| Summary: | 碩士 === 南華大學 === 財務管理研究所 === 95 === The first venture capital firm was established in 1984 in Taiwan. The number of venture capitalists has become more than one hundred, and the investment capital has reached more than NT$ 190 billion until now. The purpose of this study is to evaluate the management performance and long-term stock prices of high-tech companies invested by venture capitalists or not. Furthermore, among those firms invested by venture capitalists, this study tries to find out whether venture capitalists’ share-holding ratio affects their stock return. We collect daily stock price data of high-tech companies from year 1995 to 2003 in Taiwan. We adopt the multivariate regression model to discuss the factors affecting high-tech companies’ initial public offerings (IPO), and use the General Autoregressive Conditional Heteroscedasticity (GARCH) Model to analyze the fluctuation of the companies’ stock price. The results are as follows: (1) Whether venture capitalists invest in the high-tech companies or not, the initial stock return of high-tech companies while IPO is not influenced; (2) High-tech companies invested by venture capitalist have better stock returns in the long run; (3) The change in the share-holding ratio of venture capitalists has
notable effect on the stock return of high-tech companies.
|
|---|
