國內外創投投資相關研究，多以高科技產業為主要研究對象，對於生技產業研究甚少，然而2012台灣創業投資年鑑顯示生技產業占創投投資各產業比重，無論在投資額或投資案件數皆已來到第三名；又國內外研究多單就被投資公司之股價表現或經營績效影響進行分析，而本研究希望能兼具兩者，並進一步針對被投資公司被創投影響的時間長度作分析。本研究主要分為兩個層次，首先，對被投資公司之股價報酬及經營績效表現進行統計檢定，了解「有無創投投資」對公司績效表現是否有顯著差異，接著加入創投相關變數進行迴歸分析，進一步了解創投透過何種途徑影響生技公司之績效表現。
本研究實證結果發現有創投投資之生技公司，其月報酬及季報酬的標準差皆顯著大於無創投投資之公司，而有創投投資之上櫃生技公司，上櫃前兩年及後一年之股價報酬的標準差將會顯著小於無創投投資者，經營績效之標準差也呈現類似結果；就平均數檢定結果而言，在股價報酬的部分顯示有無創投投資之群組並無顯著差異，在經營績效表現上，則發現有創投投資之上市公司的股價平均值將顯著大於無創投投資之上市公司。
第二部分之實證結果，分別就上市、櫃公司在不同時間長度的股價報酬、資產報酬率及權益報酬率進行迴歸分析，發現上市公司在上市當期的月報酬、第一年及第三年報酬與「有創投投資」呈現顯著正相關，與「創投年資」呈現顯著負相關。再者，觀察經營績效表現模型，發現模型解釋程度提高了，且在上市前後樣本之經營績效表現皆與「有創投投資」呈現顯著正相關，而在上市後與「創投年資」亦呈現顯著負相關；就上櫃公司的角度觀察，發現上櫃公司之經營績效在上櫃當年及前兩年與「有創投投資」呈現顯著正相關，與「創投年資」呈現顯著負相關。本研究結果肯定創投投資對於生技產業之正面影響，並建議生技業者可考慮引入創投投資，然而對於創投影響途徑之分析，則發現所列之創投相關變數結果多不顯著，或與績效表現呈現負相關，因此建議後續研究可透過問卷分析及訪談的方式，了解創投如何影響被投資之生技公司。

The previous research on venture investments, most focused on the high-tech industry, however the biotechnology industry flourished in recent years, and it also became the first three industries, which Taiwanese venture capital prefered to invest in. Moreover recent empirical research usually investigated in the venture-capital-backed firms’ stock return or operation performance only. Therefore, this paper liked to fill the gaps, examining whether the stock return and operation performance of listed and OTC biotech firms are affected by the venture capital investment. For these purposes, we used two main methods: one is T and F test to check if there is any difference between non-venture-capital-backed firms and venture-capital-backed firms, and the other is regression method to figure out how venture capital affected those biotech firms’ performance.
The empirical results indicated that the standard deviation of stock return and operation performance of VC-backed firms are higher than non-VC-backed firms in listed companies, but the result in OTC firms is a different story, the standard deviation in VC-backed firms is lower than non-VC-backed firms. However, the result in the mean test of stock return has no differences between VC-backed and non-VC-backed firms, and the mean test indicated that the mean of operation performance in VC-backed firms is higher than non-VC-backed firms.
In the second part of our empirical results, we’d like to know how VC affected listed and OTC biotech firms. Our findings indicated that the venture investment is positively related to the monthly, the first year and the third year stock return, but the VC age is negatively related to the stock return in listed firms. The operation performance models also provided the evidence that the listed firms’ operation performance is positively related to venture investments, but negatively related to VC age. However, in OTC firms, the venture investment and VC age are only significant in the IPO year and two year before IPO. This paper provides an evidence that the VC-backed firms will have better performance in biotech industry, but haven't figured out how VC affect their performance, thus, the future studies can clarify the role of VCs, and how VCs help the invested firms by questionnaire survey or interviews.

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