本研究探討被投資公司行為對創業投資人信任、承諾和關係投資之影響。關係行銷過去研究著重在市場關係,對於投資人關係著墨較少,本研究以承諾-信任理論及創業投資人重視之相對績效和程序正義,提供一個投資人關係行銷模式,可彌補過去研究缺口。實證結果發現被投資公司共同價值觀、溝通行為、投機行為和相對績效,顯著影響創業投資人對被投資公司的信任,信任和共同價值觀顯著影響承諾,承諾顯著影響關係投資,並支持信任和承諾為被投資公司行為與創業投資人關係投資之中介變數。另外被投資公司程序正義對創業投資人關係投資呈顯著影響,但對信任與承諾之影響則不顯著。最後,根據實證結果提出理論與實務意涵,並建議未來的研究方向。
This research primarily investigates how behaviors of invested company affect venture capitalist's trust, commitment and relationship investment. Previous relationship marketing studies focus on market relation and lack of investor relation. This study using commitment-trust theory and both of the outcomes given comparison level and procedural justice emphasized by venture capitalist, proposes a model of investor relationship marketing. The empirical results reveal that all of the invested company's shared values, communication behavior, outcomes given comparison level and opportunism have significant effects on venture capitalist's trust, both of trust and shared values impact significantly on venture capitalist's commitment, then commitment has a significant influence on venture capitalist's relationship investment. Besides, commitment and trust play as a mediator between the behaviors of invested company and venture capitalist’s relationship investment. Furthermore, we find invested company's procedural justice significantly affects venture capitalist's relationship investment; unfortunately, it only has a weak relationship with both of the venture capitalist's trust and commitment. Finally, researcher provides several implications in theories and practice, and suggestions for future research.