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| Title: | 創投基金和私募基金對台灣IPO上市公司表現的影響
The Impacts of Venture Capital fund and Private Equity fund on IPOs performance in Taiwan |
| Authors: | 倪宗彬
Ni, Tsung-Pin |
| Contributors: | 吳文傑
Wu, Jack
倪宗彬
Ni, Tsung-Pin |
| Keywords: | 創業資本基金
私募股權基金
首次公開募股
長期表現
首日報酬
Venture capital funds
Private Equity Fund
IPO
Long-term performance
First-day return |
| Date: | 2022 |
| Issue Date: | 2023-02-01 14:21:49 (UTC+8) |
| Abstract: | This study examines private equity and innovation investment fund-backed initial public offerings (IPOs) in Taiwan and compares IPO long-term post-sale market performance with that of non-financial investors. This study focuses on the performance drivers of different industries and markets in Taiwan. The empirical results show that Taiwan`s IPO long-term performance outperforms the benchmark index, and IPOs backed by financial investors appear to have a more positive impact on long-term performance than IPOs backed by non-financial investors. This implies that financial investors can create long-term value for their portfolio companies. In addition, there is a significant positive correlation between first-day returns and the long-term performance of IPOs in Taiwan, suggesting that financial investors can reduce the information asymmetry between market investors and underwriters when companies go public, making first-day returns less excessive and showing reasonable value in the long run. Therefore, in the future, Taiwan public market investors can use this as one of the criteria to consider when reviewing newly listed stocks. |
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| Description: | 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
109933023 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109933023 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營管理英語碩士學程IMBA] 學位論文
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