摘　　要
學號：M9008008
論文名稱：創投事業介入初次上市(櫃)公司所扮演之角色
院所組別：國立台灣科技大學企業管理研究所碩士班
畢業時間及提要別：九十三年度第二學期碩士學位論文摘要
指導教授：張琬喻 博士
研究生：郭美慧
本研究探討創投事業參與初次上市上(櫃)公司所扮演之角色，對企業而言股票公開上市乃是一重要籌措資金管道，但由於首次公開發行，市場投資者對企業感到陌生，價值不易評定，資訊不對稱的情況也由此產生。因此本研究探討創投事業參與初次上市(櫃)公司是否能降低資訊不對稱程度，分別驗證創投事業是否具備三種功能：認證功能(Certification function)、市場力量功能(Market power)、篩選監督功能(Screening and monitoring)。

本研究以民國91年至93年底台灣初次上市上(櫃)共297家公司為研究樣本，以迴歸分析與統計檢定進行實證，結果發現：1.創投事業認證功能－創投事業參與初次上市(櫃)公司，有助於降低資訊不對稱程度，可降低折價幅度，顯示創投事業對初次上市(櫃)公司認證功能存在。2.創投事業市場力量－創投事業介入與否雖吸引到較高聲譽會計師、更多報章新聞量被揭露，但效果並不顯著；且被投資的初上市(櫃)公司未能因此有更好的新聞內涵或更吸引更高聲譽的承銷商。3.篩選、監督功能－創投事業擔任初次上市(櫃)公司董監事與否、創投總持股數未能顯著降低折價幅度；但創投自身資本額愈大或成立年限較長，可顯著降低折價幅度。財務獲利性指標未因創投介入而有較佳表現。

關鍵字：創業投資（Venture Capital）、初次公開上市(櫃)( Initial Public Offerings)、認證功能(Certification function)、市場力量功能(Market power function)、篩選監督功能(Screening and monitoring function)

Abstract
This research sets to throw the venture capital participation initial public offerings the role played by company, publicly unfamiliar with the business and the speech share's appearing on market being one important financing piping, but due to for the very first time publishing publicly, the market investor to the business, worth assess not easily, information asymmetry also produces from here. So this research set to throw whether the venture capital participation IPOs can reduce the information asymmetry extent or not, identifying to set to throw whether venture capital have three kinds of functions : certification function、market power function、screening and monitoring function.

This research with 2002 appears on market up total 297 companies at the end of 2004 to the Taiwanese first time for the search sample, is analyzed with regression to examine the undertake substantial evidence with statistics, find as a result: 1.certification function-venture capital participation IPOs, contributing to reducing the information asymmetry extent, can reduce the underprice, show venture capital certification function in company existence. 2. market power function- whether the venture capital get involved or not although attract to the higher accountant, more report a news volumes is made public, the result is not obvious; and the beginning listing company been invested can not therefore have the better news content or the underwriter that even attracts higher prestige. 3.screening and function-whether the venture capital hold the post of the IPOs supervisor in company or not, set to throw to always hold the shares number can not the obvious reduced underprice; but venture capital itself capital sum is more big or establish time limit longer, can the obvious reduced underprice. The finance profit indicator doesn't have a better performance because of setting to throw to get involved.

Key words: Venture Capital、Initial Public Offerings、Certification function、Market power function、Screening and monitoring function

一、英文部份
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二、中文部份
1.林育青(民88)，「創業投資業介入上市、上櫃電子公司之成效研究」，東海大學管理研究所未出版碩士論文。
2.洪長輝(民 86)，「創業投資事業之認證功能」，國立中正大學財務金融研究所未出版碩士論文。
3.陳育如(民93)，「創投聲譽與被投資公司上市（櫃）後績效之關聯性研究」，國立成功大學財務金融研究所未出版碩士論文。
4.陳宗民(民89)，「創業投資的IPO效果」，國立中山大學財務管理學系研究所未出版碩士論文。
5.陳怡碩(民 87)，「 臺灣創業投資事業之成效評估」，國立中正大學財務金融研究所未出版碩士論文。
6.詹靖怡(民87)，「新上市股票長期績效~有無創投投資之實證研究」，國立政治大學企業管理學系未出版碩士論文。
7.蔡志昇(民90)，「創投事業的介入對於上市(櫃)公司在IPO前後財務績效之影響」，國立東華大學國際經濟研究所未出版碩士論文。
8.鄭景原(民88)，「台灣地區創業投資事業對高科技公司上市上櫃影響之研究」，淡江大學管理科學學系未出版碩士論文。
9.盧倩儀(民88)，「創業投資公司投資行為與獎勵目的之比較」，輔仁大學金融研究所未出版碩士論文。