The Impact of Venture Capital Firm Network on Investee Valuation : Evidences from the Fintech Industry

• Main Authors: CHANG, WEI-SYUAN, 張瑋瑄
• Other Authors: LEE, PEI-HSUAN
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/vv49wm

碩士 === 國立中正大學 === 財務金融系研究所 === 107 === This research mainly examines the impact of VCs network on investee valuation. Our research samples are companies in the US financial technology industry. Most companies in this emerging industry are in their early stage of development. In order to measure the performance of companies in the early stage, this research adopts the growth rate of the investee valuation as the companys performance indicator for the startups. The results show that the companies backed by better-networked VCs are significantly more likely to have a higher valuation growth rate. However, the networking stability of VCs have no significant relationship with the startup’s valuation growth rate.