創業投資事業對高科技公司價值提昇之研究

Abstract

雖然近年來的文獻已嘗試以有系統的方式，探討創投的參與投資是否有助於提昇被投資公司的價值，然而這些實證研究卻鮮少剖析創投是透過何種途徑來影響被投資公司的價值。再者，此類研究往往從被投資公司上市、上櫃時的股票折價幅度，來探討創投的介入是否對於被投資公司的價值有所貢獻，不過卻較少針對被投資公司的長期經營績效和上市、上櫃後的股價績效進行分析，特別是有關創投對於被投資公司的經營績效影響之相關研究仍付之闕如。因此，本研究嘗試為相關研究另闢蹊徑，以期瞭解創投的投資行為是否確實為被投資公司帶來實質的貢獻。由於國內創投公司之投資標的以高科技產業為主，因此本研究乃以高科技公司為觀察樣本。本文實證結果顯示，有創投參與投資的高科技公司其在經營績效和股價表現上，較無創投參與投資的高科技公司為佳，而且創投的介入承擔了高科技公司本身的風險。再者，本研究藉由檢視創投是透過何種途徑來影響被投資公司的績效表現，進而肯定創投的專業能力和監控能力對於高科技公司績效之貢獻；而且創投的參與可加速被投資公司上市的時間，使得國內高科技公司得以較早在資本市場上募得資金。

Although recent work attempts to explore what venture capitalists do and whether venture capitalists' involvement adds value for venture-capital-backed firms, it does not investigate the ways in which venture capitalists add value to their portfolio companies. Moreover, recent empirical research usually investigates whether venture capitalists' involvement reduces underpricing when their portfolio firms going public, but it seldom explicitly examines the effect of the presence of venture capitalists on operating performance of venture-capital-backed firms. As a matter of fact, a number of issues relate to the relationship between venture capitalists and entrepreneurs have not been fully addressed. Therefore, the objective of this study is to fill both theoretical and empirical gaps. The scope of the samples of this paper covers high-tech companies since in Taiwan most VC's investments are aimed at high-tech industry. The empirical results indicate operating performance and after-market stock performance of high-tech firms with venture-capital backing are both superior to that of firms without such backing. Moreover, venture-capital-backed firms seem to have lower levels of firm risk. This paper also examines how VC companies have the impact on venture-capital-backed firms' performance. The findings support the notion that venture capitalists' investment behavior does influence performance in a number of ways due to their skills, expertise and monitoring. In addition, this paper provides evidence that venture-capital-backed firms go public earlier than non-venture-capital-backed firms.