標題: Do venture capitalists improve the operating performance of IPOs?
作者: Chen, Hung-Kun
Liang, Woan-lih
資訊管理與財務金融系 註:原資管所+財金所
Department of Information Management and Finance
關鍵字: Venture capital;Operating performance;Initial public offering
公開日期: 七月-2016
摘要: This paper uses rigorous measures of operating performance and a sample extending into the post 2000 period to reexamine the performance of venture capital (VC) backed initial public offerings (IPOs). We find that the VC backed IPOs underperform non-VC backed IPOs, especially when firms have high excess cash, and propose that the higher excess cash retained in VC backed firms at IPO date may result in wasteful investment. Post-IPO real investment also confirms this notion. Further, our result holds whether or not VCs are on the board after the IPO date. Overall, our study supports the overinvestment hypothesis. (C) 2016 Elsevier Inc. All rights reserved.
URI: http://dx.doi.org/10.1016/j.iref.2015.12.009
http://hdl.handle.net/11536/134004
ISSN: 1059-0560
DOI: 10.1016/j.iref.2015.12.009
期刊: INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
Volume: 44
起始頁: 291
結束頁: 304
顯示於類別:期刊論文