Value Added of Venture Capitalists: A Study of Electronic Stock Volatility in GARCH Models
碩士 === 國立臺灣大學 === 財務金融學研究所 === 89 === The high-tech industry prospers and plays an important role in the US economy in recent years, partially due to the incubation of the American venture capitalists. To develop the high-tech industry, therefore, the government actively introduced the venture capit...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2001
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| Online Access: | http://ndltd.ncl.edu.tw/handle/47387879387058708103 |
| Summary: | 碩士 === 國立臺灣大學 === 財務金融學研究所 === 89 === The high-tech industry prospers and plays an important role in the US economy in recent years, partially due to the incubation of the American venture capitalists. To develop the high-tech industry, therefore, the government actively introduced the venture capitalists into Taiwan about 20 years ago. The purpose of this paper examines whether the value of Taiwan electronic companies is increased by venture capitalists under regression analysis and GARCH. The sample includes 47 IPOs listed on TSE from 1991 to 1997 and 19 IPOs listed on OTC from 1995 to 1997.
The empirical results can be summarized as follows: (1) venture capitalists don’t play the certification role in initial public offerings; (2) young venture capitalists don’t take companies public earlier than older venture capitalists; (3) there is no difference in the long run performance between venture-backed and nonventure-backed IPOs; (4) the directions of the influence in the stock volatility by venture capitalists are not consistent; (5) the risk of stocks has not raised the stockholders to require risk premium for compensation; (6) it doesn’t support that the stock volatility is influenced by the holding shares of venture capitalists.
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