政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/131384

政大典藏 > College of Social Science > International Master`s Program of Applied Economics and Social Development > Theses > Item 140.119/131384

Please use this identifier to cite or link to this item: https://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.
Reference:	[1] Akerlof, G. A. (1970). The Market for Lemons：Quality Uncertainty and the Market Mechanism. Quarterly Journal of Economics, 84(3), 488-500. [2] Aghion, P., Van Reenen, J., & Zingales, L. (2013). Innovation and Institutional Ownership. American Economic Review, 103, 277–304. [3] Boot, A. W. A., & Thakor, A.V. (1993). Security design. Journal of Finance, 48, 1349-78. [4] Barnea, A. & Guedj, I. (2008). Director Networks and Firm Governance. Working Paper [5] Bengtsson, O., & Hsu, D. (2015) Ethnic Matching in the U.S. Venture Capital Market. Journal of Business Venturing, Vol. 30, Issue 2, 338-354. [6] Bunkanwanicha, P. & Wiwattanakantang, Y. (2009). Big business owners in politics. Review of Financial Studies, Vol. 22, Issue 6, 2133–2168. [7] Carleton, W. T., & Cooper, I. A. (1976). Estimation and uses of the term structure of interest rates. Journal of Finance, 31, 1067-1083. [8] Chan, Y. S., Siegel, D., & Thakor, A.V. (1990). Learning, corporate control and performance requirements in venture capital contracts. International Economic Review, 31, 365-381. [9] Chan, K., Kuo, W. Y., Lee, W.C., & Wang, S.S. (2020). A Sugar-Coated Poison Pill? The Performance of Politically Linked Venture Capitalists, Working Paper [10] Cohen, L., Frazzini, A. & Malloy, C. (2008). The small world of investing：Connections and mutual funds returns. Journal of Political Economy 116, 951-979. [11] Cohen, L., Frazzini, A. & Malloy, C. (2010). Sell-side school ties, Journal of Finance 65, 1409-37. [12] Fan, J. P. H., Wong, T. J., & Zhang, T. (2007). Politically connected CEOs, corporate governance, and Post-IPO performance of China’s newly partially privatized firms. Journal of Financial Economics, Vol. 84, Issue 2, 330-357 [13] Fisman, R. (2001). Estimating the value of political connections. American economic review, 91, 1095–1102. [14] Gompers, P., & Lerner, J. (2005). The venture capital cycle. Cambridge Mass: The MIT Press. [15] Gompers, P. A., Mukharlyamov, V., & Xuan, Y. (2016). The cost of friendship. Journal of Financial Economics, Vol. 119, Issue 3, 626-644. [16] Hansen, E. (1992). Venture capital contracts with conversion options. Discussion paper 24. Reserve Bank of New Zealand Wellington. [17] He Z. R. (2014). Social Network and R&D Productivity of the Venture Invested Entrepreneurial Team: The Case of Educational Network. Unpublished Thesis, National Chengchi University, Taiwan Taipei [18] Hochberg, Y. V., Ljungqvist A., & Lu Y. (2007). Whom You Know Matters: Venture Capital Networks and Investment Performance. Journal of Finance, Vol. 62, Issue 1, 251-301. [19] Hsu, H. C., Lee, W. C., Lin, T. S., & Wang, S. S. (2014). Venture Capital and Business Milestones: A Study of IT Entrepreneurship. Working paper. [20] Huang J. B. (2015). Political connections under the IPO process of new ventures: Evidence from Taiwanese venture capital industry. Unpublished Thesis, National Chengchi University, Taiwan Taipei [21] Ikenberry, D. L., & Ramnath, S. (2002) Underreaction to self-selected news events: The case of stock splits, Review of Financial Studies, Vol. 15, Issue 2, 489–526. [22] Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305-360. [23] Kramarz, F., & Thesmar, D. (2006). Social Networks in the Boardroom. Journal of the European Economic Association, 11(4), 780-807. [24] Lerner, J. & Malmendier, U. (2013). With a little help from my (random) friends: success and failure in post-business school entrepreneurship. The Review of Financial Studies, Vol. 26, Issue 10, 2411–2452. [25] Lin, O. (2014). Social Network and the Venture Capital Investment Target: The Case of Educational Network Unpublished Thesis, National Chengchi University, Taiwan Taipei [26] Mahmood, I. P., Zhu, H., & Zajac, E. J. (2011). Where can capabilities come from? Network ties and capability acquisition in business groups. Strategic Management Journal, 32(8), 820–848. [27] McDonald, M. B. (2014). Politically connected analysts. Working paper, University of Tennessee. [28] Petersen, Mitchell A., 2009, Estimating standard errors in finance panel data sets: Comparing approaches, Review of Financial Studies 22, 435-480. [29] Saxenian, A. (1994). Regional advantage: Culture and competition in Silicon Valley and Route 128. Cambridge Mass: Harvard University Press. [30] Saxenian, A. (2004). The Silicon Valley connection: Transnational networks and regional development in Taiwan, China and India. India in the Global Software Industry, 164-192. London: Palgrave Macmillan. [31] Saxenian A. and Hsu J. Y. (2001). The Silicon Valley-Hsinchu Connection: Technical Communities and Industrial Upgrading. Industrial and Corporate Change, 10(4), 893-920. [32] Xiang B. W. (2015). What factors affect new ventures` long-term performance? A case of educational network. Unpublished Thesis, National Chengchi University, Taiwan Taipei
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:	[International Master`s Program of Applied Economics and Social Development] Theses

Files in This Item:

File	Description	Size	Format
600101.pdf		10678Kb	Adobe PDF2	0	View/Open

社群 sharing

Loading...