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Who is the decisive role? The evidence from Taiwan investment cases with political links and venture capital network
|Issue Date: ||2020-08-03 18:48:58 (UTC+8)|
Ever since the establishment of the National Development Fund, discussions on the introduction of political links in venture capital cases have never stopped. The purpose of this study is to more accurately describe the impact of external links on venture capital projects by distinguishing the phases of influence of political links in detail. National Development Fund has implemented industrial policies or made profit by participating in new venture companies. Previous literature has generally emphasized one aspect of the advantages and disadvantages of political linkages. However, in the actual operation of the investment case, I have a hypothesis based on the practice of investment banking, that is, different kinds of social networks have their most suitable stages of action. The advantages and disadvantages are not consistent and need to be distinguished. In order to prove the above assumptions, I manually collected and integrated the data describing the centrality of venture capital companies in the industry based on the existing research data. This provides strong support for the empirical evidence of our hypotheses and confirms them. Venture capital projects linked to the National Development Fund are more likely to exit successfully through an IPO, but the current performance of a listed company depends more on the ability of the venture capital company before the IPO. This ability can be described by the number of times a venture capital company has been joined by peers. But in the long run, after the IPO, the companies that remain closely connected with the National Development Fund are mostly unsatisfactory. However, the relationship that listed companies have accumulated with the venture capital network before the IPO can help them offset some of the negative effects brought by the National Development Fund, but the effect is extremely weak.
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|Source URI: ||http://thesis.lib.nccu.edu.tw/record/#G0107266001|
|Data Type: ||thesis|
|Appears in Collections:||[應用經濟與社會發展英語碩士學位學程 (IMES) ] 學位論文|
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