The Impacts of the Shareholding Ratio of Venture Capital Firms on the Operating Performance for Initial Public Offering Companies in Taiwan

• Main Authors: WU,HUI_LING, 吳慧玲
• Other Authors: Hsieh,Yung-ming
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/96071624440925625881

碩士 === 東吳大學 === 會計學系 === 104 === This study explores the effects of the shareholding ratio of venture capital firms on the operating performance for newly IPO companies in Taiwan capital market. The research sample includes the newly listed companies from 2010 to early 2014. The measures of the operating performance consist of the “return on equity (ROE)”, the “return on assets (ROA)”, “earnings per share (EPS)” and “rates of stock return”. The empirical results from regression analysis show that: (1) when the venture capital firms hold higher shareholding ratios, the operating performances of invested IPO companies are also better (but not significant in statistic), (2) when the venture capital firms own more seats of board directors and/or supervisors, the operating performances of the IPO companies are worse off, and (3) when the venture capital firms own higher shareholding ratio of the newly IPO companies in technology industry, there is significant better performance in the rate of stock return than the companies in non-technology industry but no significant differences on ROE, ROA, and EPS.