創投投資的上市公司支付政策與機構投資人持股之探討

Abstract

本研究為一個兩年期的計畫，主要探討創投投資的上市公司其支付政策(corporate payout policy)，以及公司上市後的機構投資人持股變化。第一年計畫研究公司的支付 政策，包含現金股利，股票購回以及總現金支付(total payout)。由於創投公司本身須 持續其投資計畫，若創投沒有將其投資上市公司的持股賣出，則創投有要求較高現金支 付的誘因，獲取資本來從事下一個創投輔導事業。因此，我預期創投投資的上市公司支 付比例較非創投投資的上市公司為高。此外，由於股票購回租稅和彈性上的優勢，我也 預期創投投資的上市公司傾向採用股票購回。此外，我亦會探討有較多支付比例的創投 投資的公司在上市後的股價與營運績效表現。第二年計畫研究創投公司的機構投資人持 股變化。本計畫認為創投投資的公司上市後，其機構投資人持股變化有四種可能。第一， 如果創投續存於公司擔任股東，則機構投資人持股將會增加；第二，如果創投出售手上 持股，則機構投資人持股將會減少；第三，機構投資人持股可能會減少再增加，這表示 創投出售手上持股後，有其他機構接手其大股東位置；第四個為一般性對立假說，表示 機構投資人持股沒有異常變化。此四種可能性，分別受創投公司的投資與持股對其他機 構投資人而言，是否具有特別的資訊內涵而定。

This two-year project examines the payout behavior of venture capital (VC) backed firms around their initial public offering (IPO) years. The first-year project studies the corporate payout, including cash dividend, share repurchase and total payout of VC backed IPOs. Because VCs need to continue investing in other start-ups, VC may have incentive to push its backed IPOs to pay more cash to shareholders in dividend, repurchase or both ways. In addition, because of tax and flexibility advantage of share repurchases, compared with dividend payout ratio, VC backed IPOs may have higher actual buyback ratio. To examine the shareholder wealth, I also plan to measure the post-IPO stock return and operating performance of VC backed IPO firms with higher payout. In the second-year project, I study changes in institutional investor holding for VC backed IPOs after the IPO date. This study helps to understand whether VC stays or exits the IPO firms after the firms go public, and how the ownership structure changes if VC decides to withdraw. Four possible results are proposed: i) the shares of institutional investor holding may increase after the IPO date if VC may not shift its capital to other start-ups; ii) the shares of institutional investor holding may decrease after the IPO date if VC withdraws and shifts its capital to other start-ups; iii) the institutional investor holding may initially decrease but increase in few years after the IPO date, implying that VC shifts its capital to other start-ups and other institutional investors take over those shares, and iv) there is no certain effect, which is set as a general alternative hypothesis. These four possible outcomes depend on whether the VC holding implies some information content for other institutional investors.