創業投資對企業研發投入的影響

Abstract

本研究以2000年至2023年之台灣公開發行公司為樣本，探討創業投資對企業研發投入之影響，並進一步比較企業創投（CVC）、政府創投（GVC）及銀行附屬創投（BVC）對企業研發投入的異質性效果。實證結果顯示，整體而言，獲得創投支持的企業，其研發投入顯著高於未獲創投投資的企業。其中，企業創投對企業研發投入的正面影響最為顯著；銀行附屬創投則因風險偏好較低，其對企業研發投入的促進效果有限；政府創投則受其投資決策影響，對企業研發投入之效益未達顯著水準。本研究進一步透過 2006 年國發基金成立作為外生事件，處理內生性問題，結果突顯創投市場作為政府政策傳導機制之重要性。

This thesis examines the impact of venture capital (VC) investment on corporate R&D investment, focusing specifically on the heterogeneous effects of different VC types, including Corporate Venture Capital (CVC), Government Venture Capital (GVC), and Bank-affiliated Venture Capital (BVC). Utilizing a dataset comprising public offering Taiwanese companies from 2000 to 2023, empirical analyses reveal that VC-backed firms demonstrate significantly higher R&D investment intensity compared to their non-VC-backed counterparts. Among VC types, CVC exerts the strongest positive influence on firms' innovation expenditures, while BVC shows a negative impact due to its conservative risk orientation. GVC investment, however, does not significantly affect corporate R&D spending, likely due to policy-driven constraints and strategic investment considerations. Furthermore, this study addresses potential endogeneity concerns by utilizing the establishment of National Development Fund in 2006 as an exogenous shock. The analysis underscores the crucial role of the VC market as a transmission mechanism for governmental innovation policy, highlighting important implications for policymakers aiming to stimulate corporate innovation through venture capital initiatives.