A Study on the Relationship between Corporate Attributes and Financial Performance of Taiwanese Venture Capital Companies－The Application of Grey Theory

• Main Authors: Chung-Ho Chiang, 江忠和
• Other Authors: Chaang-Yung Kung
• Format: Others
• Language: zh-TW
• Published: 2003
• Online Access: http://ndltd.ncl.edu.tw/handle/49754526197875334494

碩士 === 朝陽科技大學 === 企業管理系碩士班 === 91 === 199 venture capitals had been formally registered with total paid-in capital of NT$134.1 billions in accumulations beyond the dominant policy of Taiwanese government from 1983 to 2001. Over the past 18 years, Taiwanese venture capitals had invested NT$90 billions in domestic high technology industries, which led to over NT$1 trillion in market size on emergence of high technology industries. This study uses the venture capitals as the target sample, and uses financial ratios with corporate attributes as research variables. Besides, analyzing the relationship between corporate attributes and financial performance on Taiwanese Venture Capitals by grey system theory so as to provide information for general investors and regulators. Based on the process of analysis, the results indict some findings as follow: 1.Appling the grey relational analysis reveals that five major variables of financial ratio affecting the performance of Venture Capital are the ratio of returns on equities by after-tax, the ratio of returns on total assets by after-tax, operating sales to total assets ratio, operating income to total assets ratio, pre-tax income to total assets ratio respectively. 2.Profitability index has higher impacts on the financial performance of Venture Capitals. 3.Appling GM (0, N) model reveals that the great impact factor on the financial performance of Venture Capitals within corporate attributes is the investment ratio of foreign enterprises.