創業投資對企業財務槓桿的影響

Abstract

本研究探討創投對台灣公開發行公司財務槓桿的影響，並進一步分析企業年齡與創投類型在其中的影響方式。透過 2000 年至 2023 年台灣公發公司樣本，採用固定效果模型進行實證分析，以檢驗創投參與是否影響企業的資本結構決策。研究結果顯示，獲得創投支持的企業槓桿率顯著低於未獲得創投支持的企業，支持創投資金能夠減少企業對負債融資依賴的假說。此外，隨著企業年齡的增加，創投對槓桿率的影響呈現動態變化。在年輕企業中，由於缺乏信用記錄與可作為貸款抵押的資產，這些企業本較難獲取銀行貸款或其他負債融資，因此更依賴創投提供的股權資金，進而有較低的槓桿率。而在成長階段，創投的參與可提升企業的信用評級與資本市場可見度，使企業更容易獲取銀行貸款或發行債券，以擴大營運規模，導致創投降低槓桿的效果逐漸減弱。至於成熟企業，由於資產穩定性較高、現金流充足，創投參與可能進一步促進企業獲取長期負債資金，甚至提高槓桿率。此外，技術型創投相較於資金型創投，除了在企業成長與成熟階段提供技術資源外，也推動市場擴張與技術開發，進一步提升企業的資金需求，進而提高財務槓桿。本研究填補台灣市場創投對企業資本結構影響的實證空缺，並為企業財務決策、投資人評估及政策制定提供參考建議。

This thesis examines the impact of venture capital (VC) on the financial leverage of public offering companies in Taiwan and further analyzes how firm age and venture capital type influence this relationship. Using a sample of Taiwanese public offering companies’ data from 2000 to 2023, this study uses a fixed-effects model to empirically investigate whether VC participation influences corporate capital structure decisions. The results show that firms receiving VC support have significantly lower leverage ratios than those without VC backing, supporting the hypothesis that VC funding reduces firms' reliance on debt financing. Additionally, as firms mature, the impact of VC on leverage exhibits dynamic changes. In startup enterprises, due to a lack of credit history and assets that can be used as loan collateral, these firms generally face greater difficulty in obtaining bank loans or other forms of debt financing. Consequently, they rely more on VC-provided equity capital, which has lower leverage ratio. In growth-stage enterprises, VC participation enhances firms’ credit ratings and visibility in capital markets, making it easier for them to obtain bank loans or issue bonds, thereby weakening the leverage-reducing effect of VC participation. As for mature-stage enterprises, given their higher asset stability and stronger cash flow, VC participation may further facilitate access to long-term debt financing and even increase leverage. Moreover, while Financially-Oriented Venture Capital primarily provides funding support, Technology-Oriented Venture Capital plays a more active role by offering technological resources during firms’ growth and maturity stages. It also facilitates market expansion and technological development, leading to greater capital demands and, consequently, higher financial leverage. This study fills an empirical gap regarding the impact of VC on corporate capital structure in Taiwan and provides valuable insights for corporate financial decision-making, investor evaluation, and policy formulation.