本研究以台灣285家新上市上櫃高科技公司為對象,採用單變量及多變量羅吉斯迴歸模型以及敏感度分析來觀察1995年到2000年間創業投資事業對於新上市上櫃高科技公司經營績效的影響。研究結果顯示:(1)從羅吉斯迴歸模型可知,有無創投投資(DUMMY)、創投經營管理型態(MAG)、創投先前已成功上市上櫃比例(DEAL)、創投持股比例(HOLD)以及創投所持有的董監事席次(DIR)皆與被投資公司的經營績效有顯著的正向影響。(2)創投資產規模(SIZE)和投資此公司的創投家數(NVC)為不顯著的正向影響,而創投成立年齡(AGE)則為不顯著的負向影響。(3)影響高科技公司在上市上櫃時經營績效程度最大者為有無創投投資(DUMMY),創投持股比例(HOLD)次之,而以創投資產規模(SIZE)的影響最小。
This paper examines whether the listed and OTC High-Tech industry's performance is affected by the venture capital. This research contains 285 sample data from 1995 to 2000. Cases in this study use two main models to analyze: logistic regression model and sensitivity analysis. The empirical findings are summarized as follows: (1) The relationship between DUMMY, MAG, DEAL, HOLD and High-Tech industry's performance is significantly and positively related. (2) SIZE and NVC are not significantly and positively related to High-Tech industry's performance; however, AGE is not significantly and negatively related. (3) DUMMY and HOLD have higher impacts on the performance of High-Tech industry; however, SIZE has lower impacts.