| Summary: | 碩士 === 國立中興大學 === 科技管理研究所 === 93 === There have been a lot of studies about venture capital (VC) firms at the initial stage of the industry. However, because few venture capital firms’ data could be obtained, most of them use questionnaires or interviews to investigate VCs’ management strategies. In recent years as semiconductor, photoelectric and other industries gradually become matured, more studies focus on performance of the invested companies to discuss VCs’ performance, but there is still little empirical research for VCs’ performance. This study employs two-stage data envelopment analysis (DEA) and other related analyzing methods to examine VCs’ efficiency and performance. We hope to develop another approach to measure VCs’ performance in addition to financial ratios, and discuss how firm charactenistics, investment targets and ownership structure influence efficiency and performance. The major findings of this study are as follows:
1.The group-investment type VC firms’ performance is higher than independent- investment type VC firms, but independent-investment type VC firms are more efficient.
2.The VC firms with higher efficiency have higher EPS, and also invest in more forign companies and listed companies. But foreign ownership and the directors’ stock-holding ratio do not affect VC firms’ efficiency.
3.The VC firms which were founded more years ago have higher EPS.
4.The VC firms which invest more money and in more companies have higher EPS.
5.Investing in foreign companies and money does not affect the EPS of VC firms; and the influential factor is the listed companies that VC firms invest in.
6.When directors have higher stock-holding ratios, the VC firms' performance is worse.
7.The investment stages of VC firms do not influence their EPS.
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