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標題: 創投與其特性對於首次公開發行公司之中介價值
Influence of Venture Capital as a Financial Intermediary of IPO Firms
作者: Yu-Chieh Yang
關鍵字: 創投;公開發行;被投資公司績效表現;venture capital;financial intermediary;portfolio firms;post IPO performance
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The main purpose of this paper is to compare the influence of the VC and VC relevant characteristics on short-term and long-term post IPO performance of portfolio firms. VC relevant characteristics include reputation and capital resources differences. The empirical results show that VC-backed issuers do attract outside investors' attention at the time of IPO. However, there's no significant evidence to support that VC-backed firms have better long-term post IPO performance than non-VC-backed ones. A further test in the performance difference of IPO sample backed by types of VCs shows that: between high and low reputation groups, the influence is positively correlated regarding to the short-term equity and operating performance. However, no significant relation is proved in longer time. There is no significant evidence neither in the influence difference in VC's funding resources.
其他識別: U0005-2706201415044600
Rights: 同意授權瀏覽/列印電子全文服務,2016-12-16起公開。
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