For start-up businesses, the source of outside capital can be retrieved from the venture capital industry. The venture capital industry has grown substantially over the past 50 years, reaching its pinnacle during the internet bubble in the 1990s and serves as an important contributor to the economy. After some time, and optimally when the start-up has matured into a successful business, venture capitalists want to receive money in return for their investments. Most commonly, the exiting of venture capital investments is retrieved through an IPO. An IPO refers to the transition from a private corporation to a public corporation and occurs when a private corporation offers its shares to the public for the first time. The existing literature of IPOs is commonly associated with the depiction of abnormal returns. More precisely, the offer price is often underpriced in comparison to the closing price on the first day of trading. In addition, the returns 1 to 5 years after going public are often subject to subsequent declines (Miller & Riley, 1987; Ritter, 1998). A part of the underperformance of IPOs is anchored in the type of capital structure, venture capital. Thus, this study examines the relationship between venture capital backed IPOs and IPO performance. Furthermore, the relationship between the degree of venture capital, the amount of capital held by the venture capital firm in the IPO, and IPO performance are examined in order to discover eventual correlations. Concerning the performed analysis, the study concludes that there is no clear positive relationship between venture capital backing and IPO performance in the short run. However, one could interpret that being a VC-backed IPO can be prosperous for long-term performance since VC has a positive impact on ROA. Regarding the degree of venture capital, it had a negative impact on the ROA, i.e., the level of degree of venture capital does not have a positive impact on the IPO performance.

Combining agency theory and the resource-dependence perspective as well as signalling theory, this thesis examines the role venture capitalists (VCs) and founders play with respect to both structural board characteristics and board capital in terms of experience and prestige and whether these are linked to performance. It claims that VCs and founders shape the governance system of the firms going public and are influential in the professionalisation of the ventures especially in terms of human and social capital of its board of directors. It also argues that the board of directors represents a signal of firm quality in the initial public offering (IPO) market and should thus be linked to performance. Similarly, according to the venture capital certification hypothesis, being funded by VCs signals a firm's quality and potential. In order to assess these claims, this thesis employs a unique sample of matched venturecapital- backed and non-venture-capital-backed entrepreneurial IPOs that floated either on the London Stock Exchange's Official List or the Alternative Investment Market (AIM). Extending previous research this thesis employs more fine-grained measures and introduces new conceptually relevant variables in the analysis. The findings indicate that VCs and founders are influential in shaping corporate governance of IPO-stage ventures both from an agency and resource-provision perspective. Findings from the examination of governance and professionalisation characteristics with respect to IPO short-run performance (underpricing) indicate that it may the involvement of prestigious auditors that signal firm quality while a founder bias discount seems to exist. While evidence is found that VC involvement (and to a lesser extent director/board characteristics) is related to post-IPO market performance, this seems to depend on the time period following the IPO examined, whereas auditor prestige shows a positive association in all of these time periods.

Estudos recentes, realizados principalmente no mercado norte-americano, trazem in-dícios de fatores determinantes para o resultado de longo prazo das emissões primá-rias de ações (IPOs, do inglês Initial Public Offerings). Porém, trabalhos com esse enfoque no mercado brasileiro ainda são escassos e inconclusivos, pois utilizam pe-quenas bases de dados e analisam horizontes de tempo de até dois anos. Buscando ampliar a análise de IPOs no mercado brasileiro, o objetivo desta dissertação foi es-tudar os determinantes do desempenho de longo prazo das IPOs realizadas na Bolsa de Valores de São Paulo com horizontes de tempo de três e cinco anos após o pri-meiro dia de negociações. A amostra foi composta por 97 emissões primárias de ações ocorridas entre 2004 e 2012 para o horizonte de três anos e 77 ocorridas entre 2004 e 2010 para o horizonte de cinco anos. O cálculo de retorno de longo prazo seguiu a metodologia de Buy-and-Hold Abnormal Return (BHAR), ajustado ao Ibo-vespa, e os possíveis determinantes do BHAR das IPOs foram submetidos a análises multivariadas através de estimações pelo método de Mínimos Quadrados Ordinários (MQO). Os resultados levam à conclusão de que o desempenho de longo prazo das IPOs brasileiras está positivamente relacionado com: 1) a Idade das firmas, 2) o nível de Governança Corporativa, 3) o Setor e 4) o Desempenho Operacional pós IPO. Pôde-se concluir, também, que o desempenho de longo prazo das IPOs está negati-vamente relacionado com: 1) o Retorno Anormal do Primeiro Dia de negociações, 2) a Quantidade de IPOs realizadas no Ano e 3) o Percentual de Investidores Institucio-nais na emissão primária. Os testes de robustez realizados apontam para uma relação também positiva entre o Crescimento do PIB do período pré IPO com o resultado de longo prazo das ações. / Recent studies, conducted mainly in the North American market, have presented evi-dence regarding decisive factors for the long-run performance of Initial Public Offerings (IPOs). However, the number of similar studies applied in the Brazilian market is yet limited and inconclusive, because they employ reduced databases and short time win-dows up to two years. Seeking to extend the analysis of IPOs in the Brazilian market, the purpose of this study was to explore the determinants of the long-run performance of IPOs held at BM&F Bovespa, with time windows of three and five years after the first trading day. The sample was composed of 97 initial public offerings occurred be-tween 2004 and 2012 for three-year horizon and 77 occurred between 2004 and 2010 for the five-year horizon. The long-run return calculation followed the methodology of Buy-and-Hold Abnormal Return (BHAR), adjusted to the Ibovespa index, and the pos-sible determinants of BHAR related to IPOs were subjected to multivariate analysis using Ordinary Least Squares (OLS) approach. The results lead to the conclusion that the long-run performance of Brazilian’s IPOs is positively related with: 1) Age of the Firms, 2) the level of Corporate Governance, 3) Sector and 4) post IPO Operating Performance. In addition, it was noticed that the long-run performance of IPOs is neg-atively related with: 1) the Abnormal Return of the First Trading Day, 2) the IPO amount held in the year and 3) percentage of Institutional Investors the IPO. Robustness tests were performed, and their conclusions highlighted a positive relationship between GDP growth of previous IPO period with the long-run performance.

創業投資公司擅長融資有前景的新成立公司並輔導其上市上櫃，但其帶給被投資公司的應不僅止於資金的挹注，還要包括其他附加價值，例如參與董事會，協助解決重大經營決策；協助進行企業內部管理與策略規劃；提供管理諮詢服務與專業人才仲介；運用創投公司的關係網路，提供技術資訊與技術引進的管道等各項服務，本文主要探討創投公司的投資是否會影響新上市股價的長期績效表現。研究結果發現： 一. 發行公司成立至上市的期間 　　有創投的新上市公司從設立到上市的平均時間為14.53年，顯著低於其他無創投參與公司的18.98年，證明創投公司的專業知識與經驗及其對產業的了解，有助於被投資公司早日上市。 二. 發行公司上市後長期績效 　　整體而言，無創投投資的新上市公司，期初異常報酬較高，市場充分反映的期間較長，但長期績效表現較差。以發行公司上市後三年累積報酬為因變數進行迴歸分析，結果發現有無創投投資、創投擔任公司董監事、創投總持股比例、創投成立年齡均與長期報酬呈正相關，且具有1%~10%顯著水準的差異；而創投股東家數雖與長期報酬呈現正的相關，但相關性並不顯著。 三. 發行公司上市時折價幅度 　　以發行公司上市時的折價幅度為因變數進行迴歸的結果顯示，除了創投擔任被投資公司董監事此一變數外，其他變數並沒有顯著的相關性，探究其原因可能是創業投資事業的發展尚未成熟，創投公司提供的認證功能尚無法獲得投資人的認同，而且創投公司多不願公佈其所投資之公司，被投資公司的資訊也不易取得與傳遞，故無法因創投的參與而降低折價發行程度。 第壹章 緒論 1 第一節 研究動機與目的 1 第二節 研究範圍 3 第三節 研究限制 3 第四節 研究架構 4 第貳章 創業投資事業的介紹 6 第一節 創業投資的定義與特質 6 第二節 創業投資事業的經營型態 8 第三節 創投公司的資金運用 10 第四節 國內創業投資事業發展現況 12 第五節 我國創投事業面臨的問題與未來發展 20 第參章 文獻探討 23 第一節 新上市股票的長期績效 23 第二節 創投公司的價值貢獻 27 第三節 創投公司的參與管理行為 36 第肆章 研究設計 44 第一節 研究假說 44 第二節 資料蒐集與樣本 47 第三節 研究變數的操作性定義 51 第四節 研究方法 54 第伍章 實證結果分析 57 第一節 有無創投投資之新上市公司的特性 57 第二節 發行公司上市後長短期績效之實證分析 58 第三節 發行公司上市後折價幅度的迴歸結果 69 第陸章 結論與建議 71 第一節 結論 71 第二節 建議 73 參考文獻 75 附錄 79

本研究首先以資訊差異模型描述IPOs股價橫斷面與縱斷面的比較與變化。在橫斷面比較上，本研究利用貝氏定理，令投資人在擬掛牌公司釋放出歷史資訊後，首先修正其事前信念以獲得事後信念，最後再以事後有限的資訊數量推估下一期的報酬率，然因歷史資訊之數量與品質不等，下一期預測報酬率之β係數亦顯然不同。資訊結構較佳者，估計風險較低，β係數較小；資訊結構較差者，估計風險較高，β係數較大。因此，為吸引投資人對資訊結構較差之IPOs的興趣，在必要報酬率要求較高的前提下，資訊結構較差之IPOs的承銷價格必須低訂，以製造投資人可以獲利的空間。因此，在其他條件相同的情況下，資訊結構較差之IPOs其掛牌初期的股價報酬率應該優於資訊結構較佳的IPOs。 其次，在IPOs縱斷面股價行為差異之模型推導上，本研究將市場IPOs區分成資訊結構佳者與資訊結構較差者，在資訊數量與發行時間成正相關的假設下，推導出當掛牌時間t趨近時，證券間之資訊差異效果遞減，且新發行證券之β係數遞減，因而進一步推論，就所有IPOs而言，後市股價報酬率將低於估計風險相對較高的掛牌初期股價報酬率。 另外，本研究之實證共分三個層次：第一層次就IPOs橫斷面股價行為方面。本研究首先就不同發行市場的IPOs之初期股價表現進行驗證。不同發行市場對擬掛牌公司之輔導期間與體質結構有不同的要求，一般而言，集中市場之發行面較店頭市場嚴格，因此，集中市場IPOs之資訊結構理論上比店頭市場IPOs佳。實證結果發現，資訊結構較佳之集中市場IPOs，其初期投資報酬率比店頭市場IPOs差。是故，實證結果支持不同發行市場之資訊結構差異假說。繼之，根據過去文獻與個案訪談的整理，若以內部人持股比、企業規模、企業年齡、承銷商聲譽、會計師聲譽與是否轉換發行市場作為單一發行市場內資訊結構優劣分際的標準時，發現，集中市場內資訊差異效果顯著；然店頭市場內，卻只有在空頭時期上櫃之IPOs，其初期投資報酬率具有資訊差異效果。 實證之第二層次為檢定IPOs縱斷面之股價變化是否亦具有資訊差異效果。首先就不同發行市場做比較，實證結果發現，集中市場因資訊結構較佳，正式掛牌前投資人與發行公司間資訊不對稱情形較不嚴重，因此，當蜜月期過後，股價逐漸迴歸真值時，掛牌一年後股價之修正幅度較資訊結構相對不佳的店頭市場IPOs小，因此，不同發行市場間，IPOs資訊結構之縱斷面差異效果獲得支持。另外，集中市場IPOs類屬資訊結構較佳者，其後市股價下修程度遠比資訊結構差者來得少。至於店頭市場之差異效果，雖然資訊結構較佳者其股價修正幅度小於資訊結構較差者，然兩者間並未達到統計上顯著差異性，因此店頭市場縱斷面之資訊差異效果並未獲得支持。 實證之第三層次，為檢定IPOs錯估訊號來源。實證結果發現，集中市場內，由聲譽較差之承銷商輔導上市及上市前每股盈餘越少之IPOs，越容易產生價格錯估行為。而店頭市場內，越是由聲譽較差之承銷商輔導上櫃或類屬傳統產業類股之IPOs，越容易產生價格錯估行為。 / The objective of this study is twofold. First, the paper develops a model to examine cross-sectionally and dynamically the effects of differential information on various initial public offerings (IPOs). Second, this paper examines the initial return and the after-market performance for IPOs, particularly the security valuation effects of structural differences in available information. There is a diversity of information among issuing firms at the time of their offering and particularly under certain trading system and certain market conditions. Through Bayesian model development, we support the effect of differential information among IPOs of structural differences. From empirical evidence, we find that during hot market conditions and under over-the-counter (OTC) trading system and for firms characterized by poor levels of available information, the market values of issuing firms are more likely to be overestimated in the immediate after-market. We also find positive overestimation of market values to be more likely for IPOs of smaller earnings per share (EPS) and those marketed by the less prestigious underwriters under Taiwan Security Exchange (TSE) trading system, and for IPOs other than hi-tech securities and those marketed by the less prestigious underwriters under OTC trading system.

This research is based on native companies and underwriters¡¦ perspectives to discuss the advantages and decision making process of listing a company¡¦s stocks in Taiwan capital market or in oversea markets. It further analyzes the strengths and weaknesses of Taiwan and Hong Kong capital markets in legal and trading aspects, when also taking the costs into consideration. By analyzing the advantages/disadvantages of each capital market and the encourage policies of both governments, it illustrates the factors that influence a company to choose a favorable market in order to maximize its value. This research compares the following issues¡G A. The IPO regulations of Taiwan and Hong Kong capital markets B. The scales of Taiwan and Hong Kong capital markets C. The costs for IPO in Taiwan and Hong Kong capital markets By referring related articles, it induces the following results¡G A. Common benefits from IPO¡GMore convenient channels for fund raise, increasing international reputation, enhancing internal control system and management, brain gain, more Merger & Acquisition opportunities, and providing shareholders flexible financial planning. B. Planning IPO in local or foreign markets, a company¡¦s consideration would be different. The differentiation is mainly from¡G 1. different goals and strategies 2. different costs and benefits 3. different requirements and qualification for going public. C. The reasons for low management fee are¡G 1. Since underwriters mainly focus on capital gain, not management fee, there is not enough motivation for them to adjust the rate of management fee. 2. numerous underwriters result fierce price competition 3. management fee is related to industry/economy growth and recession 4. Investors might doubt whether the probability of their participating in security allocations is not equal to others. Last, this research provides the conclusion and recommendations. Via comparing these two capital markets, we look for the best solution to change the inferior position of Taiwan capital market and underwriters, and at least provide useful information for our government authorities, underwriters, and companies who are interested in going public in Hong Kong.

This thesis examines underpricing in Sweden using unique data on the 185 firms going public through initial public offerings (IPOs) and listing on the Stockholm Stock Exchange between 1994-2011. The average initial return in the Swedish IPO market adjusted for index movements is 11.49% but underpricing of individual IPOs was as high as 241.04%. Further, time trends in underpricing, the level of average initial returns effect on IPO supply underpricing and differences between sectors, segments and investment banks are examined. Finally, it is argued that investors must be rewarded for taking the high risk associated with IPO investing and that the average initial return of 11.49% is a reasonable compensation for that risk.

Prior studies show the evidence of non-financial variables such as marketing affects investor¡¦s response to risky asset pricing, and indicate that the distribution of risky asset returns is asymmetric and non-nomality, implying using Ordinary Least Squares (OLS) method with the assumption of normal distributions may lead to unreliable estimates. This study tries to apply quantile regression to the analysis of the sample in order to avoid estimation bias. This study examines whether a firm¡¦s pre-IPO marketing expenditures affects its¡¦ initial public offering (IPO) underpricing in Japan and examine whether market states influence the existing relation between pre-IPO marketing expenditures and IPO underpricing. The empirical results shows: (1) pre-IPO marketing expenditures significantly reduce IPO underpricing levels, (2) pre-IPO marketing expenditures can reduce IPO underpricing levels following bear markets as it cannot reduce IPO underpricing levels following bull markets. Therefore, as firms decide to use marketing strategies to make their firm remarkable, and in turns without concerning for market states to reduce the degree of IPO underpricing, their objective may not be reached.

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Bakgrund: Thomsen och Pedersen (2007), Abrahamson och De Ridder (2014), Fama och Jensen (1983), Gilson (2006) samt Michel et al. (2013) kommer samtliga fram till att ett bolags ägarstruktur samt att en kontrollägare har en direkt positiv påverkan på ett bolags prestation och dess avkastning. Detta kan förklaras genom den agentproblematik som existerar i ett bolag. Eftersom det vid börsintroduktioner ofta sker stora ägarförändringar är studier av ägarstrukturens påverkan på avkastningen, särskilt intressanta just vid börsintroduktioner samtidigt som det saknas fördjupade studier gällande hur ägarstrukturen påverkar avkastningen i svenska bolag.     Syfte: Syftet med studien är att förklara hur ägarstrukturen påverkar avkastningen för IPO:s.   Metod: Studien omfattar ett urval om totalt 47 bolag, som introducerats på den svenska börsen under åren 2006 - 2013. Urvalet har kategoriserats efter intervall avseende ägarandelar och sedan analyserats. Korrelations-tester har använts för att se ifall det existerar ett samband mellan variablerna  samt regressionsanalyser har genomförts för att se hur den riskjusterade avkastningen förhåller sig till ett bolags ägarstruktur.  Med hjälp av buy-and-hold abnormal return (BHAR) har regressionstesterna genomförts, som kontrollerats med inklusive och exklusive företagsspecifika kontrollvariabler.   Resultat: Våra resultat visar att ägarstrukturen har en viss men begränsad påverkan på avkastningen. I intervallet 20 – 80 procent finns dock en tydlig positiv påverkan på avkastningen. / Title: The ownership structure’s impact on revenue of IPOs – an analysis of the Swedish market   Background: Thomsen and Persson (2007), Abrahamson and De Ridder (2014), Fama and Jensen (1983), Gilson (2006) and Michel et al. (2013), all front that company's ownership structure and that a controlling shareholder has a direct positive impact on a company's performance and its returns. This can be explained by the agentproblem that exist in a company. As it often happens big changes in ownership at IPOs (Initial Public Offerings) are studies of ownership structure's impact on performance, particularly interesting just at IPOs. There are also no in-depth studies on how ownership structure affects the return of Swedish companies.   Purpose: The purpose of this study is to explain how the ownership structure affects revenue for IPOs.   Method: This study looks at a total of 47 corporations, all of which were introduced to the Swedish market between 2006 - 2013. The selection of corporations has been categorised based on a range of ownership shares and then thoroughly analysed. Correlation tests have been completed in order to find a causal link between variables and also regression analysis to see how the risk adjusted return is related to a company's ownership structure. Through a Buy-and-Hold Abnormal Return (BHAR) regressiontests has been made, and verified by including and excluding corporation-specific control variables.   Result: Our results suggest that the ownership structure has certain but limited effect on revenue. It does, however, indicate that ownership shares within 20-80 percent will have a positive impact on revenue.