臺灣博碩士論文加值系統

隨著直接金融（Direct Finance）的比例在金融市場日益提昇之際，創投的角色與定位也開始受到廣泛的重視。因此，本研究欲透過實證資料的蒐集來驗證創投在台灣是否確能促進被投資公司價值，並進一步探討創投是透過何種因素來影響被投資公司的價值。發現到創投的參與對上市公司的創新表現並不顯著，大多數的迴歸分析也顯示所有創投參與的家數、創投公司規模與被投資公司的創新程度表現成反向關係;而創投擔任被投資公司董、監事席位的數目則與被投資公司的創新表現成正向關係，其中，創投持股比例與被投資公司創新表現上，發現當創投持股比例較大時，被投資公司的創新表現愈好。

With the occasion of the direct financial rising proportion of the financial markets, venture capital began to be widely appreciated. Therefore, this study want to collect empirical data to verify whether the venture in Taiwan can really promote the value of portfolio companies, and venture capital through further explore what factors affect the investment value of the company. Found to participate in venture capital for innovative performance of listed companies is not significant, most of the regression analysis also showed that a number of venture capital to participate in all of the performance scale and degree of innovation venture capital firm invested companies into the inverse relationship; and the number of investment company directors and supervisors of the seats with the investment performance of the company's innovation into a positive relationship, where in the proportion of venture capital investment holding company with the innovation performance, found that the proportion of large holdings of venture capital is investment company's innovative performance better.

第壹章 緒論 5
第一節 研究背景與動機 5
第二節 研究架構 7
第貳章、文獻探討 8
第一節 創投融資 8
第二節 創新 12
第参章、研究方法與研究架構 15
第一節 研究假說 15
第二節 相關變數之衡量 16
第三節 控制變數 18
第四節 實證模型 20
第五節 樣本資料來源 21
第肆章 研究結果與分析 22
第一節 創新程度表現 22
表1 研究樣本接受創投投資年度分配表 23
表2為觀察樣本之所屬產業類別 24
表3為自變數間相關性之情形 25
表4創新程度之敘述統計量 26
表5創投各變數與企業創新程度之相關性 27
第二節 創新效率表現 29
表6創新效率之敘述統計量 30
表7為自變數間相關性之情形 31
表8創投各變數與企業創新效率之相關性 32
第伍章 結論 35
參考文獻 38

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