這個論文的題目就是台灣的創業投資. 研究包括五家公司作創業投資. 三家公司是普通的創投公司, 一家是人壽保險公司. 最後一家是工業銀行. / The venture capital investment model was established in Taiwan in 1983, following a similar scheme from the United States. Since its inception, it has played a decisive roll in the development of the high technology industry in Taiwan. It helps enterprises by providing them with capital funding, necessary for the creation of innovative projects with high potential to become successful business activities in the future. Taiwan has one of the most developed Venture Capital markets in the world. By December 31, 1999 the aggregate number of Venture Capital firms came to 145 with a total investment of NT$ 81.1 billion. With this thesis, an analysis of the investment strategies that five financial institutions adopt for their venture capital will be executed. A number of variables that define the framework of venture capital investing will be examined in order to have a clear picture of those investment strategies. In one hand we will have three “traditional” Venture Capital firms which have their own criterion and procedure on why and how to do investments in this field. In the other hand, we will study other types of investors, a life insurance company and an industrial bank. For this study, a qualitative approach was adopted. Interviews with members of those five venture capitalists’ top management team were held. Interesting results were taken from the empirical study as it was found that not all “traditional” venture capital companies share the exactly same view on how to do venture capital investments. Results regarding the life insurance company were mostly in line with expectations as well as results from the industrial bank.

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

本文藉由觀察中國創業投資基金投入金額之變化,試圖探討影響中國大陸創業投資產業發展之因素,經由國內外期刊、文獻之歸納整理並加以判斷分析,本研究決定採用九個變數,並分類為三大群組,分別為:金融市場群組:IPO 總募集資金、併購案件總金額、併購案件總數量、併購案件平均溢價、資本市場以證券市場為中心相較於以銀行為中心的程度;政治因素群組:國家貪腐指數、專利 通過率;經濟因素群組:研究發展總費用、國內生產總值(GDP)。資料截取自 CEIC (中國經濟數據庫)與Bloomberg(彭博資訊系統),資料期間為 2006 年第一季至 2015 年第一季之季資料,先分析各別因素的歷史軌跡變化與原因,再以四個迴歸分析模型分別探討整體九個變數、金融市場群組、政治群組、與經濟群組對應 變數中國創業投資基金總投資金額的影響程度。 本研究結論包括:資本市場以證券市場為中心相較於以銀行為中心的程度、研究發展總費用與中國創業投資基金總投資金額有高度正相關。國家貪腐指數與中國創業投資基金總投資金額有高度負相關。IPO 總募集資金、併購案件總金額、 併購案件總數量、併購案件平均溢價、專利通過率、國內生產總額與中國創業投資基金總投資金額無顯著相關性。將自變數依性質分類為三大群組後,分別對應變數中國創業投資基金總投資金額進行迴歸分析,並比較其 Adjusted R Square,發現金融市場群組影響應變數程度最大,其次為經濟因素,影響最小的為政治因 素。 / This paper discusses the venture capital activity in China through observing changes in the investment volume in an attempt to explore the influential factors. This study applies nine factors which then were classified into three groups: financial market group, including capital raised through IPO, volume of M&A, deal counts of M&A, M&A deal average premium, and degree of market-centered financial system comparing to bank-centered; politics group, including corruption perception index, patent pass rate; economics group, including research and development expenditure, gross domestic product (GDP). Data were retrieved from CEIC and Bloomberg with duration from 2006-2015Q1, seasonal data. This study analyzes the historical trajectory of independent factors, following by four regression analysis, including the overall impact of nine independent variables, the impact of the financial market group, politics group, and economics group on the dependent variable: the total investment volume of venture capital funds in China. The findings include: degree of market-centered financial system comparing to bank-centered and the research and development expenditure have highly positive correlation with total investment volume of venture capital funds in China. Corruption Perception Index has highly negative correlation with total investment volume of venture capital funds in China. Capital raised through IPO, volume of M&A, deal counts of M&A, M&A deal average premium, patent pass rate, and gross domestic production have no significant correlation with the investment volume of venture capital funds in China. After classifying the factors into three groups including financial market factors, economics factors, and politics factors, following by the comparison of adjusted R Square, the study concludes that financial market group has the highest correlation with total investment volume of venture capital funds in China, with economics group as the second and politics group being the least correlated.