The research for the measures of venture capitalist enhancing the investee corporate governance

• Main Authors: Peng, Hui-Fang, 彭惠芳
• Other Authors: 周行一
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/30968691266352374618

碩士 === 國立政治大學 === 財務管理研究所 === 92 === According to the OECD research report released in 2002 that existed a positive relevant between the investment amount of venture capitalist to the GDP and the corporate governance performance in the most countries worldwide. The contribution of venture capitalist for the corporate governance is obviously numerous. The objectives of this thesis is intend to research venture capitalist how to enhance the investee corporate governance in the investees’ start-up, development, maturing stages practicably. Basing on this study, both of the venture capitalist and the investee can conduct a beneficial and stable communication manners and relationship. In Taiwan, most of the listing companies are same as the developed countries; the majority shareholders almost constitute the whole shareholders’ structure and possess the great majority voting rights. Under this circumstance, the majority shareholders instinctively intend to create the arms-in-length transactions to deprive the minority the shareholders’ benefits and wealth, and cause the core agent problems. The study was conducted by analysis, induction, and case study methodology covering three samples of venture capitalist. The results of this study are follows: 1.At the investees’ start-up stage, the measures of venture capitalist enhances corporate governance are listed as below: 1)Educating the business owner to establish the corporate legal concept. 2)Paying much attention about the article to follow the company law. 3)Introducing and following the company law’s operating structure, and establish the “shareholders”, “board of directors” and “supervisors” basic functions and decision model. 4)Establish the internal control system and procedures. 2. At the investees’ development stage, the measures of venture capitalist enhances corporate governance are listed as below: 1)Practicing the article and regulation to overcome the core agent problems. 2)Empowering the board of directors and supervisors function, and progressing the “Corporate Governance Best Practice Principles for TSEC/GTSM Listed Companies” in the investees business running. 3. At the investees’ maturing stage, the venture capitalist suggested to practice the shareholders activism; for example: taking the corporate governance performance into the investment evaluation. Key Words: venture capitalist, start-up stage, development stage, maturing stage, corporate governance, core agent problem, majority shareholders, article, shareholders’ meeting, the board of directors supervisor