創業風潮興起，除了政府政策支持外，各大專院校之創育中心、各機構之孵化器及加速器相繼成立，為新創公司創造良好的成長環境。2020年起，因Covid-19之影響，各國央行多採行量化寬鬆政策，為市場注入大筆資金，投資標的更是從股票市場延伸至創投市場。根據CB Insights統計，2021年全球創投之投資數量及投資金額皆創下歷史新高，由此可見投資者對於創投的關注程度。

雖市場上之新創公司（資金需求者）及創投公司（資金供給者）數量持續增長，卻因新創公司與創投間嚴重的資訊不對稱及代理問題，使新創公司難以向潛在投資人證明其價值，也使創投公司難以得知新創公司真正的潛力，因此真正獲投之新創少之又少。

本研究採用深度訪談方式，與三位來自不同機構的創投從業人員進行交流，深入了解創投公司投資時實際之決策因素，並請受訪者給予新創業者籌資時之注意事項，期望能透過揭示創投業者之想法，降低新創與創投間資訊不對稱之困境。

研究顯示，在案源取得時，獲投之新創大多來自於創投人員自身人脈及同業介紹；創投投資時主要評估因素，最重要的因素為團隊文化及成員背景、財務狀況及市場、產品與技術；創投業者較青睞的創業家特質為誠信，並具有領導力及問題解決能力。

關鍵字：創業投資、創投評估因素、深度訪談 

The environment of start-ups is much better than ever. With the support of the government, incubators, and accelerators, encouraged people to start their own businesses. In addition, because of the effect of Covid-19, almost every country adopted quantitative easing policies, making the capital flow not only into the stock market but also the venture capital market.

However, much evidence shows that, although the number of startups and venture capital sustained growth, the information asymmetry and agency problems on both sides make it difficult for start-ups to obtain investment from venture capital.

This research conducted the method of in-depth interviews to collecting the thought of professionals from three different venture capital institutions. In addition to understanding the decision-making factors, professionals also give some advice to startups. Hopes to decrease the problem of information asymmetry between the two parties and increase the probability of successful investment.

The results show that venture capital is more likely to invest in the cases obtained from their own network or peer recommendations; The main evaluation factors for venture capital investment are team culture and member background, financial condition, and market, product and technology; The characteristics that venture capitalists preferred are honesty, leadership and problem-solving ability.

Keywords: Venture capital, Venture capital evaluation factors, In-depth interview

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