在台灣的高科技產業發展中，創投扮演了重要的角色，其所提供的資金與協助促進了新創事業的成長，造就了台灣資訊電子產業的躍居世界舞台與傲人的經濟成長。2000年人類基因圖譜的解出，似乎加快了基因技術的應用與相關產業的發展，進而成為全球經濟成長的新動力，因此我國創投的投資觸角也積極地延伸到生物技術產業上。 　　過去有關創投的相關研究多集中在投資評估準則的總體性研究，甚少針對某一產業的特性不同，來做進一步的研究，特別是在生物科技產業方面，因此，本研究將針對生物技術產業的特性與創投的股東背景、經營團隊與合作網路等組成因子，來探討其所產生的投資策略與行為。 　　本研究採用個案訪談之定性研究，選擇六家在生技產業投資比重較大的國內創投公司做訪談，再依據本研究架構進行分析整理，得到了以下之結論： 　　一、 生技產業的特性對投資策略與行為之影響 　　　1. 創投因看好生技產業的成長潛力而將提高此方面的投資比重，而生技產業的投資金額以美國為最高。 　　　2. 創投在生技產業的投資階段傾向涵蓋不同的階段。 　　　3. 創投在生技產業的投資以醫藥產業及其週邊之醫療器材為主，主要考量是醫藥產業是目前為止較高報酬的領域。 　　　4. 創投在生技產業的投資區域以美國為主，其中最重要的原因與該地區之產業群聚有關。 　　　5. 創投在生技產業的投資傾向以投資組合管理及聯合同業投資來降低投資風險。 　　　6. 創投在生技產業的投資傾向不聘任外部顧問，而傾向以經營團隊之專業評估為主，再以已投資公司與事業夥伴為諮詢對象。 　　　7. 創投在生技產業的投資回收策略為上市或購併，投資回收期間並不會因為生技產業的產品開發期長而延長。 　　　8. 創投在生技產業的投資評估，著重整體性評估（不會只看技術或智慧財產權），會因事業投資階段而有不同的評估重點，投資案愈偏早期，愈著重技術與人。投資案愈偏成熟期，所需評估的項目愈多。 　　　9. 生技產業的特性雖對創投的附加價值沒有影響，但創投對生技產業的投資案有提供附加價值，會因投資案事業發展階段之不同，而提供所需之協助，附加價值則以資訊蒐集與人脈介紹為主。 　　二、創投的組成對投資策略與行為之影響 　　　1. 創投的股東對外部顧問策略、投資案源與投資評估有影響，對投資金額、投資階段、投資領域、投資區域、風險控管、回收策略與附加價值沒有影響。 　　　2. 創投的經營團隊對投資金額、投資階段、投資領域、投資區域、風險控管、外部顧問、回收策略、投資評估與附加價值有明顯的影響，對投資案源則有些影響。 　　　3. 創投的合作網路對外部顧問、投資評估與附加價值有影響，對投資案源更是有明顯影響，而對投資金額、投資階段、投資領域、投資區域、風險控管與回收策略沒有影響。　 　　三、生技產業的特性對創投的組成之影響 　　　1. 生技產業的特性對創投董事會內的股東背景沒有影響。 　　　2. 生技產業的的特性影響到創投招募技術專業之經營團隊。 　　　3. 創投未因生技產業的特性而建構新的合作網路，而傾向運用集團中原有之合作網路，尤其是過去的已投資公司，為創投主要的諮詢者。 / Venture capital plays an important role in the development of high technological industries in Taiwan. It provides the essential fund and useful assistance to promote the growth of start-up companies. Because of it, the growth of economy in Taiwan dramatically increases and Taiwan has become the kingdom of information and communication industries around the world. In the year 2000, the complete sequence of human genome has enhanced the speed of the development in the field of biotech and its associated industries. In addition, the investment in biotech industry is expected to stimulate another trend of global economic growth. Therefore, venture capital in Taiwan also actively extends its influence in the field of biotech industries. 　　The majority of researches in venture capital seems to concentrate on the overall evaluation of the general criteria of investment, few studies focused on one particular industry, especially the biotech industry and its characteristics and aspects. Therefore, this study will aim at the characteristics of biotech industry and the constituent factors of venture capital to explore the strategies and behaviors of investment. 　　A qualitative research was conducted in six important venture capital firms in Taiwan using a method of intensive personal interview. The summaries of the research findings are as follows: 　　I. The impacts of the characteristics of biotech industry on the strategies and behaviors of investment: 　　　1. Venture capital firms will increase investment percentage in biotech area because of its potential of growth, and the majority amounts of venture capital seem to be invested in the United States. 　　　2. The venture capital firms’ investments in biotech tend to cover various stages. 　　　3. The fields venture capital firms invest in biotech appear to be focused on pharmaceuticals and medical devices, because the operating return from this area is higher than any others so far. 　　　4. The location of biotech companies venture capital invested are focused on the United States, which seem to have obvious phenomenon of clustering. 　　　5. Through portfolio management and co-investment, venture capital firms can reduce risk while investing in biotech. 　　　6. Instead of relying on outside consultant when invest in biotech, venture capital firms prefer to depend on inside management teams for due diligence. In addition, the past invested firms and partners are helpful while needed. 　　　7. The exit strategies of venture capital firms are initial public offering or merger & acquisition when invest in biotech companies, and the period of investment appears to be not correlated with the long product life cycle of biotech industry. 　　　8. Instead of emphasis on technologies or intellectual properties, venture capitalists emphasize all factors which evaluating biotech companies. Their decision criteria depend on venture development stages, the earlier stages these cases are, the more important technologies and management teams are, the later stages these cases are, the more factors are considered. 　　　9. Venture capitalists add values to the biotech companies they invested, not because of the characteristics of biotech industry, but differ from development stages of cases. Most of add values are information collection and networking. 　　II. The influences of the constituent factors of VC on the strategies and behaviors of investment: 　　　1. The stockholders of venture capital affect outside consultant strategy, deal flow, due diligence, but make no influence on investment amount, venture development stage, field, location, risk control, exit strategy and value-added. 　　　2. The management teams of venture capital obviously influence investment amount, venture development stage, field, location, outside consultant strategy, risk control, exit strategy, due diligence and value-added, and make a little influence on deal flow. 　　　3. The networking of venture capital make a little influence on outside consultant, due diligence and value-added, and make obvious influence on deal flow, but do not affect investment amount, venture development stage, field, location, risk control and exit strategy. 　　III. The influences of the characteristics of biotech industry on the components of venture capital: 　　　1. The characteristics of biotech industry don’t appear to affect the background of stockholders in the board. 　　　2. Venture capital firms recruit professional management teams because of the same particular characteristics of biotech industry. 　　　3. While investing in biotech industry, venture capital firms utilize networks, especially the past invest , as their main consultants.