創投聲譽、新上市公司長期績效與公司治理：以台灣上市公司為例

Abstract

本文研究創投聲譽對於被投資公司上市後長期績效的關連性，並探討創投聲譽高低對於參與被投資公司治理的積極度，以及創投參與公司治理是否對被投資公司上市後長期績效有所影響。 實證結果發現，創投年資越高對應IPO公司的股票報酬與ROA表現越好；創投介入IPO公司家數市佔率對於長期績效較沒有顯著的關係；而創投介入IPO公司市值市佔率越高則股票報酬的表現越好。 公司治理方面，越資深的創投越不會參與公司治理，IPO家數市佔率和IPO市值市佔率越高的創投會積極參與公司治理—特別是會積極爭取董事席次，但擔任監事的意願比較低。而創投持股數越多、參與創投家數越多與創投擔任董事席次越多對IPO公司長期績效越具影響力；考慮不同董事席次之下，持有董事席次在兩席(含)以上對IPO公司營業毛利率和市價淨值比具有顯著影響力。

This study examines the association of venture capital (VC) firm’s reputation with the post-initial public offering (IPO) long-term performance of its portfolio firms, whether there is the relation between the VC reputation and its involvement in the corporate governance in their portfolio firms, and whether there is the impact on long-term performance of IPO firms when VC participates in corporate governance.

The empirical results show that VC reputation measured by VC’s age has significant positive impact on stock return and ROA. This Study also finds that the higher the IPO Market Share is, the better stock return is.

Examining VC corporate governance activities in IPO firms, this study shows that older VCs are less likely to participate in corporate governance activities. But more reputable VCs measured by IPO market share and number of IPO firms have higher possibilities of retaining board seats after IPO. Furthermore, continued VC shareholdings、directorships and joint VCs have significant positive impact on IPO firms’ long-run performance. Considering different number of board seats, two seats of board directorships VC got has the most impact on gross profit margin and market to book ratio of its portfolio firms after IPO.