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Influence of Venture Capital as a Financial Intermediary of IPO Firms
|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||引用:||1. Books: Taiwan Venture Capital Industry Yearbook. Published by Taiwan Venture Capital Association (TVCA) since 1997. National Development Fund, annual report. Published by Executive Yuan since 2006. 2. Journal Articles Brav A and Gompers PA (1997). Myth or reality? The long-run underperformance of initial public offerings: evidence from venture and nonventure capital-backed companies. J Finance 5, p.1791-1821. Black B S and Gilson R J (1998). Venture capital and the structure of capital markets: banks versus stock markets. J Financial Economics 47, p.243-277. Baker M and Gompers PA (2003). The determinants of board structure at the initial public offering. J Law Economics 46, p.569-698. Carter R. and Steven Manaster (1990). Initial public offerings and underwriter reputation. J Finance 45,p.1045-1067. Carter R., Dark F., Singh A (1998). 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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.
|Appears in Collections:||財務金融學系所|
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