空頭衰退期間創投對新創公司財務之影響

Abstract

本研究探討在空頭衰退階段，創業投資公司（venture capital companies）參與新創公司的營運是否使被投資公司有較佳的財務表現，以期能為一般投資者在空頭衰退階段提供一投資的參考。 本研究以雷曼事件發生的民國97年至99年為研究期間，期間初次上市（櫃）（IPO）樣本公司共82間。以迴歸分析（Regression Analysis）和T檢定(T test)得出空頭衰退期間，創投介入新創公司，上市（櫃）後，總資產報酬率（ROA）和稅後淨利率（net profit margin）有顯著較佳影響。創投擔任新創公司董監事; 創投成立時間長短; 創投資本額大小，則對新創公司的財務特徵無顯著的影響。 資本結構對於資產的使用效益呈現負向解釋，負債越多，對於資產的使用效益就越差; 相對之下，資產的酸性測試（acid test ratio）對於資產的使用效益就不甚顯著，可見在負債壓力下，新創企業對於如何利用資產受到了償債責任的約束，以致資產如何運用無法對資產的使用效益產生顯著效果; 即使創投介入經營，仍難以扭轉負債對企業資產利用效益的影響; 可見外來資金對於目標企業於介入經營或挹注資金清理債務的二個選項中，以後者對目標企業較易有短期效果，即改善資本結構活化資產使用效益。

The study in short recession, venture capital firms to participate in the new companies operating investment company better financial performance, in order for retail investors to provide an reference of investment.

In this study, the Lehman Brothers incident occurred 2008 years to 2010 years for the study period, during the initial listing of a total of 82 sample companies (cabinet). Short during the recession, venture capital involved in startups listed (cabinet), the return on total assets and net margin significantly better impact on regression analysis and statistical tests. Venture c apital as the new startups directors and supervisors; Venture established length of time; venture capital size, without a significant impact on the financial characteristics of the new companies. Capital structure for efficiency in the use of the assets presented more negative explained, liabilities, the worse the efficiency in the use of the assets; contrast, the assets of the acid test for the efficiency in the use of the assets less significant, showing liabilities under the pressure, the newups for how to use the assets subject to the constraints of the debt obligations, resulting in assets, how to use can not produce a significant effect on efficiency in the use of the assets; venture capital involved in the management of the company, is still difficult to reverse the impact of debt-to-use benefits of corporate assets; visible external funding fortarget companies involved in the management of the company or inject funds liquidate two options, the latter is the target companies more likely to have short-term effects, that is to improve the capital structure of the activation efficiency in the use of assets.