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系統識別號 U0002-1507200820274800
中文論文名稱 台灣企業創投對產業價值績效影響之研究
英文論文名稱 The Influence of Corporate Venture on The Valuation of Taiwanese Industry
校院名稱 淡江大學
系所名稱(中) 國際商學碩士在職專班
系所名稱(英) Executive Master's Program of Business Administration (EMBA) in International Commerce
學年度 96
學期 2
出版年 97
研究生中文姓名 陳淑芬
研究生英文姓名 Shu-Fen Chen
學號 794400050
學位類別 碩士
語文別 中文
口試日期 2008-06-19
論文頁數 33頁
口試委員 指導教授-謝志柔
委員-劉一成
委員-羅白櫻
中文關鍵字 企業創投  初次上市  經營績效 
英文關鍵字 Corporate Venture  Initial Public Offer  Performance 
學科別分類 學科別社會科學商學
中文摘要 觀察近年來在多數的文獻中,學者相繼探討創業投資對被投資公司之績效影響,亦有依創業投資屬性之角度,研究對被投資公司之績效關聯性。其後亦有單一研究企業創投的相關論文。但其研究方式為個案研究,而非透過財務數據來實證企業對投資新創公司之績效關聯性,以及以何種方式影響新創公司之績效。若從台灣之創投背景,以投資股東角度觀察之,法人公司即佔了整體股東結構中的36.44%;再者,因企業投資新創公司之間的營運關聯性相當高,故本研究欲探討,是否因著企業已擁有的經營市場之資源能力、財務及管理能力,能為新創公司帶來綜效;是否可因企業所具有的市場力量,使新創公司避免資源缺乏,而使新創公司在拓展業務及獲利方面,能有更佳的表現。
本研究主要選取之樣本區間為1999年至2006年初次上市之公司,排除上櫃轉上市,共取得102個樣本。其中50個企業創投樣本,52個非企業創投樣本,進行迴歸分析。發現即使企業創投在持股比例及董監事席次比例比非企業創投有顯著性之差別,卻不因此對新創企業在短、長期績效產生顯著性差異。但企業創投確實可縮短新創公司上市之時間。本研究再次證明,企業創投之投資目的並非以財務性為目標,而是以策略性為主軸,促使企業本身得以取得新技術、擴張市佔率,以因應科技日新月異,產品生命週期縮短,而必須一再創新,加速新產品開發,使企業得以永續生存。
英文摘要 There are many studies have focused on the issue of influence in venture capital, what it create valuation and how influence the new venture as measured by their performance. Also a lot of researches have focused whether high or low levels of relatedness between a new venture and the parent firm leads to success. In Taiwan, a few studies to discuss corporate venture, most of their approach to research is by case study. Base on review of established firms may be well positioned to gain direct financial benefits from corporate venture due to privileged knowledge and the possession of complementary assets that enhance the value of their portfolio companies. In this paper, we tried to find whether corporate venture may offer valuable resource, financial and management capability to help their invested company to scan the environment for novel technologies that either threaten or complement core business and could generate synergy.
In this paper, we collect data from Taiwan Stock Exchange Corporation and analyze a panel of Taiwan public firms during 1999 –2006, we separate them into two groups, the sample of corporate venture capitals (CVC) is 50 and the sample of non-corporate venture capital (Non-CVC) is 52. We discovered CVC even hold more share ratio/ Seat(s) Occupied by Top Shareholder in relation to board size ratio than Non-CVC, does not create more valuation on their new investment. This founding consists with Chesbrough(2002), he concluded CVC did not create greater valuation when firms pursue corporate venture capital to harness novel technology. Moreover, even CVC could help their investment company to get bigger aggregation gross proceeds, but does not generate more financial gain. However, we find CVC could shorten the years be taken to public market board. The contribution of this paper we give evidences on the object of investment to CVC is strategy not financial. And CVC does not produce substantial, immediate returns from their investment. To CVC, venture capital will be a function of their strategic role. Thinking how to get novel technologies, expand their market share are importance things more than directly acquires financial benefits from their investment.
論文目次 目 錄
中文摘要……………………………………………………………………………....... Ⅰ
THESIS ABSTRACT…………………………………………………………………... Ⅱ
目錄……………………………………………………………………………………..

圖目錄…………………………………………………………………………………..

表目錄…………………………………………………………………………………..

第壹章 緒論……………………………………………………………………………. 1
第一節 研究背景……………………………………………………………………. 1
第二節 研究動機……………………………………………………………………. 1
第三節 研究目的……………………………………………………………………. 2
第四節 研究架構…………………………………………………………………….
3
第五節 論文架構…………………………………………………………………….
4
第貳章 文獻探討………………………………………………………………………. 5
第一節 台灣創業投資歷史沿革……………………………………………………. 5
第二節 企業創投定義與介紹………………………………………………………. 7
第三節 非企業創投定義……………………………………………………………. 10
第四節 企業創投參與對被投資公司之績效影響………………………………….義……………………………………………………………. 12
第參章 研究設計與方法………………………………………………………………. 15
第一節 假說形成……………………………………………………………………. 15
第二節 資料來源與樣本選取………………………………………………………. 17
第三節 實證模型……………………………………………………………………. 18
第四節 研究變數定義………………………………………………………………. 18
第肆章 實證結果……………………………………………………………………... 21
第一節 樣本敍述統計………………………………………………………………. 21
第二節 各項因子之t檢定………………………………………………………….. 22
第三節 績效指標之t檢定………………………………………………………….. 24
第四節 經營績效之迴歸分析………………………………………………………. 25
第伍章 結論與建議…………………………………………………………………... 28
第一節 結論…………………………………………………………………………. 28
第二節 建議…………………………………………………………………………. 29
參考文獻………………………………………………………………………………...
31

圖 目 錄
圖1-1:研究架構圖…………………………………………………………………… 3
圖1-2:論文架構圖…………………………………………………………………… 4
圖2-1:公司新創事業之組織設計…………………………………………………… 9
圖2-2:企業創投模式—Chesbrough…………………………………………………. 13
圖2-3:企業創投模式—Birksinshaw ..………………………………………………. 13
圖2-4:Configurational framework for corporate venture units………………………. 14

表 目 錄
表4-1:初次上市公司上市年度分類統計表………………………………………… 21
表4-2:初次上市公司產業分類統計表……………………………………………… 22
表4-3:各項因子之t檢定…………………………………………………………….
……………. 22
表4-4:EPS之t檢定…………………………………………………………………..
…………. 24
表4-5:企業創投EPS之迴歸分析……………………………………………………
25
參考文獻 中文部份:
洪佩琪,民國91, 「創投型態與被投資公司公開上市上櫃後績效之研究」,國立中央大學財務金融研究所未出版碩士論文

張文勤,民國93, 「國內高科技企業創投之有效營運模式探討」,台灣大學財務金融學研究所未出版碩士論文

劉松瑜,民國90, 「創業投資事公司投資行為對被投資公司績效影響之研究」,國立政治大學企業管理研究所博士論文

劉怡君,民國88, 「創投對被投資公司價值提升之影響」,國立成功大學國際企業研究所未出版碩士論文

羅偉特,民國95, 「台灣企業創投可行模式之研究」,國立中山大學企業管理學系未出版碩士論文

劉常勇,民86
「如何成為相中千里駒的伯樂—創業投資評估決策程序」,會計研究月刊134期

「2007年台灣創業投資年鑑」,中華民國創業投資商業同業公會

英文部份:
Admati, A.R. and Pfleiderer, P., 1994,”Robust Financial Contracting and the role of Venture Capitalists”, Journal of Finance, Vol 49, No. 2, pp. 371-402

Parhankgas, A., 2001,”From a Corporate Venture to An Independent Company: A base for a Typology for Corporate Spin-Off Firms” pp. 274-275

Barry, C. Muscarella, C. Peavy Ⅲ, J. and Vetsupens, V. 1990,”The Role of Venture Capital in the Creation of Public Companies: Evidence from the Going-Public Process”, Journal of Financial Economics Vol.27, Issue 2, pp.447-471

Bradley, D.J. Jordan, B.D.,2002,”Partial Adjustment to Public Information and IPO Underpricing”, Journal of Financial and Quantitative Analysis Vol.37, No.4, pp. 595-616

Birkinshaw, J. Batenburg R.V.B. and Murray, G., 2002,”Venturing to succeed”, Business Strategy Review Vol. 13 Issue 4, pp. 10-17

Birkinshaw, J., Hill, S.A. 2008,”Strategy—organization configurations in corporate venture unit: Impact on performance and survival”, Journal of Business Venturing Vol. 23, pp. 423-444

Burgelman, R.A., Spring 1984,”Designs for Corporate Entrepreneurship In Established Firms”, California Management Review Vol. XXVI, No. 3

Campbell, A.., Birkinshaw, J., Morrison, A., & Batenburg, R.V.B., Fall 2003. “The Future of Corporate Venturing”, MIT Sloan Management Review Vol. 45 No. 1 pp.30-37

Chesbrough, H., 2002,”Making Sense of Corporate Venture Capital”, Harvard Business Review, Vol.80, Issue 3, pp.90

Carvin, D.A., 2002,”A Note on Corporate Venturing and New Business Creation”, Harvard Business School Case Note.

Cartin, E. 2005,”Corporate Venturing – a financing Cinderella” Corporate Finance, Accountancy Ireland Vol. 37, No. 3, pp.30-31

Elango, Fried, Hisrich & Polochek, 1995,”How venture capital firms differ”, Journal of Business Venturing, Vol.10, No. 2, pp.157-159

Gompers, P.A. 1996,”Grandstanding in the venture capital industry”, Journal of Financial Economics 42, pp.133-156

Jain, B.A. and Kini, O., 1995,”Venture Capitalist Participation and the Post-issue Operating Performance of IPO Firms”, Managerial and Decision Economics, Vol.16, No.6, pp.593-606

Jensen, M.C., 1993 ”The Modern Industrial Revolution, Exit and Control Systems”, Journal of Finance, Vol. 48, pp.831-880

Megginson, W.L. and K.A. Weiss, 1991,”Venture Capitalist Certification in Initial Public Offerings”, Journal of Finance, Vol. 46, Issue 3, pp. 879-903

Montgomery, Cynthia A., 1991,”Diversified Expansion by Large Established Firms”, Journal of Economic Behavior & Organization 15, pp.71-89

Marris, R. 1963,”A model of the Managerial Enterprise”, Quarterly Journal of Economics, 77, pp. 185-209
Mine Omurtak Onduygu, Selim Guven, 2006,”A Corporate Venturing Case Study in Turkey: SBA (Siemens Business Accelerator)”Picmet Proceedings, 9-13 July, pp.1101-1105

Ritter, J.R., 1991,”The Long-Run Performance of Initial Public Offerings” Journal of Finance, Vol.46, pp.3-27

Sapienza, H.J., 1992,”When do Venture Capitalists add Value?”, Journal of Business Venturing, Vol.7, No.1, pp.9-27

Shulman, Joel M.., 2004,”Getting Bigger by Growing Smaller: A New Model for Corporate America”, Financial Times Prentice Hall

Timmons, J. and Gumpert, D., 1982,”Discard many old Rules about Getting Venture Capital”, Harvard Business Review, Vol.60, Issue 1, pp.152-156

Verrecchia, R., 1990,”Information Quality and Discretionary Disclosure”, Journal of Accounting and Economics, Vol. 12, Issue4, pp.365-380

Wang, C.K., Wang, K., Lu, O., 2003,”Effects of venture capitalists’ participation in listed companies”, Journal of Banking & Finance 27 pp.2015~2034
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