之前文獻提過創投基金可監督公司營運情形，改善公司結構，提升公司營運績效；然而不可否認，還是有許多創投參與的公司面臨破產下市的窘境。因此此文主要再探討哪一種類型的創投基金，其投資於有財務危機並下市公司的機率較高。另外，本文也在文中探討，面臨財務危機並下市的公司其公司特徵。

Since venture capitalists can help companies promote their operating performance and venture capitalists will continue to play a role of monitor after IPO. However, there are still many VC-backed IPO that faced financial distress problem and bankruptcy. This paper explores the characteristics of venture capital fund which invests in the financial distress companies and this paper also discusses several features of the financial distress companies.

1.Introduction……………………………………………………….1
2.Literature and Hypothesis ………………………………………3
3. Sample and Data …………………………………………………6
4. Empirical Result …………………………………………………9
4.1 Descriptive Statistic………………………………………9
4.2 Logistic Regression Model…………………………………9
4.2.1 Firm Characteristic………………………………………9
4.2.2 VC Fund Type………………………………………………11
4.2.3 Combining Firm Characteristic and VC Fund Type…13
5. Conclusion ………………………………………………………14
Reference ……………………………………………………………16


TABLE Ⅰ……………………………………………………18
Descriptive Satistics on Financial Distress Companies
TABLE Ⅱ……………………………………………………19
Categories of Sample Funds
TABLE Ⅲ……………………………………………………20
Cross-correlation
TABLE Ⅳ…………………………………………………….21
Logistic Regression in the Characteristics of Company
TABLE Ⅴ…………………………………………………….22
Logistic Regression in VC Fund Type
TABLE Ⅵ…………………………………………………….23
Logistic Regression in the Characteristic of Company and VC Fund Type

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