中文摘要 創業投資公司主要是以私人股權方式從事資本經營，並以培育和輔導企業創業或再創業，來追求長期資本增值的高風險、高收益的行業。一般而言，創投公司會執行幾項重要工作：投資新興而且快速成長中的科技公司，通常以股權的型態投資於這些新興公司，並參與公司的董事會，實際參與經營決策、提供附加價值，如：協助新興公司開發新產品、提供技術支援和產品行銷、提供管理諮詢服務與專業人才仲介、協助進行企業內部管理與策略規劃等，故創投公司的介入，除了提供資金外，也提供許多具附加價值的協助。 本文主要探討創投公司的介入是否會影響新上櫃公司的長期經營績效和長期股價行為，瞭解有無創投公司的介入，對於新上櫃的財務績效是否有正面的助益，並瞭解其股價的長期報酬變化有無差異。 本研究總樣本公司選自87~92年，再分為兩個子期間，第一段樣本期間為87~89年，可視為創投事業的高峰期，第二段樣本期間為90~92年，可視為創投事業的衰退期，本文分別針對這兩段樣本期間新上櫃的公司，篩選出有創投介入和沒有創投介入的配對樣本，分析有無創投公司介入的財務績效，以及兩段期間的財務績效和股價報酬表現的差異。 就公司成立後至上櫃的年限而言，不管是87∼89年的創投高峰期，或是90∼92年衰退期的實證結果，都是有創投介入的公司上櫃時間較短，這表示由於創業投資公司的專業知識和經驗，有助於輔導被投資公司早日上櫃。 在比較獲利能力部分，我們發現在創投對投資標的的獲利影響並不顯著。對於成長率方面，高峰期中有創投介入的公司表現比沒有創投介入公司佳，但在衰退期中，除了上櫃後首季有創投介入公司有顯著優於沒有創投介入公司的表現外，接下來一路下滑。這樣的結果可能是衰退期時創投產業多投資於快速回收的公司，並僅專注於短期收益，使成長率曇花一現、快速下滑。 此外，有創投介入公司的資產流動性和負債情況都優於沒有創投介入公司，
這反映了創投公司對新上市公司財務上支援的價值；然而，這個效果是隨時間而遞減，在衰退期遞減的速度比高峰期快。在經營能力方面，有創投介入的公司並沒有優於沒有創投介入的公司，而且這個現象在衰退期中更為明顯，創投公司似乎無法提升被投資公司的經營能力。 就長期股價報酬而言，在87~89年的高峰期，本文發現30∼180天期的大盤調整後報酬，有無創投介入的樣本沒有顯著差異，到了360天後，有創投介入公司的調整過風險後的Sharp指標顯著優於沒有創投介入的公司。 在90~92年的衰退期則有明顯的不同，有創投介入公司在上櫃後30天的股價報酬顯著低於沒有創投介入公司，經風險調整後的指標雖未達統計顯著，但差異仍然不小。這樣的結果可能是由於在衰退期，創投為趨避風險，急於退場和獲利了結，因此在標的公司股票上櫃後，就急於脫手，造成短期內股價的向下修正，使得有創投介入的公司在上櫃後30天的股價報酬率顯著比沒有創投介入的公司低。

A venture capital firm runs its capital business through private shareholding. It is a high risk and high return business that achieves long term capital gain through developing and counseling other companies to start or to expand their businesses. Generally speaking, venture capital firms usually conduct the following critical tasks: investing in new and rapidly growing technology companies through shareholding, participating in the board meetings, getting involved in management decision making and providing add-on values. For example, to assist a new company in developing new products, to provide technical support and product marketing, to provide management consulting services and professional personnel staffing and to assist internal management and strategic planning, etc. Therefore the involvement of a venture capital firm in running its business includes not only financial capitals but also various kinds of support with add-on values. The purpose of this paper is to investigate whether the involvement of a venture capital firm influences the long term management performance and share price behavior of a newly traded company, and to understand whether it brings positive impact to the company’s financial performance and finally to identify if it results in any change in the long term return of share price. The companies in the research sample are selected in the period during 87 and 92. This period is further classified into two sub periods. The first sub period is between 87 and 89. This period is considered a peak period of venture capital business. The second sub period is between 90 and 92. This period is considered the downturn of venture capital business. This paper selects from populations of newly traded companies in both periods samples with involvement of venture capital to compare with samples without involvement of venture capital. This study then analyzes financial performance with and without involvement of venture capital, and the difference in financial performance and share price return during the two periods. In terms of number of years between the start of a company and the date it starts to be traded in the share market, the study result shows that it is shorter for companies with involvement of venture capital in either the 87-89 venture capital peak period or in the 90-92 venture capital downturn. This implies that the professional knowledge and experience help invested companies to shorten the time in preparing themselves to be traded in the share market. In terms of profitability, this study finds that the influence of venture capital on profitability of invested company is insignificant. In terms of growth rate, companies in peak period and with venture capital involvement perform better. However in the downturn, companies with venture capital involvement actually perform worse than
those without venture capital involvement except in the first season after being traded. The result shows that venture capital firms invest mostly in companies with quick return during downturn and only focuses on short term benefit. This leads to fast initial growth but rapid decline afterwards. Furthermore, asset flow and liability ratio are both better in companies with venture capital involvement than those without venture capital involvement. This reflects the value of financial support to newly traded companies provided by venture capital firms. However the effect declines as time goes by and the declining rate is faster in the downturn than that in the peak period. In terms of management capabilities, companies with venture capital involvement do not perform better than those without venture capital involvement. This fact is more obvious in the downturn period. Therefore venture capital firms do not seem to improve management capabilities of the invested companies. In terms of long term share price return, this study finds no significant difference between companies with venture capital involvement and those without venture capital involvement in returns after 30-180 days adjustment. After 360 days, risk adjusted Sharp index of companies with venture capital involvement is significantly better than those without venture capital involvement. The finding is very different in the 90-92 downturn period. The share price returns of companies with venture capital involvement are significantly lower than those without venture capital involvement. Although the risk adjusted index does not reach statistical significance, the difference remains big. Such result is probably due to the fact that venture capital firms want to avoid risk during downturn period by making a quick profit and then leaving the market. Venture capital firms sell their shares shortly after the invested companies are listed in the market and therefore make the share prices to be downwardly adjusted in the short term. Also the share price returns of companies with venture capital involvement at 30th day after they are traded in the market are significantly lower than those of companies with venture capital involvement.

第一章 緒論 第一節 研究背景與動機01 第二節 研究目的04 第三節 研究架構05 第二章 台灣創業投資產業介紹 第一節 台灣創業投資產業07 第二節 世界各國創業投資事業之比較分析18 第三章 文獻回顧與探討 第一節 創業投資的定義與特性22 第二節 創業投資事業的特性27 第三節 創業投資公司參與的價值29 第四節 創業投資事業之投資風險31 第五節 創業投資公司對被投資公司價值的影響33 第四章 研究設計 第一節 配對樣本37 第二節 利用配對樣本比較公司成立後至上櫃的年限41 第三節 利用配對樣本比較上櫃後的長期經營績效42 第四節 利用配對樣本比較長期股價報酬44 第五節 資料來源45 第五章 實證結果分析 第一節 利用配對樣本比較公司成立後至上櫃的年限46 第二節 利用配對樣本比較上櫃後的長期經營績效47 第三節 利用配對樣本比較長期股價報酬63 第六章 結論與建議 第一節 研究結論67 第二節 研究建議68

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