Analysis of factors influencing fundraising volume through GISA

• Main Authors: Hsu, Chia-Yu, 徐佳玉
• Other Authors: Huang, Shih-Ping
• Format: Others
• Language: en_US
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/4649bp

碩士 === 國立交通大學 === 企業管理碩士學程 === 106 === In order to support the growth of its domestic emerging small businesses, the former U.S. President Obama signed the JOBS Act (Jumpstart Our Business Startups Act) in April 2012. By revising the requirements of raising capital for startups, easing various securities regulations, they have been creating a convenient way to raise capital through crowd funding. In Taiwan, there are a large number of small and medium-sized enterprises, which rely significantly on the government's support to help them thrive. As a matter of fact, under the supervision of Financial Supervisory Commission (FSC), TPEx has established the Go Incubation Board for Startup and Acceleration Firms(GISA) in the reference of JOBS Act in January 2014. GISA is a platform designed to have capital raising function for small-sized and non-public innovative companies with potential and creative ideas. On the other hand, those companies have obtained an “Innovation and Creativity Opinion Letter” from central competent authority or any institution recognized by TPEx are not only free from paid-in capital limitation of 50 million but also comprehensive examination by experts. This study uses secondary data of 127 startups registered on GISA that were obtained from GISA website and TPEx specialist, analyzing the factors to fundraising, including paid-in capital, recommendation letter (so-called “Innovation and Creativity Opinion Letter”) counts, type of recommendation letters, and type of industries. The study shows that more paid-in capital of a startup possess, more fundraising it can possibly raise through GISA. Besides, the recommendation letter counts also has a significant impact on fundraising before we consider the control variable of the size of a company. Instead, the recommendation letter type and industry type have no statistically significant correlation with fundraising.