A Study on the Correlation of Efficiency of New Business and Venture Capital

• Main Authors: Zhong-Yao Zhang, 張仲堯
• Other Authors: Luh-Tzer Kan
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/60029903180506638100

碩士 === 中國文化大學 === 國際貿易學系碩士班 === 98 === Venture capital in Taiwan can be traced back 25 years ago, which brings IT industries in Taiwan to a universal scale. Previous studies mainly focused on the capital gain when VC should participate or quit, and seldom do scholars analyze other factors such as the screening criteria, monitoring criteria, or the cognitive psychology of the public. This study intends to do the research based on the three factors just mentioned above, to analyze if VC’s participation influences significantly to the performance. We choose 3 types of industries, which include semiconductor, electronic, electric engineering, photonics technology, networking, communication, information engineering, software engineering, biotechnology, and traditional industry, which contain IPO companies with the participation of VC dated from 1996 to 2006 in Taiwan. Our results showed (1) positive relationships to the performance to companies with VC participation. (2) IPO companies showed better performance when VC has great power of influence to the IPO companies. And the more VC involvement to the IPO companies showed better performance.