創投業者投資案退出策略選擇行為之研究

創業投資業者最終以獲利為目標，所以如何選擇最適之退出策略來使投資報酬最大，是創投業者所關心的。然而回顧過去的相關研究文獻，可發現退出階段相關研究少且影響退出策略選擇之因素散見於各文獻，無整體性地全面探討。所以本研究從文獻中找出各項影響退出策略選擇之因素，將其分成外在經濟環境、被投資公司技術危機、被投資公司資金充裕度、被投資公司營運狀況與創投業者財務狀況五大構面，並依各構面與退出策略之關係，提出整合性的研究架構。實證分析結果顯示(1)外在經濟環境越好、被投資公司越沒有技術危機、資金越充裕以及營運狀況越好，都會使得創投業者能夠選擇較好的退出策略；(2)創投業者本身資金需求及關於投資持有期間的假設皆未獲支持，原因可能是台灣創投業者多習慣投資於後期發展階段的投資案，所以投資持有期間都不長所致。(3)最後建構出退出策略選擇之方程式，創投業者除能了解各個影響因素之重要程度外，亦可運用此方程式，快速地進行最適當之退出決策。

關鍵字

創業投資；退出策略；投資期間；結構關係模式

並列摘要

The final goal of venture capitalist is to earn profits, so how to choose the optimal exit strategy and make the maximal returns on investment is very important. Reviewing the past related paper, we can find that there are very few studies about exit strategy and no whole research about it. Therefore, this study seeks to probe into the relationship between exit strategies and influencing factors. This study finds out five influencing factors from the past reference, they are the economy, start-up’s technology crisis, start-up’s capital, start-up’s management and operating and venture capitalist’s financial affairs. Then this study brings up the research structure about the relationship between five factors and exit strategies. The results are 1.) The better economy, the less start-up’s technology crisis, the more start-up’s capital and the better start-up’s management and operating will let the venture capitalist can choose the better exit strategy. 2.) The hypothesis about the venture capitalists’ financial affairs and investment duration are not support. 3.) Finally, this study constructs an equation about the choice of exit strategy. Venture capitalists can either know the degree of important factors or make the optimal exit decision quickly by the equation.