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| Title: | 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 |
| Authors: | 蘇新賀
Su, Hsin-Ho |
| Contributors: | 周冠男
柯冠成
Chou, Robin K.
Ko, Kuan-Cheng
蘇新賀
Su, Hsin-Ho |
| Keywords: | 新創公司
獨角獸
估值
創投
投資人情緒
Start up
Unicorn
Valuation
Ventures
Investor Sentiment |
| Date: | 2024 |
| Issue Date: | 2024-08-05 14:18:11 (UTC+8) |
| Abstract: | 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. |
| Reference: | 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. |
| Description: | 碩士
國立政治大學
國際金融碩士學位學程
111ZB1003 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111ZB1003 |
| Data Type: | thesis |
| Appears in Collections: | [國際金融碩士學位學程] 學位論文
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