The Operating Performance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies?
碩士 === 元智大學 === 財務金融學系 === 98 === We empirically examine and compare the operating performance between Venture Capital (VC) backed firms and Non-Venture Capital (Non-VC) backed firms after the date of initial public offerings (IPOs). While the previous studies indicate that VC-backed IPOs outperform...
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| Format: | Others |
| Language: | en_US |
| Published: |
2010
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| Online Access: | http://ndltd.ncl.edu.tw/handle/84554048171948204462 |
| Summary: | 碩士 === 元智大學 === 財務金融學系 === 98 === We empirically examine and compare the operating performance between Venture Capital (VC) backed firms and Non-Venture Capital (Non-VC) backed firms after the date of initial public offerings (IPOs). While the previous studies indicate that VC-backed IPOs outperform than Non-VC backed IPOs, we suggest that the post-IPO operating performance of VC-backed companies is not necessarily better than non VC-backed companies. In this study, we build two contrary hypotheses by incorporating financial constraints of firms and find that the less financial constraints of VC backed IPOs may deteriorate the operating performance because of the overinvestment problem.
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