本研究提出了影響新創公司長期表現的架構，並以教育網絡連結作為衡量 社群網絡連結的依據，探討其解決資訊不對稱問題的效果。本論文透過建構台灣的新創公司、創業投資基金和國家發展基金三個群體的經理人資料，計算出各教育網絡間的連結關係；依此可衡量各教育網絡關係對新創公司長期表現的影響。 實證結果顯示，新創公司和創業投資基金間的雙向教育網絡連結對新創公 司的長期表現有正向影響；然而當教育網絡連結和政府部門(本研究定義為國發基金)有關係時，其效果則延伸出許多議題，其一為政府部門與被投資公司產生教育連結時，其對被投資公司的長期績效表現效果為負向，顯示出產生政治連結時政府部門的投資行為會受到影響。另一方面，當創業投資基金和政府部門產生教育連結時，其對被投資公司的長期績效表現為正，解釋了政府單位在選擇創業投資基金時是以長期績效表現作為選擇依據。 / In this research, educational links are hypothesized as the key factors for solving the information asymmetry problem. By using the uniquely constructed dataset with key information of invested companies, venture capital firms and National Development Fund (NDF) in Taiwan, we quantify the effect of network linkages on invested companies’ long-term performance. Our empirical results show that a linkage between invested companies and VCs positively affects invested companies’ long-term performance. However, the political linkage formed with NDF has non-trivial two-fold effects. While an educational link formed between invested companies and NDF impact long-term performance adversely, the educational link between venture capital firms and NDF in turn has positive effects on the long-term performance. We thus confirm the existence of inappropriate investment decisions frequently taken because of the political link between invested companies and National Development Fund.

本研究透過台灣創投基金的聲譽、國際化和政治連結等信號(Signal)，探討創投基金對於新創公司初次公開發行後的長期表現的影響。本研究之實證結果發現，創投基金的聲譽越高以及國際化程度越高，對於新創公司的長期表現有正向影響，但是創投基金與國發基金的政治連結卻產生非單一面向的結果，政治連結僅對於新創公司的長期研發投入具有正面顯著影響。政治連結會帶來負向的效果可能由於國發基金所推行的政策影響，或者是其中具有裙帶資本主義的干擾，導致受到國發基金所投資的創投基金對於新創公司的長期表現帶來負面影響。由本研究的結果我們可知若新創公司得到具有高聲譽或國際化的創投投資是對於其未來發展是有所幫助，所以新創公司在尋找創投基金合作時，可以以此作為考量的標準。 / In this research, venture capital reputation, degrees of internationalization, and the political links formed by venture capitals and Taiwanese National Development Fund are hypothesized to influence the long-run performance of start-ups. By utilizing a unique dataset of venture capital investment, we could investigate the sources of higher long-run performance of venture capital teams. Besides, we also inquire the impact of internationalization and political links of venture capitals on the performance of stat-up business. The results show that venture capitals with higher reputation or degrees of internalization impacts positively on long-term performance of start-ups. However, the political links formed between venture capitals and Taiwanese National Development Fund only affects business innovation measures positively. The policy focused or the crony capitalism long existing between Taiwanese National Development Fund and venture capitals can both be the major reasons to trigger the mixed investment influence. Thus, this research can shed some light on the intrinsic factors driving positive investment results other than the venture capital reputations.