從政府認證角色探討創業投資對促進高科技產業發展之影響

以往對於創業投資之研究少有自政府角色或產業發展角度來探討創業投資，因此本研究基於政府可能在創投業者選擇投資案上具有舉足輕重之影響，以政府相關研究機構歷年所衍生之公司為研究對象尋找出政府對於創業投資在選擇投資案時的影響，由歷年來政府專責之研究機構所衍生與民間自行設立之高科技公司，深入分析比較創投參與之情況，以瞭解政府之「認證」功能；其次分析創投參與資金投資於高科技產業與傳統產業之情況，進而探討兩大產業之經營績效，以瞭解創投對於高科技公司經營上之助益，期能提供相關人士做為決策參考依據，並拓展後續創投領域研究之方向。研究結果發現：(1)政府主導確實能夠提高創投投資之意願，具備政府認證之效果；(2)在政府認證效果下，高科技產業之經營績效確實比傳統產業佳，就個別財務績效指標來看，除「股東報酬」之外，其他四項因素皆呈現高科技產業表現較佳之情況；(3)創投之持股比例高的被投資高科技公司有較好的經營績效表現，不過一家或多家創投公司參與被投資公司則對其經營績效則無顯著影響。

關鍵字

創業投資；產業發展；政府認證角色；高科技產業

並列摘要

In this paper, we examine the certification function provided by the government when the venture capitals select their investment plan. Because venture funds almost invest in the high-tech industry, we then examine whether the management performance of high-tech industry is better than traditional industry or not, that is so call 'industry effect'. Moreover, we examine the benefit venture capital provide for the invested companies, we wish that this paper may provide some information to the related people, and increase new direction for the follow-up scholars of the VC field. Our empirical results showed that: (1) government certification makes a impact of venture capital on industry development, (2) under the governmental certification effect, the management performance of high-tech industry is better than traditional industry, (3) the higher the proportion of share of vecture capital, the management performance of high-tech companies is better.