創投之附加價值研究－以台灣IPO公司為例

Abstract

創投家為一群投資大量資本於高風險、高報酬初創公司之投資人，並引入他們的技術專業以及管理經驗至被投資公司。過去文獻主要研究創投相關變數對有創投與無創投之公司股價或財務指標相關性，然而，鮮少文獻單獨關注有創投介入之公司之中，創投持股多寡、創投是否擔任董監事等變數對這些被投資公司之影響差異。故本研究目的在於檢視創投的介入對公司之市場評價間相關性，並針對有創投介入之公司探討創投持股等變數與公司Tobin’s Q之間關聯性。 實證結果顯示，創投介入對樣本公司之Tobin’s Q呈顯著正相關；另一方面，單獨針對有創投介入之公司而言，創投持股多寡對被投資公司之Tobin’s Q呈現不顯著正相關，創投擔任董監以及創投持股時間越長對被投資公司之Tobin’s Q呈現顯著負相關，本研究認為其可能原因在於創投投資之動機，若創投家並無獲利了結之壓力，且首要目的並非獲利極大化，而是投資母公司獲利極大，則創投家將犧牲被投資公司利益，如以較市場低價賣產品給母公司或以較市場高價買回母公司產品使母公司於景氣不佳時不致造成營收劇烈變動。

Venture capitalists (VC), who bring managerial and technical expertise to the companies they invest in, provide a large amount capital to early-stage, high potential, high risk start-up companies. Previous studies usually focus on the relationship between stock price or financial ratios and variables of venture capital both on VC backed firms and non-VC backed firms when they going public. However, it seldom explicitly examines the difference between stockholding, board seats held by venture capital only among the VC backed firms. Therefore, the purpose of this study examines the correlation among VC or non-VC backed firms and market valuation. Also, discuss the relationship between variables about VC’s stockholding, board seats held by VC and Tobin’s Q. For companies which include both VC backed and non-VC backed, the empirical results indicate that Tobin’s Q has significant positive correlation to VC backed firms. On the other hand, among VC backed firms only, the evidence suggests that Tobin’s Q has significant negative correlation to both board seats held by VC and holding period for VC. From the results, the study suggests that the possible reason is the motive of VC’s investment. If the purpose of VC is profit maximization in the parent company, then VC would sacrifice the VC backed firm’s profit for parent company of the venture capital.