A Study on the Performance of Venture-capital-backed Firms with Venture Capital Invested

• Main Authors: Wan-ching Cheng, 鄭晚晴
• Other Authors: Yuan-Feng Wen
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/49145528848711923715

碩士 === 立德管理學院 === 科技管理研究所 === 92 === This study aims to investigate the effects on firm performance of high-tech firms with and without venture capital investment. The companies were listed on TSEC or OTC from Jan. 1. 1998 to Dec. 31. 2002 were selected as samples and their financial information include assets rate of return (ROA), stockholder rate of return (ROE) and EPS were analyzed. Three phases are conducted through an empirical study: (1) to compare the operation performance between high-tech firms with and those without venture capital investment. (2) to explore how the high-tech firms are affected by venture capital investment. (3) to compare the different kind of industry on operation performance. Several conclusions were obtained as follow: 1.There is no significant difference between the venture capital invested companies and without venture capital invested companies on the performance. 2.There is significant difference between the companies accepted investment of venture capital before and after. 3.There is significant difference between the fraction of equity holdings of the venture capital and majority of equity holdings of the venture capital invested companies on the performance. 4.The number of venture capital as its shareholder and the age of the lead venture capital do not affect the firms' performance. 5.There is significant difference among the different kind of industry on operation performance.