政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/152837
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113656/144643 (79%)
造访人次 : 51699514      在线人数 : 374
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/152837


    题名: 投資人情緒與獨角獸新創公司估值關係探討
    Relations between Investor Sentiment and Unicorn Startup Valuation
    作者: 蘇新賀
    Su, Hsin-Ho
    贡献者: 周冠男
    柯冠成
    Chou, Robin K.
    Ko, Kuan-Cheng
    蘇新賀
    Su, Hsin-Ho
    关键词: 新創公司
    獨角獸
    估值
    創投
    投資人情緒
    Start up
    Unicorn
    Valuation
    Ventures
    Investor Sentiment
    日期: 2024
    上传时间: 2024-08-05 14:18:11 (UTC+8)
    摘要: 本研究為探討新創公司估值與投資人情緒之間關係，選用美國新創公司估值指數(Prime Uniron Index)做為樣本，採用各直接情緒指標，以及公開市場指數之成交量，作為間接情緒指標，進行線性迴歸分析。為了解通貨膨脹因素影響，再將各情緒指標與通貨膨脹因素，進行迴歸分析並取殘差，得到調整後投資人情緒指標。最後再將調整後投資人情緒指標與PUI指數進行迴歸分析。
    本研究發現，直接情緒指標及間接情緒指標，對於PUI指數皆具有顯著性，但方向性卻不同。而去除通貨膨脹因素之調整後投資人情緒指標，對於PUI指數之顯著性較低，可見通貨膨脹因素大幅影響投資人情緒，進而影響估值。而以PUI指數月投報率分析而言，不論直接或間接投資人情緒，皆較無顯著性。
    In this research we first use Prime Unicorn Index as sample data, and several other data as direct or indirect investor sentiment, to conduct regression analysis. To understand how inflation influence investor sentiment, this research conduct regression analysis between investor sentiment and inflation data, and then getting residual as adjusted investor sentiment. Finaly, we use this adjusted investor sentiment and the PUI index to conduct regression analysis.
    We found that both direct and indirect investor sentiment are significant related to PUI index, although in different direction. But as adjusted investor sentiment are insignificant to PUI index, so inflation has significant impact on investor sentiment, and then furthermore impact to startup valuations, as to PUI index investment returns, most investor sentiment are insignificant.
    參考文獻: Agarwal, V., Barber, B. M., Cheng, S., Hameed, A., Shanker, H., & Yasuda, A. J. E. f. t. J. S. o. M. F. (2023). Do Investors Overvalue Startups? Evidence from the Junior Stakes of Mutual Funds. CFR Working Papers.
    Baker, M., & Stein, J. C. J. J. o. f. M. (2004). Market liquidity as a sentiment indicator. Journal of financial Markets, 7(3), 271-299.
    Baker, M., & Wurgler, J. J. T. j. o. F. (2006). Investor sentiment and the cross‐section of stock returns. The journal of Finance, 61(4), 1645-1680.
    Brown, G. W., & Cliff, M. T. J. J. o. e. f. (2004). Investor sentiment and the near-term stock market. Journal of empirical finance, 11(1), 1-27.
    Brown, G. W., & Cliff, M. T. J. T. J. o. B. (2005). Investor sentiment and asset valuation. The Journal of Business, 78(2), 405-440.
    Fisher, K. L., & Statman, M. J. F. A. J. (2000). Investor sentiment and stock returns. Financial Analysts Journal, 56(2), 16-23.
    Kamstra, M. J., Kramer, L. A., & Levi, M. D. J. A. e. r. (2003). Winter blues: A SAD stock market cycle. American economic review, 93(1), 324-343.
    Lee, A. J. C. V. (2013). Welcome to the unicorn club: Learning from billion-dollar startups.
    Metrick, A., & Yasuda, A. (2021). Venture capital and the finance of innovation: John Wiley & Sons.
    Shiller, R. J. (2015). Irrational exuberance. In Irrational exuberance: Princeton university press.
    Tvede, L. (2002). The psychology of finance: understanding the behavioural dynamics of markets (Vol. 243): John Wiley & Sons.
    描述: 碩士
    國立政治大學
    國際金融碩士學位學程
    111ZB1003
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0111ZB1003
    数据类型: thesis
    显示于类别:[國際金融碩士學位學程] 學位論文

    文件中的档案:

    档案 描述 大小格式浏览次数
    100301.pdf2260KbAdobe PDF0检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈