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| 研究生： |
項柏維 |
|---|---|
| 論文名稱： |
影響新創公司長期表現之因素 - 以教育網絡為例 What factors affect new ventures' long-term performance? A case of educational network |
| 指導教授： |
王信實
Wang, Shinn Shyr 李文傑 Lee, Wen Chieh |
| 學位類別： |
碩士
Master |
| 系所名稱： |
社會科學學院 - 經濟學系 Department of Economics |
| 論文出版年： | 2015 |
| 畢業學年度： | 103 |
| 語文別： | 英文 |
| 論文頁數： | 47 |
| 中文關鍵詞： | 教育連結 、新創 、創業投資 、國發基金 |
| 外文關鍵詞： | Educational Link, New Venture, Venture Capital, National Development Fund |
| 相關次數： | 點閱：202 下載：8 |
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| 查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報 |
本研究提出了影響新創公司長期表現的架構，並以教育網絡連結作為衡量
社群網絡連結的依據，探討其解決資訊不對稱問題的效果。本論文透過建構台灣的新創公司、創業投資基金和國家發展基金三個群體的經理人資料，計算出各教育網絡間的連結關係；依此可衡量各教育網絡關係對新創公司長期表現的影響。
實證結果顯示，新創公司和創業投資基金間的雙向教育網絡連結對新創公
司的長期表現有正向影響；然而當教育網絡連結和政府部門(本研究定義為國發基金)有關係時，其效果則延伸出許多議題，其一為政府部門與被投資公司產生教育連結時，其對被投資公司的長期績效表現效果為負向，顯示出產生政治連結時政府部門的投資行為會受到影響。另一方面，當創業投資基金和政府部門產生教育連結時，其對被投資公司的長期績效表現為正，解釋了政府單位在選擇創業投資基金時是以長期績效表現作為選擇依據。
In this research, educational links are hypothesized as the key factors for solving
the information asymmetry problem. By using the uniquely constructed dataset with
key information of invested companies, venture capital firms and National
Development Fund (NDF) in Taiwan, we quantify the effect of network linkages on
invested companies’ long-term performance. Our empirical results show that a linkage
between invested companies and VCs positively affects invested companies’ long-term
performance. However, the political linkage formed with NDF has non-trivial two-fold
effects. While an educational link formed between invested companies and NDF impact
long-term performance adversely, the educational link between venture capital firms
and NDF in turn has positive effects on the long-term performance. We thus confirm
the existence of inappropriate investment decisions frequently taken because of the
political link between invested companies and National Development Fund.
CHAPTER 1 INTRODUCTION ......................................................................... 8
1.1 THE ORIGIN OF A NEW BUSINESS........................................................... 8
1.2 THE SOCIAL NETWORK LINKAGES TO SOLVE INFORMATION ASYMMETRY PROBLEM.....................................................................................................10
1.3 THE DISTINCTIVE POWER TO SOLVE INFORMATION ASYMMETRY PROBLEM ..........12
1.4 THE LEVEL OF LINKAGES AND DISTINCTIVE POWER.............................14
1.5 THE POLITICAL RELATED ISSUE IN TAIWAN ............................................16
CHAPTER 2 LITERATURE REVIEW ...................................................................17
2.1 INFORMATION ASYMMETRIC AND AGENCY PROBLEM ............................17
2.2 DIFFERENT TYPES OF LINKAGES ...............................................................17
2.2.1 Educational link ..............................................................................................17
2.2.2 Background link.............................................................................................18
2.2.3 Political link.....................................................................................................18
2.3 DISTINCTIVE POWER......................................................................................18
2.3.1 Human capital .................................................................................................18
2.3.2 Reputation.......................................................................................................19
2.3.3 Political power ................................................................................................19
CHAPTER 3 DATA SOURCES AND DESCRIPTIVE STATISTICS......................20
3.1 SOCIAL NETWORK DATABASE .....................................................................21
3.2 DEPENDENT VARIABLES ...............................................................................21
3.3 INDEPENDENT VARIABLES ...........................................................................22
3.4 OTHER CONTROL VARIABLES ....................................................................24
3.4.1 Invested company .......................................................................................24
3.4.2 Venture Capital............................................................................................25
3.4.3 Investment records......................................................................................25
3.5 DESCRIPTIVE STATISTICS...........................................................................25
CHAPTER 4 HYPOTHESIS AND REGRESSION MODEL SETTING.................27
4.1 HYPOTHESIS.................................................................................................28
4.1.1 Invested companies & Venture capitals......................................................28
4.1.2 Invested companies & National Development Fund ..................................29
4.1.3 Venture capitals & National Development Fund ........................................30
4.2 REGRESSION MODEL SETTING.................................................................31
CHAPTER 5 METHODOLOGY AND RESULTS .................................................32
5.1 METHODOLOGY ..........................................................................................32
5.2 RESULTS........................................................................................................32
5.2.1 Results – invested companies & VCs.........................................................33
5.2.2 Results – invested companies & NDF ........................................................33
5.2.3 Results – VCs & NDF.................................................................................33
5.2.4 Results – different independent variables...................................................34
CHAPTER 5 CONCLUSION................................................................................43
REFERENCES...................................................................................................44
APPENDIX.........................................................................................................47
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