The Impact of Venture Capital Firm Network and Halo Effects on Investee Performance: Evidences from Sharing Economy

• Main Authors: YANG, SHIH-HONG, 楊士鋐
• Other Authors: LEE, PEI-HSUAN
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/7v9xmh

碩士 === 國立中正大學 === 財務金融系研究所 === 106 === This research examines the impact of venture capital firm network and halo effects on investee performances. Most research in the field investigates the aforementioned impact on investee's financial performances, especially for those exiting through IPO. Our sample focuses on companies in the sharing economy sector. Most firms in this emerging industry are in their early stage financing. The indicator applied to capture start-up's performances, in this research, is the growth rate. The results show that the growth rate of those venture capital backed companies is significantly higher than those without venture capital financing. The portfolio companies of better-networked VCs are significantly more likely to have a higher growth rate. However, no significant impact emerges with the halo effect, i.e., the growth rate was no difference between companies backed by better past performance VCs and poor performance VCs.