| Summary: | 碩士 === 淡江大學 === 國際商學碩士在職專班 === 98 ===
Abstract:
Since the government cancelled the venture capitals shareholders’ tax since 2000, in addition, the global economy stepped into decline phase in 2001. It causes the venture capital funds sharply reduce. The worse condition is that the venture capital funds like to invest the funds into the Expansion and Mezzanine stage gradually in recent years to evade and reduce the in-vesting risk, and priority seek to stabilize for their invest. According to the changes of the in-vesting environment background, We wonder if the venture capitals still have the capabilities to support the start-ups in recent years.
In this paper, we collect 199 samples of listed Hi-Tech industries from 2001 to 2008 in Tai-wan . We set three kinds of criterion to select the VC sample, The result is that 60 for VC and 139 for NON-VC. After taking the regression, we find the VC has no any effect to the initial return but has a significant effect to the long term return. It shows that the VC involves more, the long term return worse. The result evidences the VCs has already lost its capabili-ties to support the start-ups gradually.
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