論文提要內容：
自2000年政府取消創投事業股東的租稅優惠，再加上2001年全球經濟步入衰退期，使得創投事業資金來源驟減。再加上近幾年來創投逐漸將投資比重傾向於投資新創公司的、晚期(擴充期加成熟期)以達到規避及降低風險，尋求穩定及保本為優先的投資考量。針對投資環境背景的變遷，本研究欲探討近幾年創投是否對新創公司依然具有扶持能力。 

    本研究主要選取台灣2001年至2008年初次上市(櫃)的公司，踢除上櫃轉上市及非高科技產業之傳統產業、金融業、及其他非高科技產業的公司，結果共挑選出199家高科技產業的樣本數。其中包含了生技醫療業9家、電腦及週邊設備業26家、光電業41家、通信網路業18家、電子零組件業39家、電子通路業6家、資訊服務業5家 、其他電子業17家、電機機械業3家及半導體業35家。本研究設定有創投事業介入的界定標準有3項，符合其中一項即列入有創投介入。此即為創投股東的持股比例達到5%或創投股東佔被投資公司董監事席次有一席以上或創投股東有介入被投資公司的經營團隊，只要達到其中一項標準即符合有創投事業介入的標準。結果從199家高科技產業的樣本中，篩選出60家有創投資介入的公司，與139家沒有創業投資事業參與的樣本。 

在進行廻歸分析後，發現創投介入與期初報酬率是不顯著的正相關，顯示創投 的介入對期初報酬沒有認證的效果。另外，創投介入與長期報酬表現呈現顯著的負相關，顯示有創投介入的IPO，其長期報酬不佳。可見近幾年因創投投資方向的轉變及其他相關影響，使得創投漸失對新創公司的影響及扶持能力。

Abstract:
Since the government cancelled the venture capitals shareholders’ tax since 2000, in addition, the global economy stepped into decline phase in 2001. It causes the venture capital funds sharply reduce. The worse condition is that the venture capital funds like to invest the funds into the Expansion and Mezzanine stage gradually in recent years to evade and reduce the in-vesting risk, and priority seek to stabilize for their invest. According to the changes of the in-vesting environment background, We wonder if the venture capitals still have the capabilities to support the start-ups in recent years.     

In this paper, we collect 199 samples of listed Hi-Tech industries from 2001 to 2008 in Tai-wan . We set three kinds of criterion to select the VC sample, The result is that 60 for VC and 139 for NON-VC. After taking the regression, we find the VC has no any effect to the initial return but has a significant effect to the long term return.  It shows that the VC involves more, the long term return worse. The result evidences the VCs has already lost its capabili-ties to support the start-ups gradually.

內容目錄
第一章 緒論…………………………………………………1
第一節研究背景動機與主題……………………………………2
第二節高科技與創投…………………………………………9
第二章研究設計與方法………………………………12
第一節 研究流程………………………………………12
第二節 論文架構………………………………………13
第三節 資料搜集與選擇………………………………15
第四節 變數定義………………………………………17   
第五節 研究方法與模型………………………………25
第三章 實證結果分析…………………………………27
第一節 樣本統計敘述…………………………………28
第二節各項變數之t 檢定…………………………… 29
第三節 投資報酬率之廻歸分析………………………33
第四章 結論與建議……………………………………43
參考文獻………………………………………………45
 

圖目錄
圖 2-1 本文之研究流程圖…..………………………………12

圖2-2 本研究之論文架構圖……………………………….…14

表目錄
表3-1 本研究之高科技產業IPO分類統計表…….……….…28


表3-2 本研究之各項變數t檢定.……………. ……………29


表3-3 本研究之各項變數相關係數表………………………34


表3-4 本研究投資報酬率之廻歸分析表……………………35

中文部份：
中華民國創業投資商業同業公會，「2008年台灣創業投資年鑑」 中華民國創業投資商業同業公會，「2009年台灣創業投資年鑑」 中華民國創業投資商業同業公會，「2007年9月出版的創投產業報導」，拓墣研究所策劃執行 
王金凱(2009)，「潔淨技術投資及相關政策之研究」，經濟研究第9期刊 
行政院國家科學委員會專題研究計畫成果報，「行為及認賠出場因素之研究」 國立臺灣大學財務金融學系暨研究所執行
 邱顯比、許培基、陳軒基、葉銀華和黃瓊萱(2002)「個人投資者投資組合特性」
 
英文部份：
A Jain and Omesh Kini.(1995) “Venture Capitalist Participation and the Post-issue Operating Performance of IPO Firms，” Managerial and Decision Economics (1986-1998). Chichester: Vol. 16, Iss. 6; pg. 593, 14 pgs.

Arikawa Yasuhiro and Gael Imad'Eddine(2010) “Venture Capital Affiliation with Underwriters and the Underpricing of Initial Public Offerings in Japan,” SSRN Working Paper Series. 

Bouresli，Amani Khaled Wallace N Davidson III and Fayez A. Abdulsalam 
Quarterly(2002) “ Role of Venture Capitalists in IPO Corporate Governance 
and Operating Performance，＂ Journal of Business and Economics. Lincoln: Vol. 41, Iss. 3/4; pg. 71, 12 pgs.

Beatty, Randolph P and Ritter, Jay R.(1986) “Investment Banking, Reputation, and the Underpricing of Initial Public Offerings，”Journal of Financial Eco-nomics. Amsterdam: Jan/Feb 1986. Vol. 15, Iss. 1,2; pg. 213, 20 pgs.

Berkeley(1995)“The venture capitalist: A relationship investor，”California Management Review Vol. 37, Iss. 2; pg. 101, 14 pgs.

Baker , H Kent , Gary E Powell, and Daniel G Weaver(1999) “Does  NYSE listing affect firm visibility?” Financial Management. Tampa: Summer 1999. Vol. 28, Iss. 2; pg.46, 9 pgs.

Constance Loizos and Senior Editor.(2005) “Why TCV Loves Late-Stage Invest-ing,”Venture Capital Journal. Wellesley Hills: May 1, 2005. pg. 1.

Chalk, Andrew J. and Peavy, John W., III.(1987) “Initial Public Offerings: Daily Returns, Offering Types and the Price Effect,”Financial Analysts Journal. Charlottesville:. Vol. 43, Iss. 5; pg. 65, 5 pgs

Chang, Shao-Chi, Tsai-Yen Chung, and Wen-Chun Lin(2010) “Underwriter reputation, earnings management and the long-run performance of initial public offerings,” Accounting and Finance. Clayton: Mar 2010. Vol. 50, Iss. 1; pg. 53.
Chahine , Salim and Igor Filatotchev(2008)“The effects of venture capitalist af-filiation to underwriters on short- and long-term performance in French IPOs,” Global Finance Journal. Greenwich: 2008. Vol. 18, Iss. 3; pFabozzi, Frank J.(1981) “Does Listing on the AMEX Increase the Value of Equity?” Financial Management. Tampa: Spring 1981. Vol. 10, Iss. 1; pg. 43.

Campbell II ,Terry L and Melissa B Frye(2009) “Venture capitalist monitoring: Evidence from governance structures,” Quarterly Review of Economics and Finance. Greenwich: Vol. 49, Iss. 2; pg. 265.

Etienne Lafosse, and M.Sc.( 2000 ) “Consequences of the choices on the account-ing methods and the payment methods for acquirers and targets: A compar-ative study between NYSE/AMEX and NASDAQ for the nineties,” cordia University (Canada), 69 pages; AAT MQ47807.

Foerster, Stephen.(2001) “IPOs: the long and short of what we know,” Canadian Investment Review. Toronto: Fall 2001. Vol. 14, Iss. 3; pg. 45.

Fan, Yuhong and H Lon Addams(2009) “UNDERWRITER'S PRESTIGE AND PRE-IPO OPERATING PERFORMANCES,”Academy of Accounting and Financial Studies Journal. Cullowhee:Vol. 13, Iss. 4; pg. 115, 11 pgs.

Gushgari, Shakir K. and D.B.A.(1997 ) “Underwriter reputation effect on the initial return performance of venture capital backed initial public offerings,” Nova Southeastern University, 121 pages; AAT 9734219.

Goergen, Marc Arif Khurshed and Ram Mudambi.(2007)“The long-run perfor-mance of UK IPOs: can it be predicted?”  Managerial Finance. Patrington: Vol. 33, Iss. 6; pg. 401.

Gupta Udayan (2010) “Back to the Future for Venture Capital,”Institutional In-vestor. New York: Feb 2010. 

Hadass, Leon, Ph.D(2005) “United Kingdom initial public offerings, investor sen-timent and venture capital, 1985—2000,” University of Essex (United Kingdom)AAT C820853.

Jones, Jonathan D(1993) “Another look at the short-run relation between initial margins and stock volatility,” Applied Financial Economics. London:. Vol. 3, Iss. 4; pg. 283, 10 pgs.

Kirkulak Berna (2008) “The initial and long-run returns of Japanese venture capital-backed and non-venture capital-backed IPOs，”International Journal of Managerial Finance. Bradford:Vol. 4, Iss. 2; pg. 112

Logue ,Dennis E , Richard J Rogalski, James K Seward and Lynn Foster-Johnson(2002) “ What is special about the roles of underwriter reputation and market activities in initial public offerings?´” The Journal of Business. Chicago: Vol. 75, Iss. 2; pg. 213, 31 pgs..

Lin and Timothy H. Quarterly(1996) “The certification role of large block shareholders in initial public offerings: The case of venture capitalists,” Journal of Business and Economics. Lincoln: Spring 1996. Vol. 35, Iss. 2; pg. 55, 11 pgs.


Loughran, Tim, Ritter, Jay R.(1995) “The new issues puzzle,” The Journal of Finance. Cambridge:Vol. 50, Iss. 1; pg. 23, 29 pgs

Masulis , Ronald W and Lakshmanan Shivakumar(2002) “Does market structure affect the immediacy of stock price responses to news?” Journal of Financial and uantitative Analysis. Seattle: Vol. 37, Iss. 4; pg. 617, 32 pgs.

Megginson, William , L and Weiss, Kathleen A.(1991) “Venture Capitalist Certifi-cation in Initial Public Offerings,” The Journal of Finance. Cambridge: Vol. 46, Iss. 3; pg. 879, 25 pgs. 

Nicholson ,David (2010) “The return of corporate venturing,” European Ven-ture Capital & Private Equity Journal. London: Iss. 169; pg. 10Ritter, Jay R(1991) “ The Long-Run Performance of Initial Public Offerings,”The Journal of Finance. Cambridge:. Vol. 46, Iss. 1; pg. 3, 25 pgs.

Rosenstein, Joseph, Bruno, Albert V, Bygrave, William D, Taylor and Natalie T(1993) “The CEO, venture capitalists, and the board,” Journal of Business Venturing. New York:Vol. 8, Iss. 2; pg. 99, 15 pgs.

Sheu ,Dwan-Fang and Hui-Shan Lin(2006) “A Study on the Information Transparency of the Involvements by Venture Capital-Case from Taiwan IT Industry,” Journal of American Academy of Business, Cambridge. Hollywood. Vol. 10, Iss. 1; pg. 227, 7 pgs.

Surendranath Jory, Jeff Madura and Jurica Susnjara.(2007) “VENTURE-CAPITAL FUNDING: WHEN AND WHERE?” Corporate Finance Review. New York: . Vol. 12, Iss. 1; pg. 24, 4 pgs. 

Verrecchia, Robert E.(1990) “Information Quality and Discretionary Disclosure,”
Journal of Accounting & Economics. Amsterdam: Mar 1990. Vol. 12, Iss. 4; pg. 365, 16 pgs.

Williams, David R W Jack Duncan and Peter M Ginter.(2006)“Structuring deals and governance after the IPO: Entrepreneurs and venture capitalists in high tech tart-ups,” Business Horizons. Greenwich: Jul/Aug 2006. Vol. 49, Iss. 4; pg. 303.

Walker Thomas J. and Michael Y. Lin(2007) “Dynamic relationships and tech-nological innovation in hot and cold issue markets,” International Journal of Managerial Finance. Bradford: Vol. 3, Iss. 3; pg. 200.

Zhang ,Junfu (2007) “Access to Venture Capital and the Performance of Ven-ture-Backed Start-Ups in Silicon Valley,” Economic Development Quarterly. Thousand Oaks: Vol. 21, Iss. 2; pg. 124.