期刊論文
| 學年 | 104 |
|---|---|
| 學期 | 2 |
| 出版（發表）日期 | 2016-07-01 |
| 作品名稱 | Do Venture Capitalists Improve the Operating Performance of IPOs? |
| 作品名稱（其他語言） | |
| 著者 | Chen, Hung-Kun; Liang, Woan-lih |
| 單位 | |
| 出版者 | |
| 著錄名稱、卷期、頁數 | International Review of Economics and Finance 44, pp.291-304 |
| 摘要 | This paper uses rigorous measures of operating performance and a sample extending into the post 2000 period to reexamine the performance of venture capital (VC) backed initial public offerings (IPOs). We find that the VC backed IPOs underperform non-VC backed IPOs, especially when firms have high excess cash, and propose that the higher excess cash retained in VC backed firms at IPO date may result in wasteful investment. Post-IPO real investment also confirms this notion. Further, our result holds whether or not VCs are on the board after the IPO date. Overall, our study supports the overinvestment hypothesis. |
| 關鍵字 | Venture capital;Operating performance;Initial public offering |
| 語言 | en |
| ISSN | 1059-0560 |
| 期刊性質 | 國外 |
| 收錄於 | SSCI |
| 產學合作 | |
| 通訊作者 | Liang, Woan-lih |
| 審稿制度 | 是 |
| 國別 | NLD |
| 公開徵稿 | |
| 出版型式 | ,紙本 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/108178 ) |