政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/30269
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113313/144292 (79%)
Visitors : 50947759      Online Users : 979
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/30269


    Title: 創投家在高科技產業中對盈餘管理與價值攸關性的影響
    Impacts of venture capitalists on earnings management and value relevance in the technology-based industry
    Authors: 盧佳琪
    Lu, Chia Chi
    Contributors: 許崇源
    Hsu, Chung Yuan
    盧佳琪
    Lu, Chia Chi
    Keywords: 創投
    盈餘管理
    價值攸關
    Venture capitlists
    Earnings management
    Value relevance
    Date: 2007
    Issue Date: 2009-09-11 17:34:12 (UTC+8)
    Abstract: Venture capital funds are active investors in technology-based firms in Taiwan. However, there is very little evidence on the influence of VC funds’ investments in the investee firms. This study examines the relations between venture-backing and two issues, earnings management and value relevance, in the technology-based industry.
    For the issue of the relationship between venture-backing and earnings management, four hypotheses are derived to test the above connections. Three different proxies of earnings management are employed to conduct this analysis: cross-sectional modified Jones model, performance-matched modified Jones model and unexpected accounts receivable model. Empirical evidence shows that there is a negative association between venture-backing and abnormal accruals. Specifically, age of VC funds, percentage of VC funds’ shareholdings on investee firms, and VC funds invested by the government are negatively related with abnormal accruals in most of analyses. These findings indicate that VC funds in Taiwan provide monitoring functions on financial reporting of their invstee firms.
    For the issue of value relevance of venture-backing information, five hypotheses are derived to test the above connections. Ohlson (1995) model is used for the examination. Empirical evidence shows that venture-backing information is value relevant in the TSE market, but not in the OTC market. The sufficiency of financial information has an impact on value relevance of venture capital information. Value relevance of venture-backing information in the TSE market increases with VC funds’ investments and VC funds’ government investments, but not with VC funds’ age in most of analyses. These findings indicate that investors treat venture-backing information as value-relevant information only in the TSE market, but not in the OTC market.
    In addition, several tests are performed to determine the sensitivity of the results to a potential selection bias in the research design. The results of this analysis are mixed. Therefore, this paper cannot rule out selection bias as a potential alternative explanation for the findings.
    Reference: Admati, A. and P. Pfleiderer. 1994. Robust financial contracting and the role for venture capitalists. Journal of Finance 49: 371-402.
    Aghion, P. and P. Bolton. 1992. An incomplete contracts approach to financial contracting. Review of Economic Studies 77: 338-401.
    Amir, A. and B. Lev, 1996. Value-relevance of nonfinancial information: The wireless communications industry. Journal of Accounting and Economics 22: 3-30.
    Amit, R., L. Glosten and E. Muller. 1990a. Does venture capital foster the most promising entrepreneurial firms? California Management Review 32 (3): 102-111.
    Amit, R., L. Glosten and E. Muller. 1990b. Entrepreneurial ability, venture investments, and risk sharing. Management Science 36: 1232-1245.
    Baker, M., and P. A. Gompers. 2003. The determinants of board structure at the Initial Public Offering. Journal of Law and Economics 46: 569-598.
    Barry, C. B. 1994. New directions in research on venture capital finance, financial management. Financial Management Association 23(3), Fall.
    Barry, C., C. J. Muscarella, J. W. Peavy III and M. R. Vetsuypens. 1990. The role of venture capital in the creation of public companies. Journal of Financial Economics 27: 447-471.
    Barth, M. E. and M. McNichols. 1994. Estimation and market valuation of environmental liabilities relating to superfund sites. Journal of Accounting Research 32 (Supplement): 177-209.
    Barth, M. E. and R. Kasznik. 1999. Share repurchases and intangible assets. Journal of Accounting and Economics 28: 211-241.
    Barth, M. E., R. Kasznik and M. F. McNichols. 2001. Analyst coverage and intangible assets. Journal of Accounting Research 39: 1-34.
    Ohlson, J. A. 1995. Earnings, book values, and dividends in security valuation. Contemporary Accounting Research 11: 661-687.
    Ohlson, J. A. 1999. On transitory earnings. Review of Accounting Studies 4: 145-62.
    Perusich, K. and G. Michael. 1991. Bringing high technology to low technology industry. University/Government/Industry Microelectronics Symposium, Proceedings, Ninth Biennial 13-18.
    Rajgopal, S., M. Venkatachalam and S. Kotha. 2002. Managerial actions, stock returns, and earnings: The case of business-to-business Internet firms. Journal of Accounting Research 40: 529-556.
    Rechner, P. and D. Dalton. 1991. CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal 12: 155–160.
    Rosenstein, J. 1988. The board and strategy: Venture capital and high technology. Journal of Business Venturing 3: 159-170.
    Sahlman, W. A. 1990. The structure and governance of venture-capital organizations. Journal of Financial Economics 27: 473-521.
    Sapienza, H. J. 1992. When do venture capitalists add value? Journal of Business Venturing 7(1): 9-27.
    Shiu, C. Y. and Y. S. Hsu. 2005. The stock price behavior in the period surrounding lockup expiration: the case of Taiwan. Journal of Management 22 (5): 569-584. (Written in Chinese)
    Shivakumar, L. 2000. Do firms mislead investors by overstating earnings prior to seasoned equity offerings? Journal of Accounting and Economics 29: 339-371.
    Bartov, E., F. A. Gul and J. S. L. Tsui. 2000. Discretionary accruals models and audit qualifications. Journal of Accounting and Economics 30: 421-452.
    Shu, P. G., L. C. Chen and J. C. P. Shieh. 1999. The investment behavior of Taiwan’s venture capitalists--based on reputation model. Fu-Jen Management Review, l6 (2): 71-99. (Written in Chinese)
    Shyu, D., J. C. Huang, Z. M. Chen and Y. M. Wang. 2001. The influence of venture capital to high-tech industry for IPOs. Sun Yat-Sen Management Review 9 (4): 655-690. (Written in Chinese)
    Sloan, R. G. 1996. Do stock prices fully reflect information in accruals and cash flows about future earnings? Accounting Review 71: 289-315.
    Smart, S. and C. Zutter. 2003. Control as a motivation for underpricing: a comparison of dual and single-class IPOs. Journal of Financial Economics 69: 85-110.
    Stuart, T. E., H. Hoang and R. Hybels. 1999. Interorganizational endorsements and the performance of entrepreneurial ventures. Administrative Science Quarterly 44(2): 315 - 349.
    Subramanyan, K. R. 1996. The pricing of discretionary accruals. Journal of Accounting and Economics 22: 249-282.
    Tai, T. C. 2006. The strategy and post-investment management of corporate venture capital in high-tech industry. NTHU unpublished thesis. (Written in Chinese)
    Teoh, S. H., I. Welch and T. J. Wong. 1998a. Earnings management and the long-run performance of Initial Public Offerings. Journal of Finance 53: 1935-1974.
    Teoh, S. H., I. Welch and T. J. Wong. 1998b. Earnings management and the long-run performance of seasoned equity offerings. Journal of Financial Economics 50: 63-100.
    Teoh, S. H., T. J. Wong and G. R. Rao. 1998. Are accruals during initial public offerings opportunistic? Review of Accounting Studies 3: 175-208.
    Bebchuk, L., R. Kraakman and G. Triantis. 2000. Stock pyramids, cross-ownership, and dual class equity: The creation and agency costs of separating control from cash flow rights. NBER Working Paper 6951.
    Timmons, J. A. and W. D. Bygrave. 1986. Venture capital’s role in financing innovation for economic growth. Journal of Business Venturing 1 (2): 161-176.
    Trester, J. 1998. Venture capital contracting under asymmetric information. Journal of Banking and Finance 22: 675-699.
    Trueman, B., M., H. F. Wong and X. Zhang. 2000. The eyeballs have it: Searching for the value in Internet stocks. Journal of Accounting Research 38: 137–169.
    Tsao, S. and C. Deng. 2004. The value relevance of the number of trademarks and estimated value. Journal of Management 21 (2) 213-235. (Written in Chinese)
    Van den Berghe, L. A. A. and A. Levrau. 2002. The role of the venture capitalist as monitor of the company: A corporate governance perspective. Corporate Governance: An International Review 10 (3): 124-135.
    Wang, A., J. R. Chiou, Y. C. Lin and Y. H. Lin. 2005. A study of government certification from the impact of venture capital on industry development. Sun Yat-Sen Management Review 13 (3): 563-587. (Written in Chinese)
    Wang, W. 2001. Earnings management around initial public offerings: Evidence from Taiwan. Sun Yat-Sen Management Review 9:71-94. (Written in Chinese)
    Wright, M. and K. Robbie. 1998. Venture capital and private equity: A review and synthesis. Journal of Business Finance and Accounting 25 (5-6): 521-570.
    Xu, H. T. 1996. The study of relationship between venture capital firms’ involvement and venture-backed corporate value. NSYSU unpublished thesis. (Written in Chinese)
    Yermack, D. 1996. Higher market valuation of companies with small boards of directors. Journal of Financial Economics 40: 185–211.
    Bergemann, D. and U. Hege. 1998. Venture capital financing, moral hazard, and learning. Journal of Banking and Finance 22: 703-735.
    Brau, J. C., R. A. Brown, and J. S. Osteryoung. 2004. Do venture capitalists add value to small manufacturing firms? An empirical analysis of venture and nonventure capital-backed initial public offerings. Journal of Small Business Management 42 (1): 78-92.
    Brav, A. and P.A. Gompers. 1997. Myth or reality? The long-run underperformance of initial public offerings: Evidence from venture and nonventure capital-backed companies. Journal of Finance 52 (5): 1791-1821.
    Chan, Y. 1983. On the positive role of financial intermediation in allocations of venture capital with imperfect information. Journal of Finance 38: 1543-1561.
    Chen, C. N. 2001. The deal screening processes of Taiwan venture capital firms. NCTU unpublished thesis. (Written in Chinese)
    Chen, E. 2000. The IPO effect of venture capital. NSYSU unpublished thesis. (Written in Chinese)
    Chen, R, C. Chang, L. Wang, and W. Lee (2005) The Ohlson valuation framework and value-relevance of corporate governance: An empirical analysis of the electronic industry in Taiwan. NTU Management Review 15 (2): 123-142. (Written in Chinese)
    Chen, Y, S. 1997. The evaluation of Taiwanese venture capitalists. CCU unpublished thesis. (Written in Chinese)
    Chen, Y. M. 2003. Venture capital, R&D investment with intensity for knowledge-based economy. Journal of Management & systems 10 (2): 115-148. (Written in Chinese)
    Chiang, I. S. 2004. A investigation of long-term performance of Taiwanese IPOs. NCU unpublished thesis. (Written in Chinese)
    Chin, C, H. Lin and H. Chi. 2004. The value-relevance of patent: A test of the life cycle hypothesis. Journal of Management 21 (2): 175-197. (Written in Chinese)
    Chiou, Jeng-Ren, Ting-Kai Chou and Yu-Ju Chen. 2007. The effect of venture capital reputation on the long-run stock and operating performance of IPO Firms. Chiao Da Mangement Review 27 (1): 115-167. (Written in Chinese)
    Chou, Y. H. 2003. The intraday price behavior of ventured IPOs. NCKU unpublished thesis. (Written in Chinese)
    Cornelli, F. and O. Yosha. 2003. Stage financing and the role of convertible debt. Review of Economic Studies 70: 1-32.
    Darrough, M. and S. Rangan. 2005. Do insiders manipulate earnings when they sell their shares in an initial public offering? Journal of Accounting Research 43: 1-33.
    Davila, A., G. Foster and M. Gupta. 2003. Venture-capital financing and the growth of start-up firms. Journal of Business Venturing 18: 689-708.
    Dechow, P. M. 1994. Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals. Journal of Accounting and Economics 18: 3-42.
    Dechow, P. M., R. G. Sloan and A. P. Sweeney. 1995. Detecting earnings management. The Accounting Review 70 (2): 193-225.
    Dechow, P. M., S. P. Kothari and R. L. Watts. 1998. The relation between earnings and cash flows. Journal of Accounting and Economics 25: 133-168.
    Deeds, D. L., D. DeCarolis and J. Coombs. 1999. Dynamic capabilities and new product development: An empirical analysis of new biotechnology firms. Journal of Business Venturing 15: 211-229.
    Demers, E. and B. Lev. 2001. A rude awakening: Internet shakeout in 2000. Review of Accounting Studies 6: 331-359.
    Deng, Z., B. Lev and F. Narin. 1999. Science and technology as predictors of stock performance. Financial Analysts Journal 55: 20-32.
    Dewatripont, M. and J. Tirole. 1994. A theory of debt and equity: Diversity of securities and managershareholder congruence. Quarterly Journal of Economics 109: 1027-1054.
    Doukas, J. A. and H. Gonenc. 2005. Long-term performance of new equity issuers, venture capital, and reputation of investment bankers, Economic Notes 34 (1): 1-34.
    DuCharme, L. L., P. H. Malatesta and S. E. Sefcik. 2004. Earnings management, stock issues, and shareholder lawsuits. Journal of Financial Economics 71: 27-49.
    Easton, P. D. and T. S. Harris. 1991. Earnings as an explanatory variable for returns, Journal of Accounting Research 29: 19-36.
    Espenlaub, S., I. Garrett and W. P. Mun. 1999. Conflicts of interest and the performance of venture-capital-backed IPOs: A preliminary look at the UK. Venture Capital: An International Journal of Entrepreneurial Finance 1 (4): 325-349.
    Fang, P. C. 1996. The influence of venture capital on IPO and venture capital’s future development. NTU unpublished thesis. (Written in Chinese)
    Feltham, G. A. and J. A. Ohlson. 1999. Residual earnings valuation with risk and stochastic interest rates. Accounting Review 74: 165-183.
    Florida, R. and M. Kenney. 1988. Venture capital financed innovation and technological change the United States. Research Policy 17: 119-137.
    Francis, B. B., I. Hasan and C. Hu. 2001. The underpricing of venture and non venture capital IPOs: An empirical investigation. Journal of Financial Services Research 19: 99-113.
    Franzke, S. A. 2001. Underpricing of venture-backed and non venture-backed IPOs: Germany’s Neuer markt. CFS Working Paper No. 2001/01.
    Fredriksen, Ö. and M. Klofsten. 1999. CEO vs. board typologies in venture capital-entrepreneur relationships. Frontiers of Entrepreneurship Research. Babson.
    Fried, V. H. and R. D. Hisrich. 1995. The venture capitalist: A relationship investor. California Management Review 37 (2): 101-113.
    Fried, V. H., G. D. Bruton and R. D. Hisrich. 1998. Strategy and the board of directors in venture capital-backed firms. Journal of Business Venturing 13: 493-503.
    Friedlan, J. 1994. Accounting choices of issuers of initial public offerings. Contemporary Accounting Research 1-31.
    Gompers, P. A. 1995. Optimal investment, monitoring, and the staging of venture capital. Journal of Finance 50 (5): 1461-1489.
    Gompers, P. A. 1996. Grandstanding in the venture capital industry. Journal of Financial Economics 42 (1): 133-156.
    Gompers, P. A. and J. Lerner. 1998. The determinants of corporate venture capital successes: Organizational structure, incentives, and complementarities. NBER Working Paper No. W6725.
    Gompers, P. A. and J. Lerner. 1999. The Venture Capital Cycle. The MIT Press: Cambridge, MA.
    Gompers, P. A. and J. Lerner. 2000. Money chasing deals? The impact of fund inflows on private equity valuations. Journal of Financial Economics 55: 281-325.
    Gompers, P. A., and J. Lerner. 2001. The Venture Capital Revolution. Boston, Harvard Business School Press.
    Gorman, M. and W. A. Sahlman. 1989. What do venture capitalists do? Journal of Business Venturing 4: 231-48.
    Hamao, Y., F. Packer and J. R. Ritter. 2000. Institutional affiliation and the role of venture capital: Evidence from initial public offerings in Japan. Pacific-Basin Finance Journal 8 (5): 529-558.
    Hand, J. R. M. 2005. The value relevance of financial statements in the venture capital market. The Accounting Review 80 (2): 613-648.
    Hellmann, T. 1998. The allocation of control rights in venture capital contracts, Rand Journal of Economics 29: 57-76.
    Hellmann, T. and M. Puri. 2000. The interaction between product market and financing strategy: The role of venture capital. Review of Financial Studies 13: 959-984.
    Hellmann, T. and M. Puri. 2002. Venture capital and the professionalization of start-up firms: Empirical evidence. Journal of Finance 57(1): 169-197.
    Hermalin, B. E. and M. S. Weisbach. 1998. Endogenously chosen boards of directors and their monitoring of the CEO. American Economic Review 88: 96-118.
    Hirschey, M. and V. J. Richardson. 2004. Are scientific indicators of patent quality useful to investors? Journal of Empirical Finance 11: 91-107.
    Hirschey, M. Richardson, V. J. and Scholz, S. 2001. Value relevance of nonfinancial information: the case of patent data. Review of Quantitative Finance and Accounting 17: 223-235.
    Hochberg, Y. V. 2004. Venture capital and corporate governance in the newly public firm. Working Paper.
    Huang, C. J. and R. Y. Wu. 2007. Earnings management around IPO and lockup. Chiao DA Management Review 27 (2): 275-296. (Written in Chinese)
    Huang, R. 2001. The stock selling effects of VCs. CCU unpublished thesis. (Written in Chinese)
    Hughes II, K. E. 2000. The value relevance of nonfinancial measures of air pollution in the electric utility industry. Accounting Review 75(2): 209-228.
    Hung, A. C. 1997. Certification function of venture capitalists. CCU unpublished thesis. (Written in Chinese)
    Ittner, C. D. and D. F. Larcher. 1999. Are nonfinancial measures leading indicators of financial performance? An analysis of Customer Satisfaction. Journal of Accounting Research 36: 1-35.
    Jain, B. A. and O. Kini. 2000. Does the presence of venture capitalists improve the survival profile of IPO Firms? Journal of Business Finance and Accounting 27: 1139-1176.
    Jensen, M. and W. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 4: 305–360.
    Jones, J. 1991. Earnings management during import relief investigation. Journal of Accounting Research 29 (2): 193-228.
    Kaplan, S. N. and P. Strömberg. 2001. Venture capitalists as principals: contracting, screening, and monitoring. The American Economic Review 91(2): 426-430.
    Kaplan, S. N. and P. Strömberg. 2004. Contracts, characteristics, and actions: Evidence from venture capitalist analyses. Journal of Finance 59 (5): 2177-2210.
    Kenney, M., K. Han and S. Tanaka. 2007. The globalization of venture capital: The cases of Taiwan and Japan. Working paper.
    Kim, C. S. and E. Tse. 1990. Rule development process for positioning strategies in the fast changing high-technology market. Computer Integrated Manufacturing, 1990, Proceedings of Rensselaer`s Second International Conference 296-303.
    Ko, M. N. 2003. The study of monitoring tool of post-investment management in venture capitals’ portfolio companies. NCTU unpublished thesis. (Written in Chinese)
    Kortum, S. and J. Lerner. 1998. Stronger protection or technological revolution: what is behind the recent surge in patenting? Carnegie-Rochester Conference Series on Public Policy 48: 247-304.
    Kothari, S. P. 2001. Capital market research in accounting. Journal of Accounting and Economics 31: 105-231.
    Kothari, S. P., A. J. Leone and C. E. Wasley. 2005. Performance matched discretionary accrual measures, Journal of Accounting and Economics 39: 163-197.
    Lee, P. M. and S. Wahal. 2004. Grandstanding, certification and the underpricing of venture backed IPOs. Journal of Financial Economics 73: 375-407.
    Lerner, J. 1994. Venture capitalists and the decision to go public. Journal of Financial Economics 35: 293-316.
    Lerner, J. 1995. Venture capitalists and the oversight of private firms. Journal of Finance 50 (1): 301-318.
    Lerner, J. 1997. An empirical exploration of a technology race. Rand Journal of Economics 28: 228-247.
    Li, K. P. 2003. The venture capitalists’ post-investment management of fabless industry in Taiwan. NCTU unpublished thesis. (Written in Chinese)
    Lin, T. H. and R. L. Smith. 1998. Insider reputation and selling decisions: The unwinding of venture capital investments during equity IPOs. Journal of Corporate Finance 4: 241-263.
    Liu, Y. C. 1999. The influence of value creation by venture capital. NCKU unpublished thesis. (Written in Chinese)
    Ljungqvist, A. P. 1999. IPO underpricing, wealth losses and the curious role of venture capitalists in the creation of public companies. Working paper.
    MacMillan, I. C., D. M. Kulow and R. Khoylian. 1989. Venture capitalists’ involvement in their investments: Extent and performance. Journal of Business Venturing 4 (1): 27-47.
    Manigart, S. and H. Sapienza. 2000. Venture capital and growth. The Blackwell Handbook of Entrepreneurship. Oxford: Blackwell.
    Manigart, S. and W. Van Hyfte. 1999. Post-investment evolution of Belgian venture capital backed companies: An empirical study. Frontiers of Entrepreneurship Research. Babson College: Wellesley, MA.
    Marquardt, C. A. and C. I. Wiedman. 2004. How are earnings managed? An examination of specific accruals. Contemporary Accounting Research 21 (2) (Summer): 459-491.
    Marx, L. 1994. Negotiation and renegotiation of venture capital contracts. University of Rochester working paper.
    Megginson, W. L. 2004. Toward a global model of venture capital. Journal of Applied Corporate Finance 16 (1): 8-26.
    Megginson, W. L. and K. A. Weiss. 1991. Venture capitalist certification in initial public offerings. Journal of Finance 46(3): 879-903.
    Mlynek, D. and P. Mali. 1992. Differentiating American and European high tech entrepreneurial venturing: Toward the development of a global model. Engineering Management Conference, 1992, “Managing in a Global Environment”, 1992 IEEE International 82-85.
    Morck, R., A. Shleifer and R. W. Vishny. 1988. Management Ownership and Market Valuation. Journal of Financial Economics 20: 293-315.
    Morsfield, S. and C. Tan. 2006. Do venture capitalists influence the decision to manage earnings in initial public offerings? The Accounting Review 81(5): 1119-1150.
    Ni, Y. S. and C. Y. Cheng. 2002. The effect of venture capital enterprises on high-tech companies in Taiwan. Tamkang Journal of Humanities and Social Science 10: 35-62. (Written in Chinese)
    Description: 博士
    國立政治大學
    會計研究所
    89353501
    96
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0893535011
    Data Type: thesis
    Appears in Collections:[Department of Accounting] Theses

    Files in This Item:

    File SizeFormat
    index.html0KbHTML2306View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    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 ©   - Feedback