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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/131384


    Title: 誰是決定性的角色?以具有政治連結和創業投資網絡的台灣投資案為例
    Who is the decisive role? The evidence from Taiwan investment cases with political links and venture capital network
    Authors: 李采紋
    Lee, Tsai-Wen
    Contributors: 李文傑
    王信實

    Lee, Wen-Chieh
    Wang, Shin-Shyr

    李采紋
    Lee, Tsai-Wen
    Keywords: 創業投資
    Venture Capital
    Date: 2020
    Issue Date: 2020-08-03 18:48:58 (UTC+8)
    Abstract: 本研究的目的是通過詳細區分政治連結的影響階段,以更準確地描述外部連結對創業投資項目的影響。
    過去的文獻一般強調政治連結的利弊的單一面向。但是,在投資案例的實際運作中並非如此,因此,本文有一個基於投資銀行業務實踐的假設,即不同種類的社交網絡有其最適合的行動階段,並各有其優缺點,需要區別對待。
    為了證明上述假設,本文除現有研究數據外,亦手動收集並整合了創業投資公司在行業中的核心地位的數據,這為我們的假設提供了有力的支持並加以證實。與國家發展基金相關的創業投資項目更有可能通過IPO成功退出,但是上市公司的當前業績更多地取決於IPO前創業投資公司的能力,這種能力可以通過創業投資公司被同行加入的次數來描述。但是從長遠來看,首次公開募股後,與國家發展基金保持密切連結的公司大多不能令人滿意,上市公司在首次公開募股之前與風險資本網絡的關係可以幫助它們抵消國家發展基金帶來的一些負面影響,但這種影響非常微弱。
    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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    Description: 碩士
    國立政治大學
    應用經濟與社會發展英語碩士學位學程(IMES)
    107266001
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0107266001
    Data Type: thesis
    DOI: 10.6814/NCCU202001042
    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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