned by VC companies and stocks owned by many VC companies are important factors for investors to invest in new business companies. Finally, it is not an important issue of concern for investors if new business companies are involved with newly established VC companies or experienced VC companies. |
本系統中英文摘要資訊取自各篇刊載內容。