- 學位論文
被投資公司行為對創業投資人投資意圖之影響－關鍵中介變數模型
The Influence of Invested Company's Behaviors to the Venture Capitalist's Investment Intentions: Key Mediating Variable Model
摘要
本研究探討被投資公司行為對創業投資人信任、承諾和投資意圖之影響。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，本研究以關鍵中介變數模型及創業投資人重視之相對績效，提供一個創業投資人關係行銷模式，可彌補過去研究缺口。本研究以創業投資機構之投資專案負責人為主要研究對象，共回收有效問卷154份。經由結構方程模式(SEM)分析，結果發現被投資公司行為－共同價值觀、溝通、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意圖，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意圖之關鍵中介變數。另外，信任顯著影響交易投資意圖，除被投資公司投機行為外，支持信任為被投資公司行為與創業投資人交易投資意圖之關鍵中介變數。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。
並列摘要
This research primarily investigates how behaviors of invested company affect venture capitalist’s trust, commitment and investment intentions. Previous relationship marketing studies focus on market relation and lack of investor relation. This study using Key Mediating Variable Model and the outcomes given comparison level emphasized by venture capitalist, proposes a model of venture capitalist relationship marketing. The empirical results reveal that all of the invested company’s shared values, communication, 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 intention. Besides, commitment and trust play as a mediator between the behaviors of invested company and venture capitalist’s relationship investment intention. Furthermore, we find trust has a significant influence on venture capitalist’s transaction investment intention. Except opportunism, trust plays as a mediator between the behaviors of invested company and venture capitalist’s transaction investment intention. Finally, researcher provides several implications in theories and practice, and suggestions for future research.