臺灣博碩士論文加值系統

本文研究總體環境如何影響創投之投資偏好，探討當年度新上市公開發行市場的好壞和投資選擇之關係、景氣衰退對於和投資選擇的關係，透過1980年至2015年之美國創投投資之資料後發現，當創投面臨實質性景氣衰退時，會更傾向投資在晚期新創公司上，當面臨財務性景氣衰退時，會更像投資在早期新創公司上，而當IPO市場表現良好時，創投會傾向投資在早期新創公司上。

The objective of this study is to examine how macroeconomic conditions and IPO’s performance affect the investment preference and behavior of venture capital. After testing US venture capital investments from 1980-2015, we find that venture capital firms invest more in early-stage companies during economic downturn associated with the financial sector. We also find that venture capital firms invest more in later-stage companies during economic downturn associated with the real sector. Moreover, venture capital firms invest more in early-stage companies when IPO market perform well.

目錄
誌謝 i
中文摘要 ii
英文摘要 iii
目錄 iv
圖表目錄 vi
第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究目的 4
1.3 研究架構 4
第二章 文獻回顧 5
2.1 新創公司的融資階段 5
2.2 總體環境變動對於創投投資的影響 6
2.3 IPO市場好壞對於創投投資的影響 7
2.4 創投經驗和投資產業 8
第三章 資料與研究方法 10
3.1 資料來源與樣本選取 10
3.2 變數定義與處理 11
3.3 研究方法與假說 13
第四章 實證結果與分析 15
4.1 樣本與敘述統計 15
4.2 模型設定與實證結果 20
4.3 創投業者總投資金額與創投投資偏好之關係 21
4.4 實質性景氣衰退與創投投資偏好之關係 22
4.5 財務性景氣衰退與創投投資偏好之關係 22
4.6 IPO市場表現與創投投資偏好之關係 22
4.7 控制變數與創投投資偏好之關係 23
第五章 結論與建議 24
5.1 研究結論 24
5.2 研究限制與建議 25
參考文獻 27
一、 中文文獻 27
二、 英文文獻 28

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