| Summary: | 碩士 === 國立中山大學 === 財務管理學系研究所 === 88 === Venture Capital was first introduced to Taiwan in 1983, and plays an important role in industry development as well as technology enhancement. This research try to compare situations between Taiwan and American, then empirically tests how Venture Capital benefits Taiwan's economics development.
The thesis is what role Venture Capital plays when companies go for IPO. By empirically testing under earning、growth、debt and management ability, we found that earning growth rate before and after tax are significant at 5﹪. Inventory turnover rate is significant at 10﹪. VC backed companies take12.13 years to go IPO, when non VC backed companies take13.31 years to go IPO.
Moreover, we found that when using Fama - French three factors model to measure abnormal return, VC backed companies are higher before 120 days.
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