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论文编号：	477
作者编号：	022499
上传时间：	2009/1/4 11:48:58
中文题目：	风险投资公司特性与投资评估准则
英文题目：	The research of venture capita
指导老师：	刘志远
中文关键字：	风险投资　投资评估准则　投资绩
英文关键字：	Venture Capital Investment Ap
中文摘要：	台湾地区自1984年引进风险投资以来，其对台湾高科技产业的扶持、茁壮发展及台湾经济成长的贡献是有目共睹，也使台湾成为全球风险投资的重要发展地区。但是，自2000年全球网络泡沫逐渐破灭和经济步入衰退期以来，台湾风险投资事业的资金来源剧减以及新设立风险投资公司的家数大减的状况造成台湾风险投资事业发展出现瓶颈。本文作者从风险投资公司投资评估准则的角度来探讨，看是否有一些投资评估准则可以作为风险投资公司投资参考的依据。同时，本研究希望通过台湾风险投资公司以前投资的案例、目前台湾兴柜公司的财务数据以及风险投资公司的特性，找出风险投资公司特性与投资评估准则、投资绩效的相关性，作为风险投资公司投资的参考依据。 根据以上研究动机，本文研究的目的主要有三项 : 1.分析风险投资公司投资评估准则之权重排序，以供风险投资公司投资时能将有限的资金做最有效的配置，将投资效果发挥到最大。 2.讨论风险投资公司特性中成立年数的短、中、长三期与公司规模小、中、大三型的权重排序，以供风险投资公司在做投资时作为参考依据。 3.探讨风险投资公司特性与投资绩效的相关性。 本文经由层次分析(AHP)来探讨风险投资评估准则时，按照成立年数短、中、长三期与公司规模小、中、大三型的权重排序并根据评量准则重视程度的不同，作为风险投资公司投资参考之用。实证结果显示：风险投资公司投资评估准则最终权重中最重视的前三名分别为产品技术层面下的核心技术专利保护、经营管理层面下的创业家的人格特质以及经营管理层面下的经营团队组合。而对于成立年数的短、中、长三期以及公司规模的小、中、大三型，经由实证结果显示：短期成立年数、中型与大型公司规模的评量准则是最受重视的。 对于风险投资公司特性与投资绩效的相关性研究，本研究是以31家台湾风险投资公司所投资的42家台湾兴柜公司的电子业为研究对象，以2005--2007年三年的42家台湾兴柜公司所发布财务报表的数据来分析，并选取资产报酬率(ROA)、权益投资报酬率(ROE)、每股税后盈余(EPS)三个财务指标结合风险投资公司特性中的成立年数、公司规模、持股比例与投资家数四个方面，采取主成份分析与多元回归分析进行实证研究。研究结论显示：成立年数的回归系数为负，且达显著水平，表示成立年数与投资绩效呈现显著的负相关，即成立年数越长，其投资绩效越差。风险投资公司持股比例的回归系数为负，且达显著水平，表示持股比例与投资绩效呈现显著的负相关,亦即风险投资公司持股比例越高，其投资绩效越差。另外，公司规模与投资家数显示两者不相关。
英文摘要：	Venture capital was introduced into Taiwan area in 1984, since then, its contribution to the growth and prosperity of the high-tech industry and the economy in the area was obvious. Furthermore, Taiwan became a significant area for venture capital development all over the world. However, due to the internet bubble burst in the threshold of the new century and the economy recession, sources of funding for venture capital reduced dramatically and new ventures were rarely established from then on. Thus the bottleneck for the development of venture capital in Taiwan came out. In this dissertation, the author carry out the discussion from the view of venture capital corporate investment appraisal criterions, intending to find whether there are some investment appraisal criterions to guide the venture capital corporations. Meanwhile, through the research of the previous investments of Taiwan’s venture capital corporations, the financial data of the emerging company in Taiwan and the venture capital corporations’ characteristics, the author intends to find out the correlation between venture capital corporations’ characteristics and investment appraisal criterions, investment performance. The venture capital corporations may take these results as references. According to the research motivations mentioned above, this dissertation aims at three items as follows: 1. Analysis the right to re-sort of investment appraisal criterions, in order to make sure that the limited capital is made best use of in the venture capital corporations’ investments. 2. Discuss the right to re-sort of “short”, “medium” and “long” of the established years in the venture capital corporations’ characteristics, and of “small”, “medium” and “large” of corporation scales. Some results from the discussion can act as references when the venture capital corporations make investments. 3. Discuss the correlation between venture capital corporations’ characteristics and the investment performances. While discussing the investment appraisal criterions through analysis of hierarchy and phase（AHP），the author makes the right to re-sort according to established years and corporations’ scale to determine the different levels of the emphasis on the criterions. The results from the positive analysis show that the top three in the right to re-sort of investment appraisal criterions are as follows: the protection of core technology patent on the technical level, entrepreneurs’ personal characteristics on the administrative level and group work arrangement also on the administrative level. As to the different established years and corporation scales, the positive analysis shows that appraisal criterions to “short” established years and “medium” and “large” corporation scale are emphasized most. As to the research on the correlation between venture capital corporations’ characteristics and the investment performances, the author selected a sample of 42 emerging company from electronics industry in Taiwan, to which 31 venture capital corporations has made investments. Date from publicly issued financial reports from 2005 to 2007 by these 42 emerging company is analyzed in this dissertation. The author carried out the principal component analysis and multiple regression analysis, in which three financial indicators, ROA, ROE and EPS are combined with four aspects in the venture corporations’ characteristics, that is, the established years, the corporation scale, the ownership and the number of invested company. The results from these analysis indicate that the regression coefficient of established years is negative and at a significant level, which means the correlation between established years and investment performances is negative, that is ,the longer the established years is, the worse the investment performance is；that the regression coefficient of ownership is negative and at a significant level, which means the correlation between ownership and investment performance is negative, that is, the more shares hold, the worse the investment performance is; Moreover, the company scale and number demonstrate both non-correlated.
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